Los Angeles-based investment management firm First Pacific Advisors (Trades, Portfolio) invested in a stake in Esterline Technologies (ESL, Financial) as the month of September drew to a close.
On Sept. 30, First Pacific acquired 3,168,360 shares of the Bellevue, Wash.-based maker of products mostly for aerospace and defense customers, notably Boeing (BA, Financial) and Airbus (EADSY, Financial), for an average price of $71.89 per share. The deal had a 1.83% impact on First Pacific’s portfolio.
The purchase was made during a period when Esterline Technologies’ stock price dropped 1.85%. The stock’s price went down nearly 7% in September and underperformed the Standard & Poor’s 500 by 8.42%. The stock's 52-week high is $120.71, and its 52-week low is $69.77.
Esterline’s price has rebounded since First Pacific's purchase. A share in the company sold for $78.05 at midday Friday.
Esterline Technologies has a market cap of $2.31 billion and an enterprise value of $3.05 billion. It has a P/E of 45.8, a forward P/E of 13.0, a P/B of 1.5 and a P/S of 1.3. GuruFocus has given Esterline Technologies a Financial Strength rating of 8/10 and a Profitability and Growth rating of 7/10.
With the purchase, First Pacific Advisors (Trades, Portfolio) became Esterline Technologies’ leading shareholder among the gurus. Steven Romick (Trades, Portfolio), Michael Dell (Trades, Portfolio), Robert Olstein (Trades, Portfolio), PRIMECAP Management (Trades, Portfolio), Signature Select Canadian Fund (Trades, Portfolio), Steven Cohen (Trades, Portfolio) and Jim Simons (Trades, Portfolio) also have shares of Esterline Technologies in their portfolios.
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