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

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

According to Zacks, “Esterline Corporation is a specialized manufacturing company serving principally aerospace and defense markets. Esterline views the company’s businesses in three segments related to its set of core competencies: Avionics & Controls, Sensors & Systems, and Advanced Materials. Avionics & Controls segment focus on technology interface systems for commercial and military aircraft and similar devices for land- and sea-based military vehicles, cockpit displays and integration systems and other high-end industrial applications. The Sensors & Systems segment includes operations that produce high-precision temperature and pressure sensors, specialized harsh-environment interconnect solutions, electrical power distribution equipment, and other related systems principally for aerospace and defense customers. Advanced Materials focuses on process-related technologies including high-performance elastomer products used for a wide range of military and commercial aerospace purposes. “

Other analysts also recently issued research reports about the stock. Canaccord Genuity lifted their price target on shares of Esterline Technologies from $85.00 to $122.50 and gave the company a hold rating in a research note on Wednesday, November 21st. Credit Suisse Group raised shares of Esterline Technologies from an underperform rating to a neutral rating and lifted their price target for the company from $66.00 to $122.50 in a research note on Thursday, October 11th. ValuEngine raised shares of Esterline Technologies from a buy rating to a strong-buy rating in a research note on Wednesday, November 21st. Jefferies Financial Group reaffirmed a hold rating and set a $92.00 price target on shares of Esterline Technologies in a research note on Friday, August 3rd. Finally, Alembic Global Advisors began coverage on shares of Esterline Technologies in a research note on Friday, October 5th. They set an overweight rating for the company. Two research analysts have rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Esterline Technologies presently has a consensus rating of Hold and a consensus target price of $97.50.

NYSE ESL traded up $0.73 during trading on Friday, hitting $118.73. The stock had a trading volume of 552,327 shares, compared to its average volume of 477,629. The company has a debt-to-equity ratio of 0.36, a current ratio of 3.24 and a quick ratio of 2.10. The company has a market cap of $3.48 billion, a P/E ratio of 28.47, a PEG ratio of 2.66 and a beta of 0.65. Esterline Technologies has a one year low of $67.15 and a one year high of $119.16.

Esterline Technologies (NYSE:ESL) last announced its quarterly earnings data on Tuesday, November 20th. The aerospace company reported $1.87 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.49. Esterline Technologies had a net margin of 3.45% and a return on equity of 6.85%. The business had revenue of $535.30 million during the quarter, compared to the consensus estimate of $534.09 million. During the same quarter last year, the firm earned $1.27 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts expect that Esterline Technologies will post 4.66 EPS for the current year.

In related news, major shareholder Pacific Advisors Lp First sold 99,629 shares of Esterline Technologies stock in a transaction that occurred on Thursday, October 25th. The shares were sold at an average price of $117.45, for a total transaction of $11,701,426.05. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, major shareholder Fpa Funds Trust sold 110,935 shares of Esterline Technologies stock in a transaction that occurred on Wednesday, November 7th. The shares were sold at an average price of $117.52, for a total transaction of $13,037,081.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 213,986 shares of company stock worth $25,140,045. 1.40% of the stock is currently owned by corporate insiders.

A number of hedge funds have recently modified their holdings of ESL. Bank of Montreal Can increased its holdings in Esterline Technologies by 762.4% during the second quarter. Bank of Montreal Can now owns 20,664 shares of the aerospace company’s stock valued at $1,525,000 after buying an additional 18,268 shares during the period. Hartford Investment Management Co. purchased a new position in Esterline Technologies during the second quarter valued at approximately $208,000. Rice Hall James & Associates LLC increased its holdings in Esterline Technologies by 4.6% during the second quarter. Rice Hall James & Associates LLC now owns 78,143 shares of the aerospace company’s stock valued at $5,767,000 after buying an additional 3,407 shares during the period. Alps Advisors Inc. increased its holdings in Esterline Technologies by 10.5% during the second quarter. Alps Advisors Inc. now owns 14,062 shares of the aerospace company’s stock valued at $1,038,000 after buying an additional 1,335 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in Esterline Technologies in the second quarter worth $516,000. 95.73% of the stock is currently owned by institutional investors.

About Esterline Technologies

Esterline Technologies Corporation designs, manufactures, and markets engineered products and systems primarily for aerospace and defense customers in the United States and internationally. It operates through three segments: Avionics & Controls, Sensors & Systems, and Advanced Materials. The Avionics & Controls segment offers global positioning systems, head-up displays, enhanced vision systems, and electronic flight management systems for control and display applications; lighted push-button and rotary switches, keyboards, lighted indicators, panels, and displays; and control sticks, grips, wheels, and switching systems.

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