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Point72 Asset Management L.P. Sells 4,790 Shares of ESAB Co. (NYSE:ESAB)

ESAB logo with Industrial Products background

Point72 Asset Management L.P. cut its position in shares of ESAB Co. (NYSE:ESAB - Free Report) by 44.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,924 shares of the company's stock after selling 4,790 shares during the period. Point72 Asset Management L.P.'s holdings in ESAB were worth $630,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Champlain Investment Partners LLC boosted its position in ESAB by 33.5% during the third quarter. Champlain Investment Partners LLC now owns 1,081,639 shares of the company's stock worth $114,989,000 after purchasing an additional 271,459 shares during the period. International Assets Investment Management LLC bought a new stake in shares of ESAB during the 3rd quarter worth about $15,110,000. FMR LLC grew its stake in ESAB by 6.2% in the 3rd quarter. FMR LLC now owns 2,196,522 shares of the company's stock valued at $233,512,000 after buying an additional 127,714 shares during the last quarter. Cubist Systematic Strategies LLC bought a new position in ESAB in the 2nd quarter valued at about $8,277,000. Finally, Royce & Associates LP lifted its position in ESAB by 8.6% during the third quarter. Royce & Associates LP now owns 749,752 shares of the company's stock worth $79,706,000 after acquiring an additional 59,447 shares during the last quarter. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ESAB. Jefferies Financial Group started coverage on ESAB in a research report on Thursday. They issued a "buy" rating and a $160.00 target price on the stock. JPMorgan Chase & Co. increased their price objective on ESAB from $120.00 to $128.00 and gave the stock an "overweight" rating in a research report on Monday, September 30th. Evercore ISI cut shares of ESAB from an "in-line" rating to an "underperform" rating and boosted their target price for the company from $102.00 to $122.00 in a research report on Wednesday, November 13th. Stifel Nicolaus lowered shares of ESAB from a "buy" rating to a "hold" rating and lowered their price target for the stock from $138.00 to $130.00 in a research report on Monday, November 18th. Finally, Oppenheimer reissued an "outperform" rating and issued a $144.00 price objective (up previously from $138.00) on shares of ESAB in a report on Friday, November 8th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, ESAB currently has an average rating of "Hold" and a consensus price target of $133.43.

Get Our Latest Research Report on ESAB

Insider Buying and Selling at ESAB

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of ESAB stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total value of $7,269,395.20. Following the transaction, the chief executive officer now owns 53,902 shares in the company, valued at $6,627,789.92. The trade was a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kevin J. Johnson sold 5,044 shares of the stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total transaction of $630,500.00. Following the completion of the transaction, the chief financial officer now directly owns 11,433 shares of the company's stock, valued at $1,429,125. This trade represents a 30.61 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 68,418 shares of company stock worth $8,431,773 over the last three months. Corporate insiders own 7.00% of the company's stock.

ESAB Price Performance

ESAB stock traded down $0.76 during midday trading on Thursday, reaching $128.06. The company had a trading volume of 139,729 shares, compared to its average volume of 253,975. ESAB Co. has a 1-year low of $81.86 and a 1-year high of $135.97. The stock has a 50 day moving average price of $121.29 and a 200-day moving average price of $106.44. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The company has a market capitalization of $7.74 billion, a price-to-earnings ratio of 29.99, a price-to-earnings-growth ratio of 2.25 and a beta of 1.34.

ESAB (NYSE:ESAB - Get Free Report) last issued its earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.12 by $0.13. The company had revenue of $673.00 million during the quarter, compared to analysts' expectations of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The business's revenue for the quarter was down 1.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.08 EPS. Equities research analysts expect that ESAB Co. will post 4.94 earnings per share for the current year.

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.

See Also

Institutional Ownership by Quarter for ESAB (NYSE:ESAB)

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