Amalgamated Bank Sells 5,416 Shares of ESAB Co. (NYSE:ESAB)

Amalgamated Bank cut its stake in shares of ESAB Co. (NYSE:ESAB) by 14.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 32,183 shares of the company’s stock after selling 5,416 shares during the period. Amalgamated Bank owned 0.05% of ESAB worth $3,039,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD increased its stake in ESAB by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock worth $710,316,000 after acquiring an additional 653,377 shares during the last quarter. Champlain Investment Partners LLC bought a new position in shares of ESAB in the 1st quarter worth $33,811,000. Acadian Asset Management LLC lifted its holdings in shares of ESAB by 2,277.5% during the 1st quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock worth $10,359,000 after acquiring an additional 89,826 shares during the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in ESAB in the first quarter worth $6,174,000. Finally, DAVENPORT & Co LLC grew its position in ESAB by 5.5% in the first quarter. DAVENPORT & Co LLC now owns 811,679 shares of the company’s stock worth $89,422,000 after acquiring an additional 42,099 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Stock Performance

Shares of ESAB opened at $105.74 on Tuesday. The business’s 50 day moving average price is $99.41 and its 200-day moving average price is $101.53. The stock has a market cap of $6.39 billion, a P/E ratio of 27.68, a P/E/G ratio of 1.68 and a beta of 1.42. ESAB Co. has a 52 week low of $61.43 and a 52 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.

ESAB (NYSE:ESAB) last announced 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. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The company had revenue of $707.10 million during the quarter, compared to analyst estimates of $686.75 million. During the same period in the previous year, the business earned $1.21 EPS. The firm’s revenue for the quarter was down 1.8% on a year-over-year basis. Equities research analysts anticipate 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. Stockholders of record on Friday, September 27th will be paid a $0.08 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.30%. ESAB’s dividend payout ratio (DPR) is currently 8.38%.

Wall Street Analyst Weigh In

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

ESAB Company 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.