Esterline Technologies (ESL) Upgraded to Hold by Zacks Investment Research

Zacks Investment Research upgraded shares of Esterline Technologies (NYSE:ESL) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday.

According to Zacks, “Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States and internationally. The Company designs, manufactures and markets engineered products and systems for application within the industries it serves. The Company operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Company serves aerospace and defense customers. The Company’s Avionics & Controls business segment includes avionics systems, control and communication systems, and interface technologies capabilities. The Company’s Sensors & Systems business segment includes power systems, connection technologies and advanced sensors capabilities. The Company’s Advanced Materials business segment includes engineered materials and defense technologies capabilities. It designs and manufactures ruggedized military personal communication equipment, primarily headsets, handsets and field communications. “

ESL has been the topic of a number of other reports. SunTrust Banks restated a buy rating on shares of Esterline Technologies in a report on Thursday, October 12th. ValuEngine downgraded shares of Esterline Technologies from a buy rating to a hold rating in a report on Thursday, November 9th. Drexel Hamilton downgraded shares of Esterline Technologies from a buy rating to a hold rating in a report on Friday, November 10th. Jefferies Group restated a hold rating and set a $83.00 target price on shares of Esterline Technologies in a report on Monday, January 8th. Finally, Canaccord Genuity restated a hold rating on shares of Esterline Technologies in a report on Friday, October 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has issued a buy rating to the company. Esterline Technologies currently has an average rating of Hold and an average price target of $80.17.

Shares of Esterline Technologies (NYSE ESL) traded down $2.00 on Wednesday, reaching $75.40. 206,053 shares of the company were exchanged, compared to its average volume of 211,978. The firm has a market capitalization of $2,241.04, a P/E ratio of 17.25, a price-to-earnings-growth ratio of 1.61 and a beta of 1.43. Esterline Technologies has a fifty-two week low of $68.30 and a fifty-two week high of $102.70. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.03 and a current ratio of 3.25.

Esterline Technologies (NYSE:ESL) last issued its earnings results on Thursday, November 9th. The aerospace company reported $1.27 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.53 by ($0.26). The firm had revenue of $531.50 million for the quarter, compared to analyst estimates of $540.55 million. Esterline Technologies had a return on equity of 7.68% and a net margin of 5.86%. Esterline Technologies’s quarterly revenue was down 2.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.96 earnings per share. analysts predict that Esterline Technologies will post 3.9 earnings per share for the current year.

In related news, major shareholder First Pacific Advisors, Llc sold 8,931 shares of the company’s stock in a transaction dated Friday, November 3rd. The shares were sold at an average price of $95.21, for a total value of $850,320.51. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, major shareholder J Richard Atwood sold 48,225 shares of the company’s stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $95.11, for a total transaction of $4,586,679.75. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 6,800 shares of company stock worth $479,015 and sold 268,290 shares worth $25,452,666. 1.40% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in ESL. Lord Abbett & CO. LLC acquired a new position in shares of Esterline Technologies in the second quarter valued at about $26,478,000. Fisher Asset Management LLC acquired a new position in shares of Esterline Technologies in the third quarter valued at about $18,677,000. State of New Jersey Common Pension Fund D acquired a new position in shares of Esterline Technologies in the third quarter valued at about $18,030,000. Walthausen & Co. LLC acquired a new position in shares of Esterline Technologies in the second quarter valued at about $12,599,000. Finally, Fiduciary Management Inc. WI grew its stake in shares of Esterline Technologies by 14.5% in the second quarter. Fiduciary Management Inc. WI now owns 972,956 shares of the aerospace company’s stock valued at $92,236,000 after acquiring an additional 123,467 shares in the last quarter. Institutional investors and hedge funds own 92.00% of the company’s stock.

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Esterline Technologies Company Profile

Esterline Technologies Corporation is a specialized manufacturing company. The Company designs, manufactures and markets engineered products and systems for application within the industries it serves. The Company operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials.

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Analyst Recommendations for Esterline Technologies (NYSE:ESL)

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