JPMorgan Chase & Co. Has Lowered Expectations for ESAB (NYSE:ESAB) Stock Price

ESAB (NYSE:ESAB) had its target price dropped by equities researchers at JPMorgan Chase & Co. from $138.00 to $130.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 1.68% from the company’s previous close.

ESAB has been the subject of several other research reports. Stifel Nicolaus increased their price target on shares of ESAB from $143.00 to $144.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Weiss Ratings restated a “hold (c+)” rating on shares of ESAB in a report on Monday, December 29th. Oppenheimer lifted their target price on ESAB from $142.00 to $148.00 and gave the stock an “outperform” rating in a report on Friday, January 23rd. Roth Mkm reaffirmed a “buy” rating and set a $146.00 price objective (down from $150.00) on shares of ESAB in a research report on Tuesday. Finally, UBS Group boosted their target price on ESAB from $147.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, October 20th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $140.63.

ESAB Trading Up 8.5%

Shares of ESAB opened at $127.85 on Tuesday. The firm has a 50 day moving average price of $115.86 and a 200-day moving average price of $116.12. ESAB has a fifty-two week low of $100.17 and a fifty-two week high of $135.84. The firm has a market cap of $7.76 billion, a price-to-earnings ratio of 32.20, a PEG ratio of 2.07 and a beta of 1.24. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.24 and a current ratio of 1.99.

Hedge Funds Weigh In On ESAB

A number of institutional investors and hedge funds have recently made changes to their positions in ESAB. Norges Bank bought a new stake in ESAB during the second quarter worth approximately $83,814,000. Durable Capital Partners LP raised its position in ESAB by 40.5% during the 3rd quarter. Durable Capital Partners LP now owns 1,945,854 shares of the company’s stock valued at $217,430,000 after purchasing an additional 560,678 shares in the last quarter. Interval Partners LP lifted its stake in ESAB by 726.9% in the third quarter. Interval Partners LP now owns 632,412 shares of the company’s stock worth $70,666,000 after acquiring an additional 555,932 shares during the period. Millennium Management LLC increased its holdings in ESAB by 2,367.3% during the third quarter. Millennium Management LLC now owns 432,279 shares of the company’s stock valued at $48,303,000 after buying an additional 414,759 shares during the period. Finally, Cooke & Bieler LP grew its stake in ESAB by 64.3% in the third quarter. Cooke & Bieler LP now owns 996,533 shares of the company’s stock valued at $111,353,000 after purchasing an additional 390,104 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

About ESAB

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company’s products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.