PDT Partners LLC Has $1.19 Million Holdings in ESAB Co. (NYSE:ESAB)

PDT Partners LLC lowered its stake in shares of ESAB Co. (NYSE:ESAB - Free Report) by 56.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,167 shares of the company's stock after selling 14,239 shares during the quarter. PDT Partners LLC's holdings in ESAB were worth $1,187,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Burns Matteson Capital Management LLC raised its position in shares of ESAB by 7.1% during the 2nd quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company's stock valued at $203,000 after acquiring an additional 142 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of ESAB by 55.9% in the 3rd 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. grew its position in shares of ESAB by 8.5% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company's stock valued at $202,000 after buying an additional 168 shares during the last quarter. Vanguard Personalized Indexing Management LLC raised its stake in ESAB by 5.1% during 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 holdings 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 last quarter. Institutional investors own 91.13% of the company's stock.

ESAB Price Performance

Shares of NYSE ESAB traded up $1.24 during mid-day trading on Monday, reaching $130.32. 269,040 shares of the company traded hands, compared to its average volume of 254,104. ESAB Co. has a fifty-two week low of $78.34 and a fifty-two week high of $135.97. The firm has a market cap of $7.88 billion, a PE ratio of 30.52, a price-to-earnings-growth ratio of 2.26 and a beta of 1.37. The stock has a fifty day simple moving average of $117.45 and a 200-day simple moving average of $105.14. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25.

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

ESAB Dividend Announcement

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

Insider Activity at ESAB

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the firm's stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total value of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. This trade represents a 52.31 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of the business's stock in a transaction that occurred on 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 sold a total of 68,418 shares of company stock valued at $8,431,773 over the last ninety days. Insiders own 7.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on ESAB shares. Oppenheimer reiterated an "outperform" rating and set a $144.00 price target (up from $138.00) on shares of ESAB in a research report on Friday, November 8th. Bank of America raised their target price on ESAB from $115.00 to $130.00 and gave the company a "buy" rating in a research note on Monday, August 5th. Loop Capital increased their price objective on shares of ESAB from $105.00 to $120.00 and gave the stock a "hold" rating in a report on Wednesday, October 30th. Stifel Nicolaus cut shares of ESAB from a "buy" rating to a "hold" rating and decreased their target price for the stock from $138.00 to $130.00 in a research report on Monday, November 18th. Finally, JPMorgan Chase & Co. lifted their price target on ESAB from $120.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $124.14.

About ESAB

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.