ESAB Co. (NYSE:ESAB) Shares Bought by Renaissance Technologies LLC

Renaissance Technologies LLC grew its stake in ESAB Co. (NYSE:ESAB) by 29.4% in the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 137,660 shares of the company’s stock after acquiring an additional 31,260 shares during the quarter. Renaissance Technologies LLC owned about 0.23% of ESAB worth $12,999,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of ESAB. Whittier Trust Co. raised its stake in ESAB by 302.6% during the first quarter. Whittier Trust Co. now owns 314 shares of the company’s stock worth $35,000 after purchasing an additional 236 shares during the period. ORG Partners LLC purchased a new stake in shares of ESAB during the 1st quarter valued at approximately $35,000. Nomura Asset Management Co. Ltd. grew its position 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 acquiring an additional 154 shares during the period. Johnson Financial Group Inc. acquired a new stake in ESAB during the fourth quarter worth $39,000. Finally, Hantz Financial Services Inc. purchased a new stake in ESAB in the second quarter valued at $42,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

Analyst Upgrades and Downgrades

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

ESAB Price Performance

Shares of ESAB opened at $105.60 on Monday. The company has a market cap of $6.38 billion, a P/E ratio of 27.64, a PEG ratio of 1.68 and a beta of 1.42. ESAB Co. has a fifty-two week low of $61.43 and a fifty-two week 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 firm’s 50 day moving average price is $99.29 and its 200 day moving average price is $101.49.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Friday, August 2nd. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. The business had revenue of $707.10 million for the quarter, compared to analyst estimates of $686.75 million. ESAB had a return on equity of 17.49% and a net margin of 9.06%. The company’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.21 earnings per share. On average, research analysts forecast that ESAB Co. will post 4.84 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, September 27th. ESAB’s dividend payout ratio (DPR) is presently 8.38%.

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.