Drexel Hamilton Downgrades Esterline Technologies Corporation (ESL) to Hold

Esterline Technologies Corporation (NYSE:ESL) was downgraded by investment analysts at Drexel Hamilton from a “buy” rating to a “hold” rating in a research note issued to investors on Friday.

Other research analysts have also issued reports about the company. ValuEngine lowered Esterline Technologies Corporation from a “buy” rating to a “hold” rating in a research report on Friday, August 18th. Goldman Sachs Group, Inc. (The) lowered Esterline Technologies Corporation from a “neutral” rating to a “sell” rating and dropped their price target for the company from $86.00 to $75.00 in a research report on Thursday, August 10th. Jefferies Group LLC reissued a “hold” rating and set a $90.00 price target (down from $92.00) on shares of Esterline Technologies Corporation in a research report on Wednesday, August 9th. Seaport Global Securities assumed coverage on Esterline Technologies Corporation in a research report on Tuesday, September 12th. They set a “neutral” rating and a $93.00 price target on the stock. Finally, Canaccord Genuity upped their price target on Esterline Technologies Corporation from $90.00 to $92.00 and gave the company a “hold” rating in a research report on Friday, August 4th. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Esterline Technologies Corporation presently has an average rating of “Hold” and a consensus target price of $92.33.

Shares of Esterline Technologies Corporation (NYSE:ESL) traded down $18.79 during midday trading on Friday, hitting $70.60. The stock had a trading volume of 1,042,400 shares, compared to its average volume of 183,968. Esterline Technologies Corporation has a twelve month low of $69.35 and a twelve month high of $102.70. The stock has a market capitalization of $2,116.23, a P/E ratio of 16.16, a price-to-earnings-growth ratio of 1.26 and a beta of 1.54. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.92 and a current ratio of 3.22.

Esterline Technologies Corporation (NYSE:ESL) last announced its earnings results on Thursday, November 9th. The aerospace company reported $1.27 EPS for the quarter, missing the consensus estimate of $1.53 by ($0.26). Esterline Technologies Corporation had a net margin of 5.86% and a return on equity of 7.90%. The company had revenue of $531.50 million for the quarter, compared to analysts’ expectations of $540.55 million. During the same period in the prior year, the company earned $1.96 earnings per share. The company’s revenue for the quarter was down 2.3% on a year-over-year basis. research analysts anticipate that Esterline Technologies Corporation will post 4.96 earnings per share for the current fiscal year.

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In other Esterline Technologies Corporation news, major shareholder J Richard Atwood sold 48,225 shares of the company’s stock in a transaction dated Wednesday, November 1st. The stock was sold at an average price of $95.11, for a total value of $4,586,679.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, major shareholder Hawkeye Fund Fpa sold 7,621 shares of the company’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $91.04, for a total value of $693,815.84. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 269,911 shares of company stock worth $25,692,702. Insiders own 1.40% of the company’s stock.

Hedge funds have recently modified their holdings of the business. PNC Financial Services Group Inc. increased its position in Esterline Technologies Corporation by 13.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 1,092 shares of the aerospace company’s stock worth $104,000 after purchasing an additional 133 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Esterline Technologies Corporation by 11.3% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,184 shares of the aerospace company’s stock worth $112,000 after purchasing an additional 120 shares during the last quarter. Flinton Capital Management LLC increased its position in Esterline Technologies Corporation by 57.4% in the 2nd quarter. Flinton Capital Management LLC now owns 1,360 shares of the aerospace company’s stock worth $129,000 after purchasing an additional 496 shares during the last quarter. Pacad Investment Ltd. increased its position in Esterline Technologies Corporation by 100.0% in the 2nd quarter. Pacad Investment Ltd. now owns 1,800 shares of the aerospace company’s stock worth $171,000 after purchasing an additional 900 shares during the last quarter. Finally, Teacher Retirement System of Texas acquired a new position in Esterline Technologies Corporation in the 2nd quarter worth about $202,000. 91.95% of the stock is currently owned by institutional investors.

Esterline Technologies Corporation 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.

Analyst Recommendations for Esterline Technologies Corporation (NYSE:ESL)

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