Short Interest in ESAB Corporation (NYSE:ESAB) Increases By 26.4%

ESAB Corporation (NYSE:ESAB) was the target of a large increase in short interest in the month of April. As of April 15th, there was short interest totaling 2,194,066 shares, an increase of 26.4% from the March 31st total of 1,736,476 shares. Based on an average daily trading volume, of 731,020 shares, the days-to-cover ratio is currently 3.0 days. Currently, 3.9% of the company’s stock are short sold.

ESAB Stock Performance

NYSE ESAB traded down $0.42 on Friday, hitting $97.86. 423,327 shares of the stock traded hands, compared to its average volume of 629,226. The business’s fifty day moving average is $104.65 and its two-hundred day moving average is $113.11. ESAB has a 12 month low of $89.41 and a 12 month high of $137.42. The firm has a market capitalization of $5.96 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.83 and a beta of 1.24. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.17 and a current ratio of 1.90.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Friday, February 20th. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.34 by $0.01. ESAB had a return on equity of 15.38% and a net margin of 7.98%.The business had revenue of $687.00 million during the quarter, compared to analyst estimates of $687.80 million. During the same period in the prior year, the company earned $1.28 earnings per share. ESAB’s revenue was up 7.5% compared to the same quarter last year. As a group, equities analysts anticipate that ESAB will post 5.82 EPS for the current fiscal year.

ESAB Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Thursday, April 2nd were issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend was Thursday, April 2nd. ESAB’s dividend payout ratio (DPR) is presently 10.81%.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Weiss Ratings downgraded ESAB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday. Stifel Nicolaus lowered their price objective on ESAB from $158.00 to $138.00 and set a “buy” rating for the company in a research note on Wednesday, April 8th. Roth Mkm set a $142.00 price objective on ESAB in a research note on Thursday, April 16th. Jefferies Financial Group reissued a “buy” rating and issued a $130.00 price objective (down from $150.00) on shares of ESAB in a research note on Tuesday, March 31st. Finally, Wall Street Zen lowered ESAB from a “buy” rating to a “hold” rating in a report on Saturday, March 21st. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $138.40.

Insiders Place Their Bets

In related news, CEO Shyam Kambeyanda sold 59,404 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $123.79, for a total transaction of $7,353,621.16. Following the transaction, the chief executive officer directly owned 99,864 shares of the company’s stock, valued at approximately $12,362,164.56. This represents a 37.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On ESAB

A number of institutional investors and hedge funds have recently made changes to their positions in ESAB. FNY Investment Advisers LLC purchased a new stake in shares of ESAB in the third quarter worth $30,000. Los Angeles Capital Management LLC purchased a new stake in shares of ESAB in the fourth quarter worth $33,000. Northwestern Mutual Wealth Management Co. raised its position in shares of ESAB by 109.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company’s stock worth $40,000 after buying an additional 174 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of ESAB by 259.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 381 shares of the company’s stock worth $43,000 after buying an additional 275 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of ESAB by 3,023.1% in the fourth quarter. Global Retirement Partners LLC now owns 406 shares of the company’s stock worth $45,000 after buying an additional 393 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

About ESAB

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company’s products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.