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

ESAB (NYSE:ESAB) had its price target upped by Loop Capital from $105.00 to $120.00 in a report issued on Wednesday, Benzinga reports. Loop Capital currently has a hold rating on the stock.

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

ESAB Price Performance

Shares of ESAB stock opened at $123.49 on Wednesday. The company’s 50-day simple moving average is $105.67 and its two-hundred day simple moving average is $102.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.21. ESAB has a one year low of $70.78 and a one year high of $127.33. The company has a market capitalization of $7.46 billion, a P/E ratio of 28.92, a P/E/G ratio of 2.16 and a beta of 1.42.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The company had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. During the same period last year, the business posted $1.08 EPS. ESAB’s quarterly revenue was down 1.2% on a year-over-year basis. As a group, equities analysts anticipate that ESAB will post 4.88 EPS for the current year.

ESAB Announces Dividend

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

Insider Activity

In other ESAB news, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total value of $531,877.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Rhonda L. Jordan sold 4,254 shares of the 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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Kevin J. Johnson sold 5,044 shares of ESAB stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total value of $630,500.00. Following the sale, the chief financial officer now directly owns 11,433 shares of the company’s stock, valued at $1,429,125. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,418 shares of company stock worth $8,431,773 over the last 90 days. 7.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ESAB

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ESAB. Diversified Trust Co purchased a new stake in shares of ESAB in the first quarter worth about $431,000. Allspring Global Investments Holdings LLC grew its stake 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 worth $44,549,000 after purchasing an additional 23,825 shares during the period. State of Michigan Retirement System increased its holdings in shares of ESAB by 2.2% during the 1st quarter. State of Michigan Retirement System now owns 13,902 shares of the company’s stock valued at $1,537,000 after purchasing an additional 300 shares in the last quarter. Retirement Systems of Alabama increased its holdings in shares of ESAB by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 71,144 shares of the company’s stock valued at $7,866,000 after purchasing an additional 187 shares in the last quarter. Finally, Hanlon Investment Management Inc. lifted its stake in shares of ESAB by 27.3% in the 1st quarter. Hanlon Investment Management Inc. now owns 4,872 shares of the company’s stock valued at $539,000 after purchasing an additional 1,044 shares during the period. 91.13% of the stock is owned by institutional investors and hedge funds.

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.