Brokerages forecast that Esterline Technologies Co. (NYSE:ESL) will announce sales of $535.44 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Esterline Technologies’ earnings. The highest sales estimate is $546.70 million and the lowest is $520.56 million. Esterline Technologies posted sales of $531.53 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.7%. The business is scheduled to announce its next quarterly earnings results 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 year, analysts forecast that the company will post sales of $2.06 billion, with estimates ranging from $2.05 billion to $2.07 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Esterline Technologies.
Esterline Technologies (NYSE:ESL) last issued its quarterly earnings results on Thursday, August 2nd. The aerospace company reported $1.00 EPS for the quarter, topping the consensus estimate of $0.85 by $0.15. Esterline Technologies had a net margin of 2.62% and a return on equity of 5.91%. The business had revenue of $499.90 million for the quarter, compared to analysts’ expectations of $476.01 million. During the same quarter last year, the company posted $1.08 earnings per share. The company’s quarterly revenue was down .8% compared to the same quarter last year.
Several research firms recently weighed in on ESL. Credit Suisse Group increased their price objective on shares of Esterline Technologies from $63.00 to $66.00 and gave the stock an “underperform” rating in a research note on Tuesday, August 7th. TheStreet upgraded shares of Esterline Technologies from a “c” rating to a “b-” rating in a research note on Monday, July 30th. Canaccord Genuity increased their price objective on shares of Esterline Technologies from $76.00 to $85.00 and gave the stock a “hold” rating in a research note 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 research note on Monday, July 23rd. Finally, Alembic Global Advisors began coverage on shares of Esterline Technologies in a research note on Friday. They set an “overweight” rating on the stock. Four investment analysts have rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $81.88.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in ESL. BlackRock Inc. raised its stake 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. Summit Trail Advisors LLC increased its stake in shares of Esterline Technologies by 6,585.3% in the first quarter. Summit Trail Advisors LLC now owns 210,787 shares of the aerospace company’s stock valued at $211,000 after purchasing an additional 207,634 shares during the period. Bank of New York Mellon Corp increased its stake in shares of Esterline Technologies by 11.2% in the second quarter. Bank of New York Mellon Corp now owns 676,782 shares of the aerospace company’s stock valued at $49,947,000 after purchasing an additional 67,892 shares during the period. WINTON GROUP Ltd acquired a new stake in shares of Esterline Technologies in the second quarter valued at approximately $4,733,000. Finally, Point72 Asset Management L.P. increased its stake in shares of Esterline Technologies by 609.5% in the first quarter. Point72 Asset Management L.P. now owns 74,500 shares of the aerospace company’s stock valued at $5,450,000 after purchasing an additional 64,000 shares during the period. Hedge funds and other institutional investors own 94.22% of the company’s stock.
Shares of ESL stock traded down $0.44 during trading hours on Thursday, hitting $89.39. 160,195 shares of the company were exchanged, compared to its average volume of 204,644. The stock has a market capitalization of $2.68 billion, a price-to-earnings ratio of 20.50, a PEG ratio of 2.15 and a beta of 1.21. Esterline Technologies has a one year low of $67.15 and a one year high of $96.95. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.12 and a current ratio of 3.39.
About Esterline Technologies
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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