Truist Financial Corp Decreases Stock Holdings in ESAB Co. (NYSE:ESAB)

Truist Financial Corp cut its stake in ESAB Co. (NYSE:ESAB) by 3.8% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,201 shares of the company’s stock after selling 128 shares during the period. Truist Financial Corp’s holdings in ESAB were worth $302,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in ESAB. Price T Rowe Associates Inc. MD raised its stake in ESAB by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock worth $710,316,000 after purchasing an additional 653,377 shares during the period. Champlain Investment Partners LLC acquired a new position in ESAB in the first quarter valued at approximately $33,811,000. Acadian Asset Management LLC lifted its holdings in ESAB by 2,277.5% in the first quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock valued at $10,359,000 after acquiring an additional 89,826 shares during the last quarter. Cubist Systematic Strategies LLC acquired a new stake in ESAB during the second quarter worth $8,277,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in ESAB during the first quarter worth $6,174,000. Institutional investors and hedge funds own 91.13% of the company’s stock.

Analysts Set New Price Targets

ESAB has been the subject of a number of research analyst reports. 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 report on Monday, August 19th. Stifel Nicolaus lowered their target price on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Bank of America boosted their price target on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $115.00.

ESAB Stock Performance

NYSE ESAB opened at $113.94 on Friday. 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 market cap of $6.88 billion, a P/E ratio of 29.83, a P/E/G ratio of 1.81 and a beta of 1.42. The stock has a 50-day moving average of $102.57 and a two-hundred day moving average of $101.78. ESAB Co. has a 1-year low of $61.43 and a 1-year high of $114.77.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Friday, August 2nd. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The firm had revenue of $707.10 million during the quarter, compared to analysts’ expectations of $686.75 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The business’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.21 earnings per share. As a group, analysts anticipate that ESAB Co. will post 4.84 EPS for the current year.

ESAB Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.28%. The ex-dividend date was Friday, September 27th. ESAB’s 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.