Bank of New York Mellon Corp Cuts Stake in ESAB Co. (NYSE:ESAB)

Bank of New York Mellon Corp lowered its position in shares of ESAB Co. (NYSE:ESAB - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 437,155 shares of the company's stock after selling 6,584 shares during the period. Bank of New York Mellon Corp owned 0.72% of ESAB worth $52,432,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. ORG Wealth Partners LLC purchased a new position in ESAB in the 4th quarter worth approximately $34,000. Trust Co. of Vermont lifted its holdings in shares of ESAB by 871.0% in the 4th quarter. Trust Co. of Vermont now owns 301 shares of the company's stock worth $36,000 after acquiring an additional 270 shares during the last quarter. Quest Partners LLC lifted its holdings in shares of ESAB by 12,140.0% in the 3rd quarter. Quest Partners LLC now owns 612 shares of the company's stock worth $65,000 after acquiring an additional 607 shares during the last quarter. GAMMA Investing LLC lifted its holdings in shares of ESAB by 33.9% in the 4th quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $66,000 after acquiring an additional 139 shares during the last quarter. Finally, Millburn Ridgefield Corp bought a new stake in shares of ESAB in the 3rd quarter worth approximately $77,000. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Ratings Changes

ESAB has been the subject of a number of recent analyst reports. Jefferies Financial Group initiated coverage on shares of ESAB in a report on Thursday, December 12th. They set a "buy" rating and a $160.00 price target for the company. Evercore ISI upgraded shares of ESAB from an "underperform" rating to an "inline" rating and lowered their price target for the company from $122.00 to $120.00 in a report on Monday, February 24th. Stifel Nicolaus lowered their price target on shares of ESAB from $131.00 to $125.00 and set a "hold" rating for the company in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. lowered their price target on shares of ESAB from $135.00 to $133.00 and set an "overweight" rating for the company in a report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $133.14.

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ESAB Trading Up 1.5 %

ESAB stock traded up $1.82 during mid-day trading on Friday, reaching $122.33. 180,701 shares of the company traded hands, compared to its average volume of 238,945. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.82 and a quick ratio of 1.25. The firm's 50 day moving average price is $122.27 and its 200 day moving average price is $117.39. The firm has a market capitalization of $7.40 billion, a price-to-earnings ratio of 28.32, a P/E/G ratio of 2.01 and a beta of 1.36. ESAB Co. has a 52-week low of $88.54 and a 52-week high of $135.97.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings data on Thursday, February 20th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.15 by $0.13. The business had revenue of $633.20 million for the quarter, compared to the consensus estimate of $636.43 million. ESAB had a net margin of 9.66% and a return on equity of 17.43%. On average, analysts anticipate that ESAB Co. will post 5.16 earnings per share for the current fiscal year.

ESAB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, April 4th will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend is Friday, April 4th. ESAB's dividend payout ratio is presently 7.41%.

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.