Esterline Technologies Corporation (ESL) Sets New 1-Year Low Following Weak Earnings

Esterline Technologies Corporation (NYSE:ESL) hit a new 52-week low during mid-day trading on Friday following a dissappointing earnings announcement. The stock traded as low as $71.25 and last traded at $71.28, with a volume of 564808 shares trading hands. The stock had previously closed at $89.39.

The aerospace company reported $1.27 earnings per share for the quarter, missing the consensus estimate of $1.53 by ($0.26). The firm had revenue of $531.50 million for the quarter, compared to analysts’ expectations of $540.55 million. Esterline Technologies Corporation had a return on equity of 7.90% and a net margin of 5.86%. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.96 earnings per share.

Several analysts have recently issued reports on ESL shares. BidaskClub raised shares of Esterline Technologies Corporation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 19th. Jefferies Group LLC reissued a “hold” rating and issued a $92.00 price target on shares of Esterline Technologies Corporation in a research note on Tuesday, July 25th. Credit Suisse Group cut shares of Esterline Technologies Corporation from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $106.00 to $100.00 in a research note on Friday, August 4th. Canaccord Genuity upped their price objective on shares of Esterline Technologies Corporation from $90.00 to $92.00 and gave the company a “hold” rating in a research note on Friday, August 4th. Finally, Goldman Sachs Group, Inc. (The) cut shares of Esterline Technologies Corporation from a “neutral” rating to a “sell” rating and cut their price objective for the company from $86.00 to $75.00 in a research note on Thursday, August 10th. Two research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Esterline Technologies Corporation currently has a consensus rating of “Hold” and an average target price of $92.33.

In related news, major shareholder First Pacific Advisors, Llc sold 8,931 shares of the company’s stock in a transaction on Friday, November 3rd. The shares were sold at an average price of $95.21, for a total transaction of $850,320.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder J Richard Atwood sold 31,155 shares of the company’s stock in a transaction on Friday, October 27th. The shares were sold at an average price of $96.04, for a total transaction of $2,992,126.20. The disclosure for this sale can be found here. Insiders have sold a total of 269,911 shares of company stock valued at $25,692,702 over the last quarter. 1.40% of the stock is currently owned by company insiders.

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in Esterline Technologies Corporation by 0.9% during the 2nd quarter. Vanguard Group Inc. now owns 2,454,359 shares of the aerospace company’s stock valued at $232,673,000 after buying an additional 22,930 shares during the last quarter. State Street Corp raised its holdings in Esterline Technologies Corporation by 1.9% during the 2nd quarter. State Street Corp now owns 1,082,486 shares of the aerospace company’s stock valued at $102,617,000 after buying an additional 20,181 shares during the last quarter. Fiduciary Management Inc. WI raised its holdings in Esterline Technologies Corporation by 14.5% during the 2nd quarter. Fiduciary Management Inc. WI now owns 972,956 shares of the aerospace company’s stock valued at $92,236,000 after buying an additional 123,467 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Esterline Technologies Corporation by 12.0% during the 2nd quarter. Goldman Sachs Group Inc. now owns 935,158 shares of the aerospace company’s stock valued at $88,653,000 after buying an additional 100,543 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in Esterline Technologies Corporation by 3.2% during the 2nd quarter. Northern Trust Corp now owns 827,955 shares of the aerospace company’s stock valued at $78,490,000 after buying an additional 25,723 shares during the last quarter. Institutional investors own 91.95% of the company’s stock.

The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.92 and a current ratio of 3.22. The stock has a market capitalization of $1,670.00, a price-to-earnings ratio of 20.34, a P/E/G ratio of 1.59 and a beta of 1.54.

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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.

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