Esterline Technologies Co. (ESL) Short Interest Down 61.4% in October

Esterline Technologies Co. (NYSE:ESL) was the target of a large decline in short interest in October. As of October 15th, there was short interest totalling 709,070 shares, a decline of 61.4% from the September 28th total of 1,836,431 shares. Based on an average daily volume of 870,068 shares, the short-interest ratio is currently 0.8 days. Currently, 2.4% of the company’s stock are sold short.

In other news, major shareholder Pacific Advisors Lp First sold 99,629 shares of Esterline Technologies stock in a transaction dated Thursday, October 25th. The stock was sold at an average price of $117.45, for a total transaction of $11,701,426.05. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.40% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. CHICAGO TRUST Co NA bought a new stake in Esterline Technologies in the 3rd quarter valued at approximately $240,000. Hartford Investment Management Co. bought a new stake in Esterline Technologies in the 2nd quarter valued at approximately $208,000. First Hawaiian Bank bought a new stake in Esterline Technologies in the 3rd quarter valued at approximately $304,000. First Washington CORP bought a new stake in Esterline Technologies in the 2nd quarter valued at approximately $306,000. Finally, Teton Advisors Inc. lifted its stake in Esterline Technologies by 33.9% in the 3rd quarter. Teton Advisors Inc. now owns 5,925 shares of the aerospace company’s stock valued at $539,000 after acquiring an additional 1,500 shares in the last quarter. Hedge funds and other institutional investors own 93.88% of the company’s stock.

NYSE ESL opened at $117.44 on Friday. The company has a market capitalization of $3.46 billion, a price-to-earnings ratio of 26.94, a PEG ratio of 2.20 and a beta of 1.21. The company has a current ratio of 3.39, a quick ratio of 2.12 and a debt-to-equity ratio of 0.41. Esterline Technologies has a 52 week low of $67.15 and a 52 week high of $119.07.

Esterline Technologies (NYSE:ESL) last released its earnings results on Thursday, August 2nd. The aerospace company reported $1.00 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.85 by $0.15. The firm had revenue of $499.90 million for the quarter, compared to analysts’ expectations of $476.01 million. Esterline Technologies had a return on equity of 5.91% and a net margin of 2.62%. The business’s quarterly revenue was down .8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.08 EPS. As a group, equities analysts expect that Esterline Technologies will post 3.73 EPS for the current year.

Several research firms have recently weighed in on ESL. Credit Suisse Group upgraded Esterline Technologies from an “underperform” rating to a “neutral” rating and lifted their price objective for the company from $66.00 to $122.50 in a report on Thursday, October 11th. TheStreet upgraded Esterline Technologies from a “c” rating to a “b-” rating in a report on Monday, July 30th. Canaccord Genuity lifted their price objective on Esterline Technologies from $76.00 to $85.00 and gave the company a “hold” rating in a report on Friday, August 3rd. Wells Fargo & Co reiterated a “market perform” rating and set a $95.00 price objective (up previously from $84.00) on shares of Esterline Technologies in a report on Monday, July 23rd. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $92.00 price objective on shares of Esterline Technologies in a report on Friday, August 3rd. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $88.94.

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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