Lincoln Electric Holdings, Inc. (LECO) Lifted to “Buy” at Zacks Investment Research
Lincoln Electric Holdings, Inc. (NASDAQ:LECO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The brokerage currently has a $101.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.54% from the company’s current price.
According to Zacks, “Lincoln Electric’s top and bottom-line both improved on a year-over-year basis. While revenues beat the Zacks Consensus Estimate, earnings came in line. The company’s end markets continue to improve. Focus on commercializing innovative products, relatively stable pricing environment and cost-cutting initiatives will drive growth. It will also benefit from consistent investment in welding automation. Welding automation is on growth path due to the shortage of welding labor and new, low-cost welding robots that provide productivity savings to customers. Lincoln Electric is poised to gain from focus on its customers, and execution of the 2020 vision and strategy. Further, the acquisition of Air Liquide will enhance 2020 Vision and Strategy and enables Lincoln to build its global footprint. It will also be accretive to earnings. “
A number of other brokerages have also recently commented on LECO. FBR & Co reissued a “buy” rating and set a $115.00 target price (up previously from $105.00) on shares of Lincoln Electric Holdings in a report on Friday. KeyCorp reissued a “hold” rating on shares of Lincoln Electric Holdings in a report on Friday, October 20th. Robert W. Baird reissued a “hold” rating and set a $92.00 target price on shares of Lincoln Electric Holdings in a report on Friday, October 13th. Stifel Nicolaus reaffirmed a “hold” rating and issued a $95.00 price target on shares of Lincoln Electric Holdings in a report on Wednesday, October 4th. Finally, BidaskClub cut Lincoln Electric Holdings from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Eleven equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $96.43.
Shares of Lincoln Electric Holdings (LECO) traded up 1.36% during trading on Tuesday, hitting $91.78. The stock had a trading volume of 193,229 shares. Lincoln Electric Holdings has a 52-week low of $63.49 and a 52-week high of $99.59. The firm has a market cap of $6.05 billion, a price-to-earnings ratio of 26.53 and a beta of 1.01. The firm’s 50-day moving average is $93.31 and its 200 day moving average is $90.66.
Lincoln Electric Holdings (NASDAQ:LECO) last announced its earnings results on Friday, October 27th. The industrial products company reported $0.93 EPS for the quarter, missing analysts’ consensus estimates of $0.94 by ($0.01). Lincoln Electric Holdings had a net margin of 11.34% and a return on equity of 30.48%. The firm had revenue of $669.50 million for the quarter, compared to analyst estimates of $658.48 million. During the same period in the previous year, the company earned $0.89 EPS. Lincoln Electric Holdings’s revenue was up 17.9% compared to the same quarter last year. On average, analysts expect that Lincoln Electric Holdings will post $3.76 EPS for the current year.
In related news, VP Michele R. Kuhrt sold 3,080 shares of the stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $88.55, for a total value of $272,734.00. Following the completion of the sale, the vice president now owns 14,449 shares of the company’s stock, valued at $1,279,458.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 3.27% of the stock is currently owned by company insiders.
A number of institutional investors have recently modified their holdings of the stock. Canada Pension Plan Investment Board grew its position in Lincoln Electric Holdings by 171.1% in the third quarter. Canada Pension Plan Investment Board now owns 245,925 shares of the industrial products company’s stock worth $22,546,000 after acquiring an additional 155,200 shares during the period. Victory Capital Management Inc. grew its position in Lincoln Electric Holdings by 7.9% in the third quarter. Victory Capital Management Inc. now owns 19,517 shares of the industrial products company’s stock worth $1,789,000 after acquiring an additional 1,421 shares during the period. Crossmark Global Holdings Inc. purchased a new position in Lincoln Electric Holdings in the third quarter worth approximately $617,000. Nationwide Fund Advisors grew its position in Lincoln Electric Holdings by 1.3% in the third quarter. Nationwide Fund Advisors now owns 133,596 shares of the industrial products company’s stock worth $12,248,000 after acquiring an additional 1,662 shares during the period. Finally, APG Asset Management N.V. purchased a new position in Lincoln Electric Holdings in the third quarter worth approximately $4,474,000. Institutional investors own 60.60% of the company’s stock.
Lincoln Electric Holdings Company Profile
Lincoln Electric Holdings, Inc is a manufacturer of welding, cutting and brazing products. The Company operates through three segments: Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia.
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