Van ECK Associates Corp Acquires 9,062 Shares of ESAB Co. (NYSE:ESAB)

Van ECK Associates Corp grew its holdings in ESAB Co. (NYSE:ESAB) by 40.0% during the third quarter, Holdings Channel reports. The firm owned 31,712 shares of the company’s stock after acquiring an additional 9,062 shares during the quarter. Van ECK Associates Corp’s holdings in ESAB were worth $3,536,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC bought a new position in shares of ESAB during the 1st quarter worth approximately $3,913,000. Russell Investments Group Ltd. boosted its stake in ESAB by 37.7% during the first quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock worth $12,836,000 after acquiring an additional 31,780 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in ESAB by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock worth $710,316,000 after purchasing an additional 653,377 shares during the period. Allspring Global Investments Holdings LLC increased its stake in ESAB by 7.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock valued at $40,827,000 after purchasing an additional 29,453 shares in the last quarter. Finally, Edgestream Partners L.P. raised its holdings in shares of ESAB by 44.3% during the second quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock valued at $6,066,000 after purchasing an additional 19,721 shares during the period. Institutional investors own 91.13% of the company’s stock.

ESAB Stock Down 0.9 %

Shares of NYSE:ESAB opened at $131.22 on Friday. The business’s 50 day moving average is $108.64 and its 200 day moving average is $102.93. ESAB Co. has a 12-month low of $75.24 and a 12-month high of $135.97. The stock has a market cap of $7.93 billion, a price-to-earnings ratio of 30.73, a PEG ratio of 2.33 and a beta of 1.37. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. The firm had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The business’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.08 EPS. On average, sell-side analysts forecast that ESAB Co. will post 4.94 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.08 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.32 annualized dividend and a yield of 0.24%. ESAB’s dividend payout ratio (DPR) is 7.49%.

Wall Street Analyst Weigh In

ESAB has been the subject of several research reports. Loop Capital raised their target price on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Evercore ISI reduced their price objective on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Bank of America boosted their price objective on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. increased their target price on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Finally, Stifel Nicolaus decreased their price target on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, ESAB currently has a consensus rating of “Moderate Buy” and an average price target of $119.86.

Insiders Place Their Bets

In other news, Director Rhonda L. Jordan sold 4,254 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other ESAB news, CFO Kevin J. Johnson sold 5,044 shares of ESAB stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $630,500.00. Following the sale, the chief financial officer now owns 11,433 shares of the company’s stock, valued at approximately $1,429,125. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total transaction of $531,877.62. The disclosure for this sale can be found here. Insiders have sold a total of 68,418 shares of company stock valued at $8,431,773 in the last 90 days. 7.00% of the stock is currently owned by corporate insiders.

ESAB Company 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.