Conestoga Capital Advisors LLC Sells 151,257 Shares of ESCO Technologies Inc. $ESE

Key Points

• Conestoga Capital Advisors reduced its ESCO Technologies stake by 33.8%, selling 151,257 shares in the third quarter. It still held 295,820 shares, worth about $78.4 million at quarter-end.
• ESCO reported quarterly earnings of $2.20 per share, beating estimates of $2.12, while revenue of $339.0 million fell slightly short of forecasts. Revenue increased 14.4% year over year.
• Analysts maintained a broadly positive view, with an average rating of Buy and an average price target of $381.50; the stock was reported down 4.2%.

Conestoga Capital Advisors LLC cut its position in ESCO Technologies Inc. (NYSE:ESE - Free Report) by 33.8% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 295,820 shares of the scientific and technical instruments company's stock after selling 151,257 shares during the period. ESCO Technologies makes up about 2.4% of Conestoga Capital Advisors LLC's investment portfolio, making the stock its 14th largest holding. Conestoga Capital Advisors LLC owned about 1.14% of ESCO Technologies worth $78,425,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ESE. Integrated Wealth Concepts LLC purchased a new stake in shares of ESCO Technologies during the 2nd quarter valued at about $27,000. Allworth Financial LP bought a new position in ESCO Technologies during the second quarter valued at approximately $36,000. Atwood & Palmer Inc. purchased a new stake in ESCO Technologies in the third quarter worth approximately $33,000. Root Financial Partners LLC purchased a new stake in ESCO Technologies in the third quarter worth approximately $35,000. Finally, State of Wyoming bought a new stake in ESCO Technologies in the 1st quarter worth approximately $38,000. Institutional investors own 95.70% of the company's stock.

ESCO Technologies Trading Down 4.2%

ESCO Technologies stock opened at $240.10 on Thursday. The firm has a 50 day moving average of $259.49 and a 200 day moving average of $286.53. The firm has a market capitalization of $6.22 billion, a price-to-earnings ratio of 31.05, a P/E/G ratio of 1.12 and a beta of 1.06. ESCO Technologies Inc. has a 12-month low of $193.68 and a 12-month high of $362.15. The company has a current ratio of 1.38, a quick ratio of 0.94 and a debt-to-equity ratio of 0.04.

ESCO Technologies (NYSE:ESE - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The scientific and technical instruments company reported $2.20 earnings per share for the quarter, topping analysts' consensus estimates of $2.12 by $0.08. ESCO Technologies had a net margin of 24.39% and a return on equity of 13.28%. The business had revenue of $339.03 million during the quarter, compared to analyst estimates of $341.40 million. During the same period in the prior year, the business posted $1.60 earnings per share. The company's revenue was up 14.4% on a year-over-year basis. As a group, research analysts predict that ESCO Technologies Inc. will post 8.36 earnings per share for the current year.

Analysts Set New Price Targets

ESE has been the topic of a number of recent research reports. JPMorgan Chase & Co. lowered their target price on ESCO Technologies from $420.00 to $350.00 and set an "overweight" rating on the stock in a report on Tuesday, October 13th. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $413.00 price target on shares of ESCO Technologies in a research report on Monday, August 10th. Finally, Weiss Ratings cut shares of ESCO Technologies from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $381.50.

ESCO Technologies Company Profile

ESCO Technologies Inc is a diversified technology company that develops and manufactures specialized products and systems for the aerospace, defense, space, utility, telecommunications and other industrial markets. Its offerings are designed for applications involving electromagnetic compatibility, radio-frequency testing, filtration, fluid control, power transmission and infrastructure monitoring.

Through its aerospace and defense businesses, ESCO provides test systems, antennas, telemetry equipment, RF shielding and environmental testing products used to evaluate aircraft, spacecraft, satellites, defense systems and other complex electronic equipment.

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