1,666 Shares in ESAB Corporation $ESAB Bought by Cross Staff Investments Inc

Cross Staff Investments Inc bought a new position in ESAB Corporation (NYSE:ESAB) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,666 shares of the company’s stock, valued at approximately $201,000.

Other large investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in ESAB in the 1st quarter valued at $33,000. First Horizon Advisors Inc. boosted its stake in ESAB by 204.8% in the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company’s stock valued at $37,000 after acquiring an additional 215 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in ESAB by 706.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company’s stock valued at $42,000 after acquiring an additional 318 shares during the period. Farther Finance Advisors LLC raised its holdings in shares of ESAB by 1,128.9% during the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company’s stock valued at $56,000 after buying an additional 429 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in ESAB by 323.8% during the first quarter. UMB Bank n.a. now owns 534 shares of the company’s stock worth $62,000 after purchasing an additional 408 shares in the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider directly owned 14,989 shares of the company’s stock, valued at $2,000,881.61. This represents a 8.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the company’s stock in a transaction dated 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. 7.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on ESAB. Loop Capital raised ESAB from a “hold” rating to a “buy” rating and upped their price target for the company from $130.00 to $140.00 in a report on Friday, August 22nd. Zacks Research cut shares of ESAB from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. Wall Street Zen raised shares of ESAB from a “hold” rating to a “buy” rating in a research report on Saturday, October 4th. Roth Capital initiated coverage on shares of ESAB in a research report on Friday, September 5th. They issued a “buy” rating and a $150.00 price target for the company. Finally, JPMorgan Chase & Co. decreased their price objective on shares of ESAB from $137.00 to $125.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, ESAB currently has an average rating of “Moderate Buy” and an average price target of $141.44.

ESAB Price Performance

ESAB stock opened at $116.11 on Friday. The stock has a 50-day moving average price of $113.99 and a two-hundred day moving average price of $119.51. The stock has a market cap of $7.05 billion, a PE ratio of 27.78, a price-to-earnings-growth ratio of 2.60 and a beta of 1.23. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. ESAB Corporation has a 1 year low of $100.17 and a 1 year high of $135.97.

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

ESAB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. ESAB’s dividend payout ratio is presently 9.57%.

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.