ESAB (NYSE:ESAB) Price Target Raised to $120.00

ESAB (NYSE:ESAB) had its price target lifted by Loop Capital from $105.00 to $120.00 in a research note published on Wednesday, Benzinga reports. The brokerage currently has a hold rating on the stock.

Several other equities analysts have also recently issued reports on ESAB. Evercore ISI lowered their target price on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Stifel Nicolaus lowered their price objective on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Bank of America lifted their target price on shares of ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Oppenheimer restated an “outperform” rating and issued a $138.00 price target (up from $122.00) on shares of ESAB in a research note on Wednesday. Finally, JPMorgan Chase & Co. upped their price objective on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, ESAB has an average rating of “Moderate Buy” and a consensus target price of $119.00.

ESAB Stock Up 0.4 %

Shares of ESAB stock opened at $123.49 on Wednesday. The company has a 50-day simple moving average of $105.67 and a two-hundred day simple moving average of $102.06. The stock has a market capitalization of $7.46 billion, a PE ratio of 28.92, a price-to-earnings-growth ratio of 2.16 and a beta of 1.42. ESAB has a 52-week low of $70.78 and a 52-week high of $127.33. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.21 and a current ratio of 1.92.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.13. The business had revenue of $673.00 million for the quarter, compared to analysts’ expectations of $620.50 million. ESAB had a return on equity of 17.27% and a net margin of 9.47%. 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 posted $1.08 EPS. On average, analysts anticipate that ESAB will post 4.88 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.26%. The ex-dividend date was Friday, September 27th. ESAB’s dividend payout ratio is currently 7.49%.

Insider Activity at ESAB

In other news, Director Rhonda L. Jordan sold 4,254 shares of the company’s stock in a transaction dated Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Shyam Kambeyanda sold 59,120 shares of the firm’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares of the company’s stock, valued at approximately $6,627,789.92. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total transaction of $531,877.62. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. ORG Partners LLC bought a new position in shares of ESAB in the 1st quarter valued at about $35,000. Whittier Trust Co. increased its position in ESAB by 302.6% during the first quarter. Whittier Trust Co. now owns 314 shares of the company’s stock valued at $35,000 after acquiring an additional 236 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in shares of ESAB in the 2nd quarter worth about $42,000. GAMMA Investing LLC boosted its stake in shares of ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after purchasing an additional 147 shares during the period. Finally, Blue Trust Inc. grew its stake in shares of ESAB by 629.8% during the third quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after buying an additional 529 shares during 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.