Norges Bank bought a new position in ESAB Co. (NYSE:ESAB - Free Report) in the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 677,000 shares of the company's stock, valued at approximately $81,199,000. Norges Bank owned about 1.12% of ESAB as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of ESAB. Vanguard Group Inc. increased its position in ESAB by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 5,546,104 shares of the company's stock worth $665,200,000 after purchasing an additional 20,741 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of ESAB by 15.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,202,568 shares of the company's stock valued at $264,176,000 after buying an additional 302,453 shares during the period. State Street Corp increased its holdings in shares of ESAB by 3.4% during the 3rd quarter. State Street Corp now owns 1,692,161 shares of the company's stock worth $180,028,000 after buying an additional 55,458 shares during the last quarter. Geode Capital Management LLC raised its position in shares of ESAB by 19.7% during the 3rd quarter. Geode Capital Management LLC now owns 1,160,056 shares of the company's stock valued at $123,353,000 after buying an additional 190,583 shares during the period. Finally, TimesSquare Capital Management LLC lifted its holdings in ESAB by 104.3% in the fourth quarter. TimesSquare Capital Management LLC now owns 839,685 shares of the company's stock valued at $100,712,000 after acquiring an additional 428,770 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company's stock.
Analyst Upgrades and Downgrades
ESAB has been the subject of several recent analyst reports. Jefferies Financial Group started coverage on ESAB in a research note on Thursday, December 12th. They set a "buy" rating and a $160.00 target price for the company. Evercore ISI upgraded shares of ESAB from an "underperform" rating to an "inline" rating and reduced their price objective for the company from $122.00 to $120.00 in a report on Monday, February 24th. JPMorgan Chase & Co. upped their target price on shares of ESAB from $133.00 to $140.00 and gave the company an "overweight" rating in a research report on Tuesday, March 18th. Stifel Nicolaus dropped their price target 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, UBS Group upgraded shares of ESAB from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $123.00 to $147.00 in a report on Tuesday, April 1st. 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, the stock has a consensus rating of "Moderate Buy" and an average target price of $135.75.
Read Our Latest Stock Analysis on ESAB
ESAB Stock Down 1.6 %
Shares of ESAB traded down $1.73 during mid-day trading on Monday, hitting $105.39. 545,240 shares of the company's stock were exchanged, compared to its average volume of 271,321. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.25 and a current ratio of 1.82. The company has a market cap of $6.39 billion, a price-to-earnings ratio of 24.39, a P/E/G ratio of 2.01 and a beta of 1.37. The stock's 50-day moving average is $121.50 and its 200-day moving average is $120.37. ESAB Co. has a fifty-two week low of $88.54 and a fifty-two week high of $135.97.
ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings results on Thursday, February 20th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.15 by $0.13. The business had revenue of $633.20 million during the quarter, compared to the consensus estimate of $636.43 million. ESAB had a net margin of 9.66% and a return on equity of 17.43%. On average, sell-side analysts anticipate that ESAB Co. will post 5.16 earnings per share for the current fiscal year.
ESAB Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, April 4th will be paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, April 4th. ESAB's payout ratio is presently 7.41%.
ESAB 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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