Esterline Technologies Co. (ESL) Short Interest Update

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Esterline Technologies Co. (NYSE:ESL) was the recipient of a large growth in short interest in November. As of November 15th, there was short interest totalling 2,958,275 shares, a growth of 72.5% from the October 31st total of 1,715,397 shares. Currently, 10.1% of the company’s shares are short sold. Based on an average daily volume of 551,854 shares, the days-to-cover ratio is currently 5.4 days.

In related news, major shareholder Pacific Advisors Lp First sold 3,422 shares of Esterline Technologies stock in a transaction dated Tuesday, October 23rd. The stock was sold at an average price of $117.34, for a total value of $401,537.48. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Fpa Funds Trust sold 110,935 shares of Esterline Technologies stock in a transaction dated Wednesday, November 7th. The stock was sold at an average price of $117.52, for a total value of $13,037,081.20. The disclosure for this sale can be found here. Insiders sold a total of 213,986 shares of company stock worth $25,140,045 in the last three months. 1.40% of the stock is currently owned by company insiders.

A number of large investors have recently added to or reduced their stakes in the business. Marshall Wace North America L.P. purchased a new position in Esterline Technologies during the 3rd quarter valued at about $403,000. Vanguard Group Inc. lifted its holdings in shares of Esterline Technologies by 1.1% during the 3rd quarter. Vanguard Group Inc. now owns 2,578,103 shares of the aerospace company’s stock valued at $234,479,000 after buying an additional 27,649 shares during the last quarter. Teachers Advisors LLC lifted its holdings in shares of Esterline Technologies by 8.8% during the 3rd quarter. Teachers Advisors LLC now owns 112,667 shares of the aerospace company’s stock valued at $10,247,000 after buying an additional 9,157 shares during the last quarter. Neuberger Berman Group LLC lifted its holdings in shares of Esterline Technologies by 14.0% during the 3rd quarter. Neuberger Berman Group LLC now owns 258,631 shares of the aerospace company’s stock valued at $23,522,000 after buying an additional 31,819 shares during the last quarter. Finally, MetLife Investment Advisors LLC lifted its holdings in shares of Esterline Technologies by 18.5% during the 3rd quarter. MetLife Investment Advisors LLC now owns 33,804 shares of the aerospace company’s stock valued at $3,074,000 after buying an additional 5,269 shares during the last quarter. 98.50% of the stock is currently owned by institutional investors.

NYSE:ESL opened at $121.59 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 2.10 and a current ratio of 3.24. Esterline Technologies has a fifty-two week low of $67.15 and a fifty-two week high of $121.89. The stock has a market cap of $3.58 billion, a price-to-earnings ratio of 29.16, a price-to-earnings-growth ratio of 2.64 and a beta of 0.62.

Esterline Technologies (NYSE:ESL) last released its earnings results on Tuesday, November 20th. The aerospace company reported $1.87 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.49. Esterline Technologies had a return on equity of 6.85% and a net margin of 3.45%. The company had revenue of $535.30 million for the quarter, compared to analysts’ expectations of $534.09 million. During the same quarter in the previous year, the business posted $1.27 EPS. The business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities analysts forecast that Esterline Technologies will post 4.82 earnings per share for the current fiscal year.

A number of equities analysts recently weighed in on ESL shares. ValuEngine raised Esterline Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 14th. Alembic Global Advisors started coverage on Esterline Technologies in a research note on Friday, October 5th. They issued an “overweight” rating on the stock. Credit Suisse Group raised Esterline Technologies from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $66.00 to $122.50 in a research note on Thursday, October 11th. Zacks Investment Research raised Esterline Technologies from a “sell” rating to a “hold” rating in a research note on Tuesday, November 13th. Finally, Canaccord Genuity lifted their target price on Esterline Technologies from $85.00 to $122.50 and gave the company a “hold” rating in a research note on Wednesday, November 21st. One 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 given a strong buy rating to the company’s stock. Esterline Technologies currently has a consensus rating of “Hold” and a consensus target price of $103.38.

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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.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

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