State of Alaska Department of Revenue increased its stake in ESAB Co. (NYSE:ESAB – Free Report) by 1.3% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 33,463 shares of the company’s stock after acquiring an additional 445 shares during the period. State of Alaska Department of Revenue’s holdings in ESAB were worth $3,556,000 at the end of the most recent quarter.
Several other institutional investors have also recently bought and sold shares of the stock. Legacy Capital Group California Inc. raised its position in ESAB by 8.5% in the 3rd quarter. Legacy Capital Group California Inc. now owns 2,320 shares of the company’s stock worth $247,000 after purchasing an additional 181 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of ESAB during the 3rd quarter valued at $15,110,000. Allspring Global Investments Holdings LLC raised its position in shares of ESAB by 7.9% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 466,517 shares of the company’s stock valued at $49,595,000 after acquiring an additional 34,161 shares during the last quarter. Blue Trust Inc. raised its position in shares of ESAB by 629.8% during the 3rd quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after acquiring an additional 529 shares during the last quarter. Finally, Hunter Perkins Capital Management LLC raised its position in shares of ESAB by 3.6% during the 3rd quarter. Hunter Perkins Capital Management LLC now owns 11,220 shares of the company’s stock valued at $1,193,000 after acquiring an additional 395 shares during the last quarter. Institutional investors own 91.13% of the company’s stock.
Analysts Set New Price Targets
Several analysts have commented on the stock. Stifel Nicolaus dropped their target price on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Bank of America upped their target price on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upped their target price on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Evercore ISI dropped their target price on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Finally, Oppenheimer reissued an “outperform” rating and issued a $138.00 price target (up previously from $122.00) on shares of ESAB in a report on Wednesday. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.00.
ESAB Price Performance
Shares of ESAB stock opened at $125.54 on Thursday. ESAB Co. has a 12-month low of $62.57 and a 12-month high of $127.33. The firm has a market capitalization of $7.59 billion, a price-to-earnings ratio of 29.40, a price-to-earnings-growth ratio of 1.93 and a beta of 1.42. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $104.72 and a 200-day moving average of $101.75.
ESAB (NYSE:ESAB – Get Free Report) last announced its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. The firm had revenue of $673.00 million during the quarter, compared to analyst estimates of $620.50 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.08 EPS. On average, equities research analysts forecast that ESAB Co. will post 4.83 earnings per share for the current year.
ESAB Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s payout ratio is presently 7.49%.
ESAB Profile
ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.
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