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Eagle Asset Management Inc. Sells 42,445 Shares of ESAB Co. (NYSE:ESAB)

ESAB logo with Industrial Products background

Eagle Asset Management Inc. trimmed its stake in shares of ESAB Co. (NYSE:ESAB - Free Report) by 9.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 425,216 shares of the company's stock after selling 42,445 shares during the quarter. Eagle Asset Management Inc. owned approximately 0.70% of ESAB worth $45,205,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Burns Matteson Capital Management LLC boosted its holdings in shares of ESAB by 7.1% during the second quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company's stock worth $203,000 after purchasing an additional 142 shares during the period. GAMMA Investing LLC increased its stake in shares of ESAB by 55.9% during the third quarter. GAMMA Investing LLC now owns 410 shares of the company's stock valued at $44,000 after buying an additional 147 shares during the period. Legacy Capital Group California Inc. raised its holdings in shares of ESAB by 8.5% during the second quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company's stock valued at $202,000 after acquiring an additional 168 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its stake in ESAB by 5.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company's stock worth $362,000 after acquiring an additional 185 shares during the period. Finally, Asset Management One Co. Ltd. lifted its stake in ESAB by 20.4% in the third quarter. Asset Management One Co. Ltd. now owns 1,123 shares of the company's stock worth $119,000 after acquiring an additional 190 shares during the period. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ESAB

In other news, CEO Shyam Kambeyanda sold 59,120 shares of ESAB stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the transaction, the chief executive officer now owns 53,902 shares in the company, valued at $6,627,789.92. This trade represents a 52.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 4,254 shares of the company's stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is owned by insiders.

ESAB Stock Performance

NYSE ESAB traded up $2.08 during trading hours on Friday, hitting $127.54. The company's stock had a trading volume of 349,211 shares, compared to its average volume of 342,834. ESAB Co. has a 12 month low of $76.08 and a 12 month high of $135.97. The company's 50 day simple moving average is $114.48 and its two-hundred day simple moving average is $104.39. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The company has a market cap of $7.71 billion, a P/E ratio of 29.87, a price-to-earnings-growth ratio of 2.19 and a beta of 1.37.

ESAB (NYSE:ESAB - Get Free Report) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, beating the consensus estimate of $1.12 by $0.13. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The firm had revenue of $673.00 million during the quarter, compared to analysts' expectations of $620.50 million. During the same period in the previous year, the company earned $1.08 earnings per share. The firm's quarterly revenue was down 1.2% on a year-over-year basis. As a group, sell-side analysts expect that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend was Friday, September 27th. ESAB's payout ratio is currently 7.49%.

Analysts Set New Price Targets

Several brokerages have commented on ESAB. Evercore ISI lowered shares of ESAB from an "in-line" rating to an "underperform" rating and upped their price objective for the stock from $102.00 to $122.00 in a report on Wednesday, November 13th. Stifel Nicolaus downgraded ESAB from a "buy" rating to a "hold" rating and reduced their target price for the stock from $138.00 to $130.00 in a report on Monday, November 18th. 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. Bank of America upped their price objective on shares of ESAB from $115.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $144.00 price target (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, ESAB has an average rating of "Hold" and an average price target of $124.14.

View Our Latest Analysis on ESAB

ESAB Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for ESAB (NYSE:ESAB)

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