Fmr LLC Increases Position in ESAB Co. (NYSE:ESAB)

FMR LLC boosted its position in shares of ESAB Co. (NYSE:ESAB - Free Report) by 6.2% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,196,522 shares of the company's stock after buying an additional 127,714 shares during the quarter. FMR LLC owned approximately 3.63% of ESAB worth $233,512,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Champlain Investment Partners LLC lifted its stake in ESAB by 33.5% in the third quarter. Champlain Investment Partners LLC now owns 1,081,639 shares of the company's stock worth $114,989,000 after acquiring an additional 271,459 shares during the period. Royce & Associates LP lifted its position in shares of ESAB by 8.6% in the 3rd quarter. Royce & Associates LP now owns 749,752 shares of the company's stock worth $79,706,000 after purchasing an additional 59,447 shares during the period. TD Asset Management Inc increased its position in shares of ESAB by 5.4% during the second quarter. TD Asset Management Inc now owns 531,122 shares of the company's stock valued at $50,154,000 after buying an additional 27,202 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of ESAB by 1.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 517,321 shares of the company's stock valued at $54,996,000 after buying an additional 8,235 shares during the period. Finally, Bank of New York Mellon Corp lifted its holdings in ESAB by 4.5% in the second quarter. Bank of New York Mellon Corp now owns 490,532 shares of the company's stock worth $46,321,000 after buying an additional 21,025 shares during the period. Institutional investors own 91.13% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Evercore ISI downgraded ESAB from an "in-line" rating to an "underperform" rating and upped their target price for the stock from $102.00 to $122.00 in a report on Wednesday, November 13th. Bank of America increased their price objective on ESAB from $115.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Loop Capital raised their price objective on ESAB from $105.00 to $120.00 and gave the company a "hold" rating in a research report on Wednesday, October 30th. Stifel Nicolaus downgraded shares of 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 research report on Monday, November 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of ESAB from $120.00 to $128.00 and gave the company an "overweight" rating in a research report on Monday, September 30th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $124.14.

ESAB Stock Up 1.2 %

Shares of ESAB traded up $1.49 during trading hours on Monday, hitting $130.57. The company had a trading volume of 86,661 shares, compared to its average volume of 253,298. ESAB Co. has a 52-week low of $78.34 and a 52-week high of $135.97. The firm has a fifty day moving average price of $116.95 and a 200-day moving average price of $104.99. The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 30.23, a P/E/G ratio of 2.26 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.92.

ESAB (NYSE:ESAB - Get Free Report) last issued its earnings results 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. 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 was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, equities research analysts forecast 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. Shareholders of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.25%. The ex-dividend date was Friday, September 27th. ESAB's payout ratio is 7.49%.

Insider Transactions at ESAB

In related news, CFO Kevin J. Johnson sold 5,044 shares of the firm's stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $630,500.00. Following the transaction, the chief financial officer now owns 11,433 shares of the company's stock, valued at approximately $1,429,125. This trade represents a 30.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed 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 68,418 shares of company stock worth $8,431,773 over the last quarter. 7.00% of the stock is currently owned by insiders.

ESAB 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.