Renaissance Technologies LLC Raises Holdings in ESAB Corporation $ESAB

Renaissance Technologies LLC grew its holdings in ESAB Corporation (NYSE:ESAB) by 55.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 131,087 shares of the company’s stock after purchasing an additional 46,787 shares during the period. Renaissance Technologies LLC’s holdings in ESAB were worth $12,671,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Teacher Retirement System of Texas increased its holdings in ESAB by 33.9% in the 4th quarter. Teacher Retirement System of Texas now owns 177,428 shares of the company’s stock worth $19,822,000 after buying an additional 44,877 shares in the last quarter. TimesSquare Capital Management LLC raised its position in ESAB by 37.8% in the 4th quarter. TimesSquare Capital Management LLC now owns 959,101 shares of the company’s stock worth $107,151,000 after buying an additional 262,850 shares during the last quarter. Schwartz Investment Counsel Inc. bought a new position in ESAB during the 4th quarter valued at about $8,938,000. William Blair Investment Management LLC bought a new position in ESAB during the 4th quarter valued at about $22,905,000. Finally, Bessemer Group Inc. boosted its holdings in shares of ESAB by 6,787.0% during the 4th quarter. Bessemer Group Inc. now owns 1,053,776 shares of the company’s stock valued at $117,730,000 after acquiring an additional 1,038,475 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Trading Up 1.3%

Shares of NYSE:ESAB opened at $86.67 on Friday. The stock has a market capitalization of $5.28 billion, a price-to-earnings ratio of 25.64, a PEG ratio of 1.61 and a beta of 1.17. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.26 and a current ratio of 2.97. The stock’s 50-day simple moving average is $91.83 and its two-hundred day simple moving average is $103.23. ESAB Corporation has a 52-week low of $82.18 and a 52-week high of $137.42.

ESAB (NYSE:ESAB) last released its quarterly earnings results on Thursday, May 7th. The company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business had revenue of $745.60 million for the quarter, compared to analysts’ expectations of $706.74 million. During the same period in the previous year, the company earned $1.25 EPS. ESAB’s revenue for the quarter was up 10.0% compared to the same quarter last year. Analysts expect that ESAB Corporation will post 5.72 EPS for the current year.

ESAB Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 17th. Investors of record on Friday, July 3rd were given a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.6%. This is a positive change from ESAB’s previous quarterly dividend of $0.10. The ex-dividend date was Thursday, July 2nd. ESAB’s dividend payout ratio (DPR) is presently 14.20%.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. JPMorgan Chase & Co. reduced their price target on shares of ESAB from $148.00 to $135.00 and set an “overweight” rating for the company in a research note on Friday, April 10th. Oppenheimer lowered their price objective on shares of ESAB from $140.00 to $135.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 21st. Roth Capital raised their target price on shares of ESAB from $142.00 to $151.00 and gave the stock a “buy” rating in a report on Tuesday, July 7th. Stifel Nicolaus cut their target price on shares of ESAB from $141.00 to $137.00 and set a “buy” rating for the company in a research report on Monday, July 20th. Finally, DA Davidson began coverage on shares of ESAB in a research note on Monday, June 15th. They set a “buy” rating and a $130.00 target price for the company. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, ESAB presently has a consensus rating of “Moderate Buy” and a consensus target price of $138.38.

ESAB Company Profile

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.