Esterline Technologies (NYSE:ESL) Cut to “Underperform” at Credit Suisse Group

Esterline Technologies (NYSE:ESL) was downgraded by equities researchers at Credit Suisse Group from a “neutral” rating to an “underperform” rating in a note issued to investors on Friday, January 12th, MarketBeat reports.

Other research analysts also recently issued research reports about the company. ValuEngine raised Esterline Technologies from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. SunTrust Banks reaffirmed a “buy” rating on shares of Esterline Technologies in a report on Thursday, October 12th. Canaccord Genuity reaffirmed a “hold” rating on shares of Esterline Technologies in a report on Friday, October 13th. Jefferies Group reaffirmed a “hold” rating and set a $83.00 target price on shares of Esterline Technologies in a report on Monday, January 8th. Finally, Zacks Investment Research raised Esterline Technologies from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 11th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $80.17.

Shares of Esterline Technologies (NYSE:ESL) traded down $0.30 on Friday, reaching $75.70. The company had a trading volume of 133,157 shares, compared to its average volume of 239,207. The stock has a market capitalization of $2,258.85, a P/E ratio of 19.41, a P/E/G ratio of 1.63 and a beta of 1.43. Esterline Technologies has a 1 year low of $68.30 and a 1 year high of $102.70. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.25 and a quick ratio of 2.03.

Esterline Technologies (NYSE:ESL) last released its earnings results on Thursday, November 9th. The aerospace company reported $1.27 EPS for the quarter, missing analysts’ consensus estimates of $1.53 by ($0.26). Esterline Technologies had a return on equity of 7.68% and a net margin of 5.86%. The firm had revenue of $531.50 million for the quarter, compared to the consensus estimate of $540.55 million. During the same period in the prior year, the business earned $1.96 EPS. The company’s quarterly revenue was down 2.3% on a year-over-year basis. sell-side analysts anticipate that Esterline Technologies will post 3.9 earnings per share for the current year.

In related news, Chairman Curtis C. Reusser purchased 2,900 shares of the company’s stock in a transaction dated Tuesday, November 14th. The shares were acquired at an average cost of $70.00 per share, for a total transaction of $203,000.00. Following the transaction, the chairman now owns 39,199 shares of the company’s stock, valued at $2,743,930. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, major shareholder J Richard Atwood sold 173,979 shares of the stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $95.24, for a total value of $16,569,759.96. The disclosure for this sale can be found here. Over the last quarter, insiders have bought 6,800 shares of company stock worth $479,015 and have sold 268,290 shares worth $25,452,666. 1.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Retirement Systems of Alabama raised its position in shares of Esterline Technologies by 125.2% during the 3rd quarter. Retirement Systems of Alabama now owns 86,456 shares of the aerospace company’s stock worth $7,794,000 after purchasing an additional 48,073 shares during the period. Goldman Sachs Group Inc. increased its position in Esterline Technologies by 12.0% in the 2nd quarter. Goldman Sachs Group Inc. now owns 935,158 shares of the aerospace company’s stock valued at $88,653,000 after acquiring an additional 100,543 shares during the period. Fisher Asset Management LLC acquired a new stake in Esterline Technologies in the 3rd quarter valued at approximately $18,677,000. 1st Global Advisors Inc. acquired a new stake in Esterline Technologies in the 2nd quarter valued at approximately $736,000. Finally, State Street Corp increased its position in Esterline Technologies by 1.9% in the 2nd quarter. State Street Corp now owns 1,082,486 shares of the aerospace company’s stock valued at $102,617,000 after acquiring an additional 20,181 shares during the period. Institutional investors and hedge funds own 92.05% of the company’s stock.

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Esterline Technologies 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 (NYSE:ESL)

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