KLP Kapitalforvaltning AS Takes $1.44 Million Position in ESAB Co. (NYSE:ESAB)

KLP Kapitalforvaltning AS bought a new position in shares of ESAB Co. (NYSE:ESAB - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 12,033 shares of the company's stock, valued at approximately $1,444,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Quest Partners LLC boosted its position in shares of ESAB by 12,140.0% during the third quarter. Quest Partners LLC now owns 612 shares of the company's stock worth $65,000 after buying an additional 607 shares during the period. Charles Schwab Investment Management Inc. boosted its position in ESAB by 1.6% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 517,321 shares of the company's stock worth $54,996,000 after acquiring an additional 8,235 shares during the last quarter. FMR LLC grew its stake in shares of ESAB by 6.2% during the 3rd quarter. FMR LLC now owns 2,196,522 shares of the company's stock worth $233,512,000 after acquiring an additional 127,714 shares in the last quarter. Townsquare Capital LLC bought a new position in shares of ESAB during the 3rd quarter worth approximately $203,000. Finally, Edgestream Partners L.P. raised its holdings in shares of ESAB by 17.6% in the third quarter. Edgestream Partners L.P. now owns 75,523 shares of the company's stock valued at $8,029,000 after purchasing an additional 11,284 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

ESAB Stock Up 2.1 %

Shares of ESAB traded up $2.51 during trading hours on Wednesday, hitting $123.41. The stock had a trading volume of 277,476 shares, compared to its average volume of 268,562. The firm has a market capitalization of $7.47 billion, a P/E ratio of 28.57, a price-to-earnings-growth ratio of 2.01 and a beta of 1.36. ESAB Co. has a 1-year low of $88.54 and a 1-year high of $135.97. The firm has a 50 day simple moving average of $122.36 and a 200-day simple moving average of $120.14. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.82 and a quick ratio of 1.25.

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

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, April 4th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, April 4th. This represents a $0.32 annualized dividend and a dividend yield of 0.26%. ESAB's payout ratio is 7.41%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. UBS Group upgraded shares of ESAB from a "neutral" rating to a "buy" rating and increased their target price for the stock from $123.00 to $147.00 in a report on Tuesday. Jefferies Financial Group began coverage on shares of ESAB in a report on Thursday, December 12th. They issued a "buy" rating and a $160.00 target price on the stock. Evercore ISI raised ESAB from an "underperform" rating to an "inline" rating and cut their price target for the company from $122.00 to $120.00 in a report on Monday, February 24th. Stifel Nicolaus cut their price objective on shares of ESAB from $131.00 to $125.00 and set a "hold" rating for the company in a research report on Friday, February 21st. Finally, JPMorgan Chase & Co. increased their price objective on ESAB from $133.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 18th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, ESAB presently has an average rating of "Moderate Buy" and a consensus price target of $135.75.

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.