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June 14, 2019, 10:18 a.m. EDT

Commercial aerospace stocks fall after SunTrust turns bearish, citing 'unprecedented' 737 Max unknowns

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By Tomi Kilgore

Shares of a handful of commercial aerospace original equipment manufacturers sank Friday, after SunTrust RH analyst Mike Ciarmoli turned bearish on the sector, citing ongoing uncertainties related to the grounding of Boeing Co.'s /zigman2/quotes/208579720/composite BA +3.52% 737 Max jets. Along with cutting the sector rating to negative, shares of Astronics Corp. /zigman2/quotes/202583142/composite ATRO +3.23% slumped 7.1%, Barnes Group Inc. /zigman2/quotes/210293936/composite B +0.70% slid 3.8% and Spirit AeroSystems Holdings Inc. /zigman2/quotes/205043289/composite SPR +4.44% lost 4.0%, after Ciarmoli downgraded those companies to sell from hold; and shares of Ducommun Inc. /zigman2/quotes/206978147/composite DCO +3.23% dropped 5.6% and Woodward Inc. /zigman2/quotes/201720095/composite WWD +2.22% shed 2.3% after Ciarmoli downgraded them to hold from buy. "Given the current industry unknowns tied to 737, and our expectation that 2019/2020 outlooks and Street estimates need to be lowered, we cannot continue to advise investors to buy, or in some cases, own names in our coverage universe during this uncertain and unprecedented time...," Ciarmoli wrote in a note to clients. " We would note, however, that this is a short-term tactical downgrade which we will keep in place until more clarity around the MAX and supplier implications become more well known." The S&P Aerospace & Defense Select Index /zigman2/quotes/210598194/delayed XX:SPSIAD +2.73% has rallied 27% year to date, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +2.47% has gained 15%.

/zigman2/quotes/208579720/composite
US : U.S.: NYSE
$ 132.23
+4.50 +3.52%
Volume: 7.26M
May 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$78.23 billion
Rev. per Employee
$430,000
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/zigman2/quotes/202583142/composite
US : U.S.: Nasdaq
$ 10.55
+0.33 +3.23%
Volume: 141,769
May 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$336.25 million
Rev. per Employee
$216,775
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/zigman2/quotes/210293936/composite
US : U.S.: NYSE
$ 35.79
+0.25 +0.70%
Volume: 120,119
May 27, 2022 4:00p
P/E Ratio
18.11
Dividend Yield
1.79%
Market Cap
$1.81 billion
Rev. per Employee
$248,820
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/zigman2/quotes/205043289/composite
US : U.S.: NYSE
$ 32.01
+1.36 +4.44%
Volume: 1.99M
May 27, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
0.12%
Market Cap
$3.36 billion
Rev. per Employee
$262,540
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/zigman2/quotes/206978147/composite
US : U.S.: NYSE
$ 44.14
+1.38 +3.23%
Volume: 35,957
May 27, 2022 4:00p
P/E Ratio
3.95
Dividend Yield
N/A
Market Cap
$531.15 million
Rev. per Employee
$262,800
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/zigman2/quotes/201720095/composite
US : U.S.: Nasdaq
$ 102.24
+2.22 +2.22%
Volume: 233,196
May 27, 2022 4:00p
P/E Ratio
37.76
Dividend Yield
0.74%
Market Cap
$6.20 billion
Rev. per Employee
$313,238
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/zigman2/quotes/210598194/delayed
XX : ICE Gib Ind
16,885.99
+449.12 +2.73%
Volume: 0.00
May 27, 2022 4:19p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,158.24
+100.40 +2.47%
Volume: 2.17B
May 27, 2022 5:49p
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