Wall Street analysts forecast that Esterline Technologies Co. (NYSE:ESL) will post $535.44 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Esterline Technologies’ earnings, with estimates ranging from $520.56 million to $546.70 million. Esterline Technologies reported sales of $531.53 million during the same quarter last year, which would suggest a positive year over year growth rate of 0.7%. The firm is expected to issue its next earnings report on Thursday, November 8th.
On average, analysts expect that Esterline Technologies will report full year sales of $2.04 billion for the current year, with estimates ranging from $2.02 billion to $2.05 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.06 billion per share, with estimates ranging from $2.05 billion to $2.07 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Esterline Technologies.
Esterline Technologies (NYSE:ESL) last announced its quarterly earnings results on Thursday, August 2nd. The aerospace company reported $1.00 EPS for the quarter, beating analysts’ consensus estimates of $0.85 by $0.15. The firm had revenue of $499.90 million during the quarter, compared to analysts’ expectations of $476.01 million. Esterline Technologies had a net margin of 2.62% and a return on equity of 5.91%. The company’s revenue for the quarter was down .8% compared to the same quarter last year. During the same quarter last year, the company posted $1.08 earnings per share.
A number of analysts have commented on ESL shares. Zacks Investment Research upgraded shares of Esterline Technologies from a “hold” rating to a “buy” rating and set a $84.00 price target for the company in a research note on Monday, April 23rd. Wells Fargo & Co reissued a “market perform” rating and issued a $95.00 price objective (up from $84.00) on shares of Esterline Technologies in a research report on Monday, July 23rd. TheStreet raised shares of Esterline Technologies from a “c” rating to a “b-” rating in a research report on Monday, July 30th. Jefferies Financial Group reissued a “hold” rating and issued a $92.00 price objective on shares of Esterline Technologies in a research report on Friday, August 3rd. Finally, Canaccord Genuity increased their price objective on shares of Esterline Technologies from $76.00 to $85.00 and gave the company a “hold” rating in a research report on Friday, August 3rd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $83.11.
In other news, major shareholder Hawkeye Fund Fpa sold 2,000 shares of the stock in a transaction dated Monday, July 2nd. The shares were sold at an average price of $73.20, for a total value of $146,400.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.30% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. increased its position in Esterline Technologies by 10.4% during the first quarter. BlackRock Inc. now owns 3,957,390 shares of the aerospace company’s stock worth $289,483,000 after acquiring an additional 373,639 shares during the period. Victory Capital Management Inc. increased its position in Esterline Technologies by 6.2% during the first quarter. Victory Capital Management Inc. now owns 950,768 shares of the aerospace company’s stock worth $69,549,000 after acquiring an additional 55,282 shares during the period. Franklin Resources Inc. increased its position in Esterline Technologies by 4.9% during the first quarter. Franklin Resources Inc. now owns 786,997 shares of the aerospace company’s stock worth $57,569,000 after acquiring an additional 36,587 shares during the period. Bank of New York Mellon Corp increased its position in Esterline Technologies by 11.2% during the second quarter. Bank of New York Mellon Corp now owns 676,782 shares of the aerospace company’s stock worth $49,947,000 after acquiring an additional 67,892 shares during the period. Finally, Principal Financial Group Inc. increased its position in Esterline Technologies by 6.8% during the first quarter. Principal Financial Group Inc. now owns 388,543 shares of the aerospace company’s stock worth $28,422,000 after acquiring an additional 24,605 shares during the period. 93.97% of the stock is currently owned by institutional investors.
ESL stock traded down $0.40 during trading hours on Monday, reaching $85.40. The stock had a trading volume of 109,959 shares, compared to its average volume of 209,087. The stock has a market cap of $2.51 billion, a P/E ratio of 19.59, a P/E/G ratio of 2.01 and a beta of 1.26. The company has a debt-to-equity ratio of 0.41, a current ratio of 3.39 and a quick ratio of 2.12. Esterline Technologies has a fifty-two week low of $67.15 and a fifty-two week high of $96.95.
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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