Interval Partners LP Buys Shares of 264,111 ESAB Corporation $ESAB

Interval Partners LP bought a new stake in ESAB Corporation (NYSE:ESAB) during the first quarter, HoldingsChannel reports. The institutional investor bought 264,111 shares of the company’s stock, valued at approximately $30,769,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ESAB. Jane Street Group LLC boosted its stake in ESAB by 138.8% in the fourth quarter. Jane Street Group LLC now owns 29,786 shares of the company’s stock valued at $3,573,000 after acquiring an additional 17,315 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in shares of ESAB during the 4th quarter valued at approximately $2,970,000. Bank of America Corp DE lifted its stake in shares of ESAB by 7.5% during the 4th quarter. Bank of America Corp DE now owns 116,856 shares of the company’s stock valued at $14,016,000 after buying an additional 8,113 shares in the last quarter. Captrust Financial Advisors lifted its stake in shares of ESAB by 83.1% during the 4th quarter. Captrust Financial Advisors now owns 9,077 shares of the company’s stock valued at $1,089,000 after buying an additional 4,119 shares in the last quarter. Finally, Brevan Howard Capital Management LP lifted its stake in shares of ESAB by 38.9% during the 4th quarter. Brevan Howard Capital Management LP now owns 5,660 shares of the company’s stock valued at $679,000 after buying an additional 1,585 shares in the last quarter. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts recently commented on ESAB shares. Evercore ISI upped their price target on shares of ESAB from $120.00 to $125.00 and gave the company an “in-line” rating in a research note on Monday, May 19th. Oppenheimer decreased their target price on shares of ESAB from $144.00 to $142.00 and set an “outperform” rating on the stock in a report on Thursday, August 7th. Stifel Nicolaus raised shares of ESAB from a “hold” rating to a “buy” rating and set a $141.00 target price on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. decreased their target price on shares of ESAB from $137.00 to $125.00 and set an “overweight” rating on the stock in a report on Thursday, August 7th. Finally, Loop Capital raised shares of ESAB from a “hold” rating to a “buy” rating and upped their target price for the stock from $130.00 to $140.00 in a report on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $140.38.

ESAB Price Performance

Shares of NYSE:ESAB opened at $116.40 on Friday. The company’s fifty day moving average price is $121.84 and its 200-day moving average price is $121.15. The firm has a market capitalization of $7.07 billion, a price-to-earnings ratio of 27.85, a PEG ratio of 2.51 and a beta of 1.26. ESAB Corporation has a one year low of $93.15 and a one year high of $135.97. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The firm had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The business’s revenue for the quarter was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.32 EPS. On average, equities research analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

Insider Buying and Selling at ESAB

In related news, insider Olivier Biebuyck sold 1,440 shares of the stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total transaction of $192,225.60. Following the transaction, the insider owned 14,989 shares of the company’s stock, valued at approximately $2,000,881.61. This trade represents a 8.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of the stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 7,007 shares of company stock worth $841,630. 7.30% of the stock is owned by insiders.

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.