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Esterline Technologies Corp (ESL): First Pacific Advisors Enters Into Agreement As Discussions Continue

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Robert Rodriguez and Steven Romick‘s First Pacific Advisors LLC recently filed an amended Form 13D with the SEC in which reports signing an agreement with Esterline Technologies Corp (NYSE:ESL), FPA Funds Trust and FPA Hawkeye Fund. Upon this agreement, the fund and FPA Funds Trust and FPA Hawkeye Fund (together ‘FPA Parties’) has agreed not to acquire any more shares of the company until the ongoing discussions with the company concerning certain corporate governance issues and the level of the fund’s ownership of the shares, are over. As per the agreement, ‘FPA Parties’ will not buy any shares prior to September 28, or until 72 hours after ‘FPA Parties’ administers notice that the discussions have ended. Currently, First Pacific Advisors holds 3.69 million common shares of the company, which amass 12.6% of the float.

Esterline Technologies is a manufacturing company engaged in the production of engineered products for aerospace and defense markets. Over the past 12 months, the company’s shares have lost 6.31%. For the third quarter of its fiscal year 2016, Esterline Technologies reported earnings per share of $1.38 and revenue of $517.1 million, topping analysts’ estimates of $1.28 for EPS and $490.37 million for revenue.

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Out of the 749 hedge funds in our database that filed 13Fs for the June quarter, ten reported holding long positions in Esterline Technologies Corp (NYSE:ESL) at the end of June, down by four from a quarter earlier. Some of the bullish investors included Thomas Ellis and Todd Hammer’s North Run Capital, which held a position valued at $35.36 million, Ken Griffin’s Citadel Investment Group, with a position worth almost $8 million, George Hall’s Clinton Group, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.

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Among investors who lost optimism for Esterline Technologies Corp (NYSE:ESL) and sold their positions during the June quarter were Jim Simons’ Renaissance Technologies, which said goodbye to $5.5 million worth of the company’s shares, Jay Petschek and Steven Major’s Corsair Capital Management, which dumped a $4.46 million position, Alec Litowitz and Ross Laser’s Magnetar Capital, and Paul Marshall and Ian Wace’s Marshall Wace LLP.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
First Pacific Advisors 0 3,690,744 0 3,690,744 3,690,774 12.6%
FPA Crescent Fund, a series of FPA Funds Trust 0 2,863,871 0 2,863,871 2,863,871 9.7%
FPA Global Opportunity Fund, a series of FPA Hawkeye Fund 0 125,459 0 125,459 125,459 0.4%
FPA Select Drawdown Fund 0 204,820 0 204,820 204,820 0.7%
FPA Select Fund, a series of FPA Hawkeye Fund 0 13,665 0 13,665 13,665 Less than 0.1%
FPA Value Partners Fund, a series of FPA Hawkeye Fund 0 20,574 0 20,574 20,574 0.1%
FPA Hawkeye Fund, a series of FPA Hawkeye Fund 0 83,561 0 83,561 83,561 0.3%
FPA Hawkeye-7 Fund, a series of FPA Hawkeye Fund 0 117,415 0 117,415 117,415 0.4%
J. Richard Atwood 0 3,690,774 0 3,690,774 3,690,774 12.6%
Steven T. Romick 0 3,690,774 0 3,690,774 3,690,774 12.6%
Brian A. Selmo 0 3,690,774 0 3,690,774 3,690,774 12.6%
Mark Landecker 0 3,690,774 0 3,690,774 3,690,774 12.6%

Robert Rodriguez And Steven Romick
Robert Rodriguez And Steven Romick
First Pacific Advisors LLC

Page 1 of 18 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)*

 

 

ESTERLINE
TECHNOLOGIES CORPORATION

(Name of Issuer)

Common Stock, par value $0.20 per share

(Title and Class of Securities)

297425100

(CUSIP Number)

J. Richard Atwood

First Pacific Advisors, LLC

11601 Wilshire Blvd.

Suite 1200

Los Angeles,
CA 90025

(310) 473-0225

with a copy to:

Douglas A. Rappaport, Esq.

Akin Gump Strauss Hauer & Feld LLP

One Bryant Park

New
York, NY 10036

(212) 872-1000

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 16, 2016

(Date
of Event Which Requires Filing of Statement)

 

 

If the filing person has
previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box.  x

Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b)
for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information
which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be
deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act
(however, see the Notes)

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