ESCO Technologies (NYSE:ESE) Shares Gap Down Following Weak Earnings
ESCO Technologies Inc. (NYSE:ESE) shares gapped down to $174.93 after reporting weaker than expected earnings of $1.60 per share, missing estimates by $0.05. Revenue was $296.34 million, below the expected $320.23 million, though up 13.6% year-over-year. Analysts maintain a "buy" rating, with Benchmark raising the price target from $190 to $200. Institutional investors hold 95.70% of the stock, which has a market cap of $4.92 billion and a P/E ratio of 42.18.
ESCO Technologies Inc. (NYSE:ESE - Get Free Report) gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $189.87, but opened at $174.93. ESCO Technologies shares last traded at $189.69, with a volume of 61,459 shares traded.
The scientific and technical instruments company reported $1.60 earnings per share for the quarter, missing analysts' consensus estimates of $1.65 by ($0.05). ESCO Technologies had a return on equity of 10.56% and a net margin of 11.01%. The business had revenue of $296.34 million during the quarter, compared to analysts' expectations of $320.23 million. During the same quarter in the previous year, the firm earned $1.16 EPS. ESCO Technologies's quarterly revenue was up 13.6% on a year-over-year basis.
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Wall Street Analyst Weigh In
Separately, Benchmark upped their price objective on ESCO Technologies from $190.00 to $200.00 and gave the company a "buy" rating in a research note on Friday, May 9th.
Check Out Our Latest Stock Report on ESCO Technologies
Hedge Funds Weigh In On ESCO Technologies
Several institutional investors have recently bought and sold shares of ESE. Vanguard Group Inc. lifted its position in shares of ESCO Technologies by 2.3% during the first quarter. Vanguard Group Inc. now owns 2,973,925 shares of the scientific and technical instruments company's stock worth $473,211,000 after acquiring an additional 66,392 shares in the last quarter. Geneva Capital Management LLC lifted its position in shares of ESCO Technologies by 5.9% during the second quarter. Geneva Capital Management LLC now owns 882,959 shares of the scientific and technical instruments company's stock worth $169,413,000 after acquiring an additional 49,173 shares in the last quarter. Nuveen LLC purchased a new stake in shares of ESCO Technologies during the first quarter worth $90,067,000. Wellington Management Group LLP increased its holdings in shares of ESCO Technologies by 152.6% in the fourth quarter. Wellington Management Group LLP now owns 380,104 shares of the scientific and technical instruments company's stock worth $50,634,000 after purchasing an additional 229,601 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of ESCO Technologies by 3.1% in the first quarter. Charles Schwab Investment Management Inc. now owns 315,479 shares of the scientific and technical instruments company's stock worth $50,199,000 after purchasing an additional 9,402 shares during the period. Hedge funds and other institutional investors own 95.70% of the company's stock.
ESCO Technologies Trading Up 0.3%
The stock has a market cap of $4.92 billion, a P/E ratio of 42.18 and a beta of 1.23. The firm's fifty day moving average price is $189.11 and its two-hundred day moving average price is $168.84. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.05 and a quick ratio of 1.33.
ESCO Technologies Company Profile
(Get Free Report)ESCO Technologies Inc produces and supplies engineered products and systems for industrial and commercial markets worldwide. It operates through three segments: Aerospace & Defense, Utility Solutions Group, and RF Test & Measurement. The Aerospace & Defense segment designs and manufactures filtration products, including hydraulic filter elements and fluid control devices used in commercial aerospace applications; filter mechanisms used in micro-propulsion devices for satellites; and custom designed filters for manned aircraft and submarines.
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