ESAB Corporation $ESAB Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lessened its stake in shares of ESAB Corporation (NYSE:ESAB) by 4.8% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 808,899 shares of the company’s stock after selling 41,034 shares during the quarter. Bank of New York Mellon Corp’s holdings in ESAB were worth $90,370,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. FNY Investment Advisers LLC acquired a new position in shares of ESAB during the 3rd quarter worth about $30,000. Northwestern Mutual Wealth Management Co. lifted its stake in ESAB by 109.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company’s stock worth $40,000 after purchasing an additional 174 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in ESAB by 3,023.1% in the fourth quarter. Global Retirement Partners LLC now owns 406 shares of the company’s stock valued at $45,000 after purchasing an additional 393 shares in the last quarter. AlphaQuest LLC acquired a new position in ESAB in the third quarter valued at approximately $58,000. Finally, Hantz Financial Services Inc. increased its stake in ESAB by 59.5% in the third quarter. Hantz Financial Services Inc. now owns 681 shares of the company’s stock valued at $76,000 after purchasing an additional 254 shares during the last quarter. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of ESAB from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Jefferies Financial Group reaffirmed a “buy” rating and issued a $130.00 target price (down from $150.00) on shares of ESAB in a research report on Tuesday, March 31st. Stifel Nicolaus set a $141.00 price target on shares of ESAB in a research note on Friday, May 8th. Weiss Ratings cut shares of ESAB from a “hold (c+)” rating to a “hold (c)” rating in a research report on Monday, April 27th. Finally, Roth Mkm set a $142.00 price objective on shares of ESAB in a research note on Thursday, April 16th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $139.88.

ESAB Price Performance

Shares of NYSE ESAB opened at $88.02 on Tuesday. The stock has a market cap of $5.36 billion, a P/E ratio of 26.04, a P/E/G ratio of 1.61 and a beta of 1.19. ESAB Corporation has a twelve month low of $83.17 and a twelve month high of $137.42. The stock has a 50 day moving average of $96.41 and a two-hundred day moving average of $108.79. The company has a current ratio of 2.97, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91.

ESAB (NYSE:ESAB) last announced its earnings results on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). ESAB had a return on equity of 15.04% and a net margin of 7.11%.The business had revenue of $745.60 million for the quarter, compared to analysts’ expectations of $706.74 million. During the same quarter last year, the business posted $1.25 earnings per share. The business’s revenue was up 10.0% on a year-over-year basis. On average, research analysts forecast that ESAB Corporation will post 5.81 earnings per share for the current year.

ESAB Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, July 3rd will be given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, July 2nd. This is an increase from ESAB’s previous quarterly dividend of $0.10. ESAB’s payout ratio is 11.83%.

ESAB Profile

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.