Esterline Technologies Corp (ESL): First Pacific Advisors LLC Ups Its Stake

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A recent 13D filing with the US Securities and Exchange Commission showed that Robert Rodriguez‘ First Pacific Advisors has slightly increased its stake in LLC Esterline Technologies Corp (NYSE:ESL) and that it currently owns almost 3.7 million common shares or 12.6% of the outstanding stock. This stake compares to 3.5 million shares the fund disclosed in its latest 13F filing (for the end of March). The new filing also revealed this is acquisition is made for investment purposes, and that the fund may engage in discussions with the board regarding business plans and everything else that can help increase shareholder value.

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Esterline Technologies is a company that produces and sells a variety of engineered products, operating in three sectors: Advanced Materials, Avionics & Controls, and Sensors & Systems. Over the past 12 months, the company’ stock is down by 40.42%. For the second quarter of fiscal 2016, Esterline Technologies (NYSE:ESL) reported earnings per share of $0.92, missing estimates of $0.95, and revenue of $490.3 million, beating the estimates of $466.11.

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According to Insider Monkey’s investors database, Esterline Technologies (NYSE:ESL) was in 14 hedge funds portfolios at the end of March, compared to 18 funds portfolios a quarter earlier. Among them, the biggest position in the company was disclosed by First Pacific Advisors LLC, followed by Glenn Fuhrman and John Phelan’s MSD Capital, which reported a stake worth around $46 million. Some other hedge funds and institutional investors with similar optimism include Thomas Ellis and Todd Hammer’s North Run Capital, Cliff Asness’s AQR Capital Management and Jim Simons’s Renaissance Technologies.

Among investors who lost interest in this stock and decided to sell off their positions are Siddharth Thacker’s Signpost Capita, which dumped a position worth an estimated $24.5 million in stock, and Matthew Tewksbury’s fund, Stevens Capital Management, which dropped about $1.4 million worth.

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 3,690,554 0 3,690,554 3,690,554 12.6%
FPA Crescent Fund, a series of FPA Funds Trust 0 2,863,871 0 2,863,871 2,863,871 9.8%
FPA Global Opportunity Fund, a series of FPA Hawkeye Fund 0 125,459 0 125,459 125,459 0.4%
FPA Select Drawdown Fund 0 200,340 0 200,340 200,340 0.7%
FPA Select Fund, a series of FPA Hawkeye Fund 0 13,325 0 13,325 13,325 Less than 0.1%
FPA Value Partners Fund, a series of FPA Hawkeye Fund 0 20,054 0 20,054 20,054 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 3,690,554 0 3,690,554 3,690,554 12.6%
Steven T. Romick 0 3,690,554 0 3,690,554 3,690,554 12.6%
Brian A. Selmo 0 3,690,554 0 3,690,554 3,690,554 12.6%
Mark Landecker 0 3,690,554 0 3,690,554 3,690,554 12.6%

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Page 1 of 20 – SEC Filing








(Amendment No.     )*




(Name of Issuer)

Common Stock, par value $0.20 per share

(Title and Class of Securities)


(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

York, NY 10036

(212) 872-1000

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

June 21, 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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