ESAB Co. (NYSE:ESAB) Stock Position Cut by Front Street Capital Management Inc.

Front Street Capital Management Inc. decreased its holdings in shares of ESAB Co. (NYSE:ESAB) by 0.7% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 180,363 shares of the company’s stock after selling 1,220 shares during the period. ESAB makes up approximately 3.3% of Front Street Capital Management Inc.’s investment portfolio, making the stock its 10th largest holding. Front Street Capital Management Inc. owned 0.30% of ESAB worth $17,032,000 as of its most recent SEC filing.

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

ESAB Price Performance

NYSE ESAB opened at $105.74 on Tuesday. The firm has a market capitalization of $6.39 billion, a price-to-earnings ratio of 27.68, a price-to-earnings-growth ratio of 1.68 and a beta of 1.42. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.21. The company has a 50 day simple moving average of $99.41 and a 200-day simple moving average of $101.53. ESAB Co. has a 52-week low of $61.43 and a 52-week high of $114.77.

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 the consensus estimate of $1.27 by $0.05. ESAB had a return on equity of 17.49% and a net margin of 9.06%. The business had revenue of $707.10 million during the quarter, compared to analysts’ expectations of $686.75 million. During the same quarter in the previous year, the firm earned $1.21 EPS. The firm’s revenue was down 1.8% compared to the same quarter last year. Equities research analysts predict that ESAB Co. will post 4.84 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.08 dividend. The ex-dividend date is Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.30%. ESAB’s dividend payout ratio is presently 8.38%.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Stifel Nicolaus dropped their price objective on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Bank of America upped their target price on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. Oppenheimer began coverage on shares of ESAB in a research note on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of ESAB from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Finally, Evercore ISI cut their price objective 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. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $108.57.

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.