Hanlon Investment Management Inc. Grows Holdings in ESAB Co. (NYSE:ESAB)

Hanlon Investment Management Inc. raised its position in ESAB Co. (NYSE:ESAB) by 11.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,417 shares of the company’s stock after buying an additional 545 shares during the period. Hanlon Investment Management Inc.’s holdings in ESAB were worth $512,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ESAB. Amalgamated Bank boosted its stake in shares of ESAB by 3.7% during the 4th quarter. Amalgamated Bank now owns 41,909 shares of the company’s stock valued at $3,630,000 after buying an additional 1,478 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in ESAB by 2.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 499,597 shares of the company’s stock valued at $43,275,000 after acquiring an additional 9,658 shares in the last quarter. Envestnet Portfolio Solutions Inc. bought a new position in ESAB during the 4th quarter valued at $229,000. Vanguard Personalized Indexing Management LLC grew its holdings in ESAB by 53.9% during the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 5,406 shares of the company’s stock worth $468,000 after acquiring an additional 1,894 shares in the last quarter. Finally, Panagora Asset Management Inc. bought a new stake in shares of ESAB in the 4th quarter worth about $244,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.

ESAB Stock Down 1.5 %

ESAB stock opened at $93.95 on Friday. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. The firm’s 50-day simple moving average is $97.88 and its 200 day simple moving average is $101.18. The stock has a market cap of $5.68 billion, a PE ratio of 24.60, a price-to-earnings-growth ratio of 1.82 and a beta of 1.42. ESAB Co. has a fifty-two week low of $61.43 and a fifty-two week high of $114.77.

ESAB (NYSE:ESAB) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.27 by $0.05. The company had revenue of $707.10 million for the quarter, compared to analyst estimates of $686.75 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. ESAB’s revenue was down 1.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.21 earnings per share. As a group, sell-side analysts predict that ESAB Co. will post 4.84 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Bank of America lifted their price target on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. lowered their price target on ESAB from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Stifel Nicolaus dropped their price target 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 target price on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Finally, Oppenheimer started coverage on shares of ESAB in a report on Thursday, June 20th. They set an “outperform” rating and a $115.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $108.57.

ESAB Company 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.