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Another name that insiders are scooping up is
Esterline Technologies(ESL), a manufacturing company serving aerospace and defense customers. Insiders are finding some decent value here since this stock is off by over 25% in the last six months.
Esterline Technologies has a market cap of $1.74 billion and an enterprise value of $2.62 billion. This stock trades at a cheap valuation, since its trailing price-to-earnings is 13.34 and its forward price-to-earnings is 9.31. Its estimated growth rate for this year is 9.1%, and for next year it's pegged at 15.5%. This is far from a cash-rich company, since the total cash position on its balance sheet is $185.04 million and its total debt is just over $1 billion.
The CEO and chairman of the board just
bought 3,960 shares, or $221,882 worth of stock, at $56.03 per share. A director and the CFO also recently purchase over $300,000 worth of stock, at $51.67 to $51.70 per share.
From a technical standpoint, ESL is currently trading above its 50-day
moving average and below its 200-day moving average, which is neutral trendwise. This stock recently formed a double bottom at around $48.50 to $50 a share. Since hitting that bottom, the stock has run up to its current price of just over $57 a share. This run up has put the stock in a position to challenge some near-term
If you're bullish on ESL, then you could be a buyer once this stock takes out $59.21 and $60.31 with volume. Look for volume on a move above those levels that's near or above its three-month average action of 310,370 shares. If we get that move soon, I would then add to any long positions once this stock takes out $62 with volume. Target a run back toward the 200-day moving average of $65.14 a share.