Lincoln Electric Holdings, Inc. (NASDAQ:LECO) was downgraded by Zacks Investment Research from a “buy” rating to a “sell” rating in a note issued to investors on Monday, October 9th.
According to Zacks, “Lincoln Electric does not anticipate any measurable contribution from the Air Liquide Welding's acquisition during the third quarter due to lower volume activity in Europe. Notably, the company continued to increase investment in product development with higher year-over-year R&D spending. Though this has long-term benefits, it will impede margins in the near term. Moreover, Lincoln Electric's results will be hurt by elevated interest expenses, stronger U.S. dollar and dismal industrial production. Year to date, Lincoln Electric has underperformed the industry's return on the back of these factors.”
LECO has been the topic of a number of other reports. ValuEngine cut shares of Lincoln Electric Holdings from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. FBR & Co reissued a “buy” rating on shares of Lincoln Electric Holdings in a report on Monday, August 21st. Deutsche Bank AG raised shares of Lincoln Electric Holdings from a “hold” rating to a “buy” rating and set a $100.00 target price on the stock in a report on Friday, August 4th. BidaskClub cut shares of Lincoln Electric Holdings from a “strong-buy” rating to a “buy” rating in a report on Monday, July 24th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Lincoln Electric Holdings in a report on Friday, August 25th. Eleven equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Lincoln Electric Holdings has an average rating of “Hold” and a consensus target price of $89.29.
Lincoln Electric Holdings (LECO) traded up 0.76% on Monday, hitting $95.16. The stock had a trading volume of 96,710 shares. Lincoln Electric Holdings has a 12-month low of $61.04 and a 12-month high of $97.97. The company has a market cap of $6.27 billion, a price-to-earnings ratio of 27.50 and a beta of 1.01. The company’s 50 day moving average price is $90.80 and its 200-day moving average price is $89.89.
Lincoln Electric Holdings (NASDAQ:LECO) last posted its quarterly earnings data on Tuesday, July 25th. The industrial products company reported $0.97 EPS for the quarter, topping the Zacks’ consensus estimate of $0.94 by $0.03. The company had revenue of $626.90 million during the quarter, compared to the consensus estimate of $620.28 million. Lincoln Electric Holdings had a net margin of 9.86% and a return on equity of 30.55%. The company’s quarterly revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.83 EPS. Equities research analysts anticipate that Lincoln Electric Holdings will post $3.76 EPS for the current year.
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In other Lincoln Electric Holdings news, VP Michele R. Kuhrt sold 3,080 shares of Lincoln Electric Holdings stock in a transaction on Monday, September 11th. The shares were sold at an average price of $88.55, for a total value of $272,734.00. Following the completion of the sale, the vice president now directly owns 14,449 shares of the company’s stock, valued at $1,279,458.95. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders own 3.27% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of LECO. BlueMountain Capital Management LLC acquired a new position in shares of Lincoln Electric Holdings during the second quarter valued at about $179,000. Global X Management Co. LLC boosted its holdings in Lincoln Electric Holdings by 220.0% during the second quarter. Global X Management Co. LLC now owns 2,096 shares of the industrial products company’s stock worth $193,000 after purchasing an additional 1,441 shares during the last quarter. Puzo Michael J purchased a new position in Lincoln Electric Holdings during the second quarter worth about $203,000. CIBC Asset Management Inc purchased a new position in Lincoln Electric Holdings during the second quarter worth about $204,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Lincoln Electric Holdings during the second quarter worth about $219,000. Hedge funds and other institutional investors own 63.94% of the company’s stock.
About Lincoln Electric Holdings
Lincoln Electric Holdings, Inc is a manufacturer of welding, cutting and brazing products. The Company operates through three segments: Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia.
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