Panagora Asset Management Inc. increased its stake in shares of Esterline Technologies Co. (NYSE:ESL) by 320.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,075 shares of the aerospace company’s stock after buying an additional 13,779 shares during the quarter. Panagora Asset Management Inc. owned 0.06% of Esterline Technologies worth $1,644,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. DekaBank Deutsche Girozentrale grew its stake in Esterline Technologies by 193.0% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,172 shares of the aerospace company’s stock valued at $100,000 after purchasing an additional 772 shares during the period. CHICAGO TRUST Co NA bought a new position in Esterline Technologies in the 3rd quarter valued at $240,000. First Hawaiian Bank bought a new position in Esterline Technologies in the 3rd quarter valued at $304,000. First Washington CORP bought a new position in Esterline Technologies in the 2nd quarter valued at $306,000. Finally, Parametrica Management Ltd bought a new position in Esterline Technologies in the 3rd quarter valued at $370,000. Hedge funds and other institutional investors own 98.48% of the company’s stock.
A number of research analysts have issued reports on ESL shares. ValuEngine upgraded Esterline Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 14th. Barclays upgraded Esterline Technologies from an “underweight” rating to an “equal weight” rating and increased their price target for the stock from $76.00 to $123.00 in a research note on Monday, December 3rd. Zacks Investment Research upgraded Esterline Technologies from a “sell” rating to a “hold” rating in a research note on Wednesday. Jefferies Financial Group set a $123.00 price target on Esterline Technologies and gave the stock a “hold” rating in a research note on Wednesday, November 21st. Finally, Canaccord Genuity increased their price target on Esterline Technologies from $85.00 to $122.50 and gave the stock a “hold” rating in a research note on Wednesday, November 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $103.11.
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 consensus estimate of $1.38 by $0.49. The company had revenue of $535.30 million during the quarter, compared to the consensus estimate of $534.09 million. Esterline Technologies had a return on equity of 6.85% and a net margin of 3.45%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.27 EPS. On average, equities analysts forecast that Esterline Technologies Co. will post 4.82 EPS for the current year.
In related news, major shareholder Pacific Advisors Lp First sold 3,422 shares of the stock in a transaction dated Tuesday, October 23rd. The stock was sold at an average price of $117.34, for a total transaction of $401,537.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Brian D. Reid sold 4,500 shares of the stock in a transaction dated Friday, December 7th. The stock was sold at an average price of $121.69, for a total value of $547,605.00. Following the sale, the insider now directly owns 2,000 shares in the company, valued at approximately $243,380. The disclosure for this sale can be found here. Insiders have sold a total of 233,076 shares of company stock worth $27,457,271 in the last three months. 1.30% of the stock is currently owned by insiders.
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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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