Esterline Technologies Co. (NYSE:ESL) saw a significant increase in short interest in the month of October. As of October 31st, there was short interest totalling 1,715,397 shares, an increase of 141.9% from the October 15th total of 709,070 shares. Based on an average daily volume of 614,896 shares, the days-to-cover ratio is presently 2.8 days. Approximately 5.9% of the shares of the company are sold short.
ESL has been the topic of a number of research reports. ValuEngine raised shares of Esterline Technologies from a “hold” rating to a “buy” rating in a research report on Friday, September 14th. Alembic Global Advisors initiated coverage on shares of Esterline Technologies in a research report on Friday, October 5th. They set an “overweight” rating on the stock. Jefferies Financial Group set a $123.00 target price on shares of Esterline Technologies and gave the stock a “hold” rating in a research report on Wednesday, November 21st. Barclays upgraded shares of Esterline Technologies from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $76.00 to $123.00 in a research note on Monday. Finally, Zacks Investment Research upgraded shares of Esterline Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Esterline Technologies presently has a consensus rating of “Hold” and an average target price of $103.38.
ESL traded up $0.37 during trading on Thursday, reaching $121.59. 1,121,173 shares of the company’s stock were exchanged, compared to its average volume of 300,719. Esterline Technologies has a fifty-two week low of $67.15 and a fifty-two week high of $121.89. 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 capitalization of $3.58 billion, a P/E ratio of 29.16, a P/E/G ratio of 2.64 and a beta of 0.62.
Esterline Technologies (NYSE:ESL) last posted its quarterly earnings results on Tuesday, November 20th. The aerospace company reported $1.87 earnings per share for the quarter, topping the Zacks’ 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 firm had revenue of $535.30 million for the quarter, compared to the consensus estimate of $534.09 million. During the same quarter in the previous year, the company earned $1.27 earnings per share. The business’s revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts expect that Esterline Technologies will post 4.82 EPS for the current fiscal year.
In other news, 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 value of $13,037,081.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 disclosure for this sale can be found here. In the last three months, insiders sold 213,986 shares of company stock worth $25,140,045. Insiders own 1.40% of the company’s stock.
Several large investors have recently modified their holdings of ESL. Wells Fargo & Company MN boosted its stake in shares of Esterline Technologies by 399.8% in the 3rd quarter. Wells Fargo & Company MN now owns 683,903 shares of the aerospace company’s stock valued at $62,201,000 after purchasing an additional 547,080 shares in the last quarter. FMR LLC boosted its stake in shares of Esterline Technologies by 1,024.5% in the 3rd quarter. FMR LLC now owns 172,843 shares of the aerospace company’s stock valued at $15,720,000 after purchasing an additional 157,472 shares in the last quarter. Walthausen & Co. LLC acquired a new stake in shares of Esterline Technologies in the 3rd quarter valued at $9,850,000. Franklin Resources Inc. boosted its stake in shares of Esterline Technologies by 8.1% in the 3rd quarter. Franklin Resources Inc. now owns 1,333,297 shares of the aerospace company’s stock valued at $121,263,000 after purchasing an additional 100,000 shares in the last quarter. Finally, Point72 Asset Management L.P. boosted its stake in shares of Esterline Technologies by 303.6% in the 3rd quarter. Point72 Asset Management L.P. now owns 121,070 shares of the aerospace company’s stock valued at $11,011,000 after purchasing an additional 91,070 shares in the last quarter. Institutional investors 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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