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 report issued on Thursday.

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. “

A number of other brokerages also recently commented on ESL. Barclays upgraded shares of Esterline Technologies from an underweight rating to an equal weight rating and upped their price objective for the stock from $76.00 to $123.00 in a research report on Monday. Jefferies Financial Group set a $123.00 price objective on shares of Esterline Technologies and gave the stock a hold rating in a research report on Wednesday, November 21st. Alembic Global Advisors started coverage on shares of Esterline Technologies in a research report on Friday, October 5th. They set an overweight rating for the company. ValuEngine upgraded shares of Esterline Technologies from a hold rating to a buy rating in a research report on Friday, September 14th. Finally, Credit Suisse Group upgraded shares of Esterline Technologies from an underperform rating to a neutral rating and upped their price objective for the stock from $66.00 to $122.50 in a research report on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Esterline Technologies presently has an average rating of Hold and an average price target of $103.38.

Shares of NYSE:ESL opened at $121.59 on Thursday. The firm has a market cap of $3.58 billion, a P/E ratio of 29.16, a price-to-earnings-growth ratio of 2.64 and a beta of 0.62. The company has a quick ratio of 2.10, a current ratio of 3.24 and a debt-to-equity ratio of 0.36. Esterline Technologies has a 1-year low of $67.15 and a 1-year high of $121.89.

Esterline Technologies (NYSE:ESL) last announced its quarterly earnings data on Tuesday, November 20th. The aerospace company reported $1.87 EPS for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.49. The company had revenue of $535.30 million during the quarter, compared to the consensus estimate of $534.09 million. Esterline Technologies had a net margin of 3.45% and a return on equity of 6.85%. Esterline Technologies’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.27 EPS. As a group, research analysts expect that Esterline Technologies will post 4.82 earnings per share for the current fiscal year.

In other news, major shareholder Pacific Advisors Lp First sold 3,422 shares of the stock in a transaction dated Tuesday, October 23rd. The shares were sold at an average price of $117.34, for a total value of $401,537.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Fpa Funds Trust sold 110,935 shares of the stock in a transaction dated 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. Insiders sold a total of 213,986 shares of company stock valued at $25,140,045 in the last quarter. Insiders own 1.40% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in ESL. Bank of Montreal Can increased its holdings in shares of Esterline Technologies by 762.4% in the 2nd quarter. Bank of Montreal Can now owns 20,664 shares of the aerospace company’s stock valued at $1,525,000 after purchasing an additional 18,268 shares in the last quarter. Alps Advisors Inc. grew its stake in Esterline Technologies by 10.5% in the 2nd quarter. Alps Advisors Inc. now owns 14,062 shares of the aerospace company’s stock valued at $1,038,000 after acquiring an additional 1,335 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in Esterline Technologies in the 2nd quarter valued at about $516,000. Boston Partners acquired a new stake in Esterline Technologies in the 2nd quarter valued at about $995,000. Finally, Bank of New York Mellon Corp grew its stake in Esterline Technologies by 11.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 676,782 shares of the aerospace company’s stock valued at $49,947,000 after acquiring an additional 67,892 shares during the last quarter. Institutional investors and hedge funds own 98.50% of the company’s stock.

Esterline Technologies Company Profile

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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