Canada Pension Plan Investment Board Sells 15,500 Shares of ESAB Co. (NYSE:ESAB)

Canada Pension Plan Investment Board decreased its holdings in shares of ESAB Co. (NYSE:ESAB) by 98.1% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 300 shares of the company’s stock after selling 15,500 shares during the period. Canada Pension Plan Investment Board’s holdings in ESAB were worth $28,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in ESAB. MQS Management LLC purchased a new stake in shares of ESAB in the 2nd quarter worth approximately $384,000. XTX Topco Ltd grew its stake in shares of ESAB by 194.0% in the second quarter. XTX Topco Ltd now owns 6,456 shares of the company’s stock worth $610,000 after acquiring an additional 4,260 shares during the last quarter. Seven Eight Capital LP bought a new position in shares of ESAB during the second quarter valued at $1,768,000. Vanguard Personalized Indexing Management LLC raised its position in shares of ESAB by 5.1% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock worth $362,000 after purchasing an additional 185 shares during the last quarter. Finally, Edgestream Partners L.P. boosted its stake in ESAB by 44.3% in the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock worth $6,066,000 after purchasing an additional 19,721 shares in the last quarter. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

ESAB Trading Down 0.2 %

Shares of ESAB stock opened at $106.31 on Tuesday. The stock has a market capitalization of $6.42 billion, a P/E ratio of 27.83, a P/E/G ratio of 1.84 and a beta of 1.42. The company has a current ratio of 1.86, a quick ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm’s 50 day moving average is $100.03 and its 200 day moving average is $101.77. ESAB Co. has a 12-month low of $61.43 and a 12-month high of $114.77.

ESAB (NYSE:ESAB) last issued its quarterly earnings data on Friday, August 2nd. The company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.27 by $0.05. The company had revenue of $707.10 million during the quarter, compared to analyst estimates of $686.75 million. ESAB had a return on equity of 17.49% and a net margin of 9.06%. ESAB’s revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.21 earnings per share. Research analysts expect that ESAB Co. will post 4.84 earnings per share for the current year.

ESAB Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Friday, September 27th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, September 27th. ESAB’s payout ratio is currently 8.38%.

Wall Street Analyst Weigh In

ESAB has been the subject of a number of analyst reports. Evercore ISI reduced their price objective on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. JPMorgan Chase & Co. raised their price target on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday. Bank of America upped their price objective on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus reduced their target price on ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Oppenheimer initiated coverage on ESAB in a report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target on the stock. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.00.

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.