ESAB (NYSE:ESAB) Receives "Outperform" Rating from Oppenheimer

ESAB (NYSE:ESAB - Get Free Report)'s stock had its "outperform" rating restated by equities research analysts at Oppenheimer in a report released on Wednesday, Benzinga reports. They presently have a $138.00 target price on the stock, up from their previous target price of $122.00. Oppenheimer's target price suggests a potential upside of 9.93% from the company's current price.

A number of other brokerages have also weighed in on ESAB. JPMorgan Chase & Co. increased their price target on ESAB from $120.00 to $128.00 and gave the stock an "overweight" rating in a research note on Monday, September 30th. Stifel Nicolaus reduced their target price on ESAB from $130.00 to $120.00 and set a "buy" rating on the stock in a research report on Thursday, July 18th. Evercore ISI lowered their price target on ESAB from $107.00 to $102.00 and set an "in-line" rating for the company in a report on Monday, August 19th. Finally, Bank of America increased their price objective on shares of ESAB from $115.00 to $130.00 and gave the stock a "buy" rating in a report on Monday, August 5th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $119.00.

ESAB Price Performance

Shares of NYSE:ESAB traded up $0.01 on Wednesday, hitting $125.54. The company had a trading volume of 537,837 shares, compared to its average volume of 249,718. The company has a current ratio of 1.86, a quick ratio of 1.21 and a debt-to-equity ratio of 0.62. The company has a market cap of $7.59 billion, a PE ratio of 29.70, a PEG ratio of 1.93 and a beta of 1.42. ESAB has a 52-week low of $62.57 and a 52-week high of $127.33. The business has a 50 day moving average of $104.72 and a 200 day moving average of $101.75.

ESAB (NYSE:ESAB - Get Free Report) last released its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.12 by $0.13. The company had revenue of $673.00 million for the quarter, compared to analyst estimates of $620.50 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The firm's quarterly revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the firm earned $1.08 EPS. As a group, equities analysts anticipate that ESAB will post 4.83 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ESAB

A number of hedge funds have recently made changes to their positions in ESAB. Susquehanna Fundamental Investments LLC acquired a new stake in ESAB in the 1st quarter valued at $3,913,000. Allspring Global Investments Holdings LLC raised its holdings in shares of ESAB by 6.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company's stock valued at $44,549,000 after buying an additional 23,825 shares during the period. Russell Investments Group Ltd. lifted its position in ESAB by 37.7% during the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company's stock worth $12,836,000 after acquiring an additional 31,780 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ESAB by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company's stock worth $710,316,000 after acquiring an additional 653,377 shares during the period. Finally, Edgestream Partners L.P. grew its position in ESAB by 44.3% in the second quarter. Edgestream Partners L.P. now owns 64,239 shares of the company's stock valued at $6,066,000 after acquiring an additional 19,721 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company's stock.

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.