ESAB (NYSE:ESAB) Stock Rating Lowered by Evercore ISI

ESAB (NYSE:ESAB - Get Free Report) was downgraded by stock analysts at Evercore ISI from an "in-line" rating to an "underperform" rating in a research note issued to investors on Wednesday, MarketBeat.com reports. They currently have a $122.00 target price on the stock, up from their prior target price of $102.00. Evercore ISI's price target suggests a potential downside of 5.38% from the stock's current price.

Other analysts also recently issued research reports about the company. Bank of America increased 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. Stifel Nicolaus decreased their price target on ESAB from $130.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, July 18th. Loop Capital boosted their price objective on ESAB from $105.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, October 30th. JPMorgan Chase & Co. boosted their target price on shares of ESAB from $120.00 to $128.00 and gave the stock an "overweight" rating in a research note on Monday, September 30th. Finally, Oppenheimer reiterated an "outperform" rating and issued a $144.00 price objective (up 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, one has assigned a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $122.71.

ESAB Price Performance

Shares of ESAB stock traded down $2.98 during trading hours on Wednesday, hitting $128.93. The company's stock had a trading volume of 270,028 shares, compared to its average volume of 252,300. The stock has a market cap of $7.79 billion, a price-to-earnings ratio of 30.78, a P/E/G ratio of 2.31 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.25 and a debt-to-equity ratio of 0.58. The business has a fifty day moving average of $109.91 and a 200-day moving average of $103.27. ESAB has a twelve month low of $76.08 and a twelve month high of $135.97.

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

Insider Activity

In other news, CEO Shyam Kambeyanda sold 59,120 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the sale, the chief executive officer now owns 53,902 shares in the company, valued at approximately $6,627,789.92. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CFO Kevin J. Johnson sold 5,044 shares of the business's stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total value of $630,500.00. Following the completion of the sale, the chief financial officer now directly owns 11,433 shares of the company's stock, valued at approximately $1,429,125. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shyam Kambeyanda sold 59,120 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 53,902 shares of the company's stock, valued at $6,627,789.92. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 68,418 shares of company stock worth $8,431,773 over the last quarter. Insiders own 7.00% of the company's stock.

Hedge Funds Weigh In On ESAB

Institutional investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 valued at $710,316,000 after buying an additional 653,377 shares in the last quarter. Russell Investments Group Ltd. boosted its position in shares of ESAB by 37.7% in the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company's stock worth $12,836,000 after buying an additional 31,780 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in ESAB by 7.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company's stock valued at $40,827,000 after acquiring an additional 29,453 shares during the last quarter. Edgestream Partners L.P. raised its position in ESAB by 44.3% during the second quarter. Edgestream Partners L.P. now owns 64,239 shares of the company's stock worth $6,066,000 after acquiring an additional 19,721 shares during the last quarter. Finally, Van ECK Associates Corp boosted its position in ESAB by 40.0% during the third quarter. Van ECK Associates Corp now owns 31,712 shares of the company's stock worth $3,536,000 after acquiring an additional 9,062 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

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.