ESAB Co. (NYSE:ESAB) Stock Position Reduced by Primecap Management Co. CA

Primecap Management Co. CA decreased its stake in ESAB Co. (NYSE:ESAB) by 86.5% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,967 shares of the company’s stock after selling 76,666 shares during the quarter. Primecap Management Co. CA’s holdings in ESAB were worth $1,130,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ESAB. Whittier Trust Co. raised its holdings in shares of ESAB by 302.6% during the first quarter. Whittier Trust Co. now owns 314 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares in the last quarter. ORG Partners LLC acquired a new stake in shares of ESAB during the 1st quarter valued at about $35,000. Nomura Asset Management Co. Ltd. increased its holdings in ESAB by 57.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 420 shares of the company’s stock worth $36,000 after buying an additional 154 shares during the last quarter. Johnson Financial Group Inc. bought a new position in ESAB during the fourth quarter valued at approximately $39,000. Finally, Hantz Financial Services Inc. acquired a new stake in ESAB in the second quarter valued at approximately $42,000. Institutional investors and hedge funds own 91.13% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the stock. Oppenheimer assumed coverage on shares of ESAB in a report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target on the stock. Evercore ISI reduced their price target on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Bank of America upped their price target on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. reduced their target price on ESAB from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, Stifel Nicolaus lowered their price target on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $108.57.

ESAB Stock Performance

Shares of NYSE ESAB opened at $103.30 on Thursday. ESAB Co. has a 12 month low of $61.43 and a 12 month high of $114.77. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. The company has a market cap of $6.24 billion, a P/E ratio of 27.04, a P/E/G ratio of 1.68 and a beta of 1.42. The business’s 50 day moving average is $98.89 and its two-hundred day moving average is $101.38.

ESAB (NYSE:ESAB) last released its earnings results on Friday, August 2nd. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.27 by $0.05. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The firm had revenue of $707.10 million during the quarter, compared to analysts’ expectations of $686.75 million. During the same period in the prior year, the company earned $1.21 EPS. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. On average, equities analysts expect that ESAB Co. will post 4.84 EPS for the current year.

ESAB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.08 per share. The ex-dividend date is Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.31%. ESAB’s dividend payout ratio is currently 8.38%.

ESAB Profile

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.