Bank of New York Mellon Corp Has $95.14 Million Position in ESAB Corporation $ESAB

Bank of New York Mellon Corp raised its stake in shares of ESAB Corporation (NYSE:ESAB) by 21.7% in the first quarter, Holdings Channel reports. The fund owned 984,297 shares of the company’s stock after acquiring an additional 175,398 shares during the period. Bank of New York Mellon Corp’s holdings in ESAB were worth $95,142,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Los Angeles Capital Management LLC bought a new stake in shares of ESAB in the 4th quarter worth about $33,000. Northwestern Mutual Wealth Management Co. increased its position in shares of ESAB by 109.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company’s stock worth $40,000 after purchasing an additional 174 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in ESAB by 259.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company’s stock valued at $43,000 after purchasing an additional 275 shares during the last quarter. Global Retirement Partners LLC lifted its holdings in ESAB by 3,023.1% during the 4th quarter. Global Retirement Partners LLC now owns 406 shares of the company’s stock valued at $45,000 after purchasing an additional 393 shares during the last quarter. Finally, UMB Bank n.a. boosted its position in ESAB by 185.3% in the fourth quarter. UMB Bank n.a. now owns 642 shares of the company’s stock valued at $72,000 after buying an additional 417 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. DA Davidson started coverage on shares of ESAB in a research note on Monday, June 15th. They set a “buy” rating and a $130.00 price objective on the stock. Stifel Nicolaus cut their target price on shares of ESAB from $141.00 to $137.00 and set a “buy” rating for the company in a research note on Monday. Roth Capital boosted their target price on ESAB from $142.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. JPMorgan Chase & Co. decreased their price target on ESAB from $148.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, April 10th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $130.00 price target (down from $150.00) on shares of ESAB in a report on Tuesday, March 31st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $139.00.

ESAB Trading Down 7.5%

ESAB opened at $83.01 on Tuesday. The company has a current ratio of 2.97, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91. The stock has a market capitalization of $5.05 billion, a PE ratio of 24.56, a PEG ratio of 1.65 and a beta of 1.17. ESAB Corporation has a 1-year low of $82.18 and a 1-year high of $137.42. The firm has a 50-day moving average price of $92.57 and a two-hundred day moving average price of $104.98.

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 company had revenue of $745.60 million for the quarter, compared to analyst estimates of $706.74 million. During the same quarter in the previous year, the company posted $1.25 earnings per share. ESAB’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities analysts anticipate that ESAB Corporation will post 5.79 earnings per share for the current fiscal year.

ESAB Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a $0.12 dividend. This is a boost from ESAB’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, July 2nd. This represents a $0.48 annualized dividend and a yield of 0.6%. ESAB’s dividend payout ratio is presently 14.20%.

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.