ESAB (NYSE:ESAB) Stock Rating Lowered by Stifel Nicolaus

ESAB (NYSE:ESAB) was downgraded by Stifel Nicolaus from a “buy” rating to a “hold” rating in a report issued on Monday, MarketBeat Ratings reports. They currently have a $130.00 price objective on the stock, down from their previous price objective of $138.00. Stifel Nicolaus’ price objective would suggest a potential upside of 7.33% from the company’s current price.

ESAB has been the subject of a number of other reports. Evercore ISI downgraded ESAB from an “in-line” rating to an “underperform” rating and raised their target price for the stock from $102.00 to $122.00 in a research note on Wednesday, November 13th. Loop Capital raised their target price on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $144.00 target price (up from $138.00) on shares of ESAB in a research note on Friday, November 8th. Bank of America raised their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their target price on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. One analyst has rated the stock with a sell rating, two have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $124.14.

ESAB Stock Down 1.0 %

NYSE ESAB opened at $121.12 on Monday. The business has a fifty day moving average price of $112.84 and a 200 day moving average price of $103.97. ESAB has a one year low of $76.08 and a one year high of $135.97. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.92. The company has a market cap of $7.32 billion, a P/E ratio of 28.37, a P/E/G ratio of 2.17 and a beta of 1.37.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The firm had revenue of $673.00 million during the quarter, compared to the consensus estimate of $620.50 million. During the same period in the prior year, the company earned $1.08 EPS. The firm’s revenue was down 1.2% compared to the same quarter last year. Research analysts anticipate that ESAB will post 4.94 EPS for the current fiscal year.

Insider Transactions at ESAB

In related news, CEO Shyam Kambeyanda sold 59,120 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. This trade represents a 52.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of ESAB stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total value of $531,877.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 68,418 shares of company stock worth $8,431,773. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ESAB

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Price T Rowe Associates Inc. MD raised its position in shares of ESAB by 11.3% during 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 in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of ESAB by 7.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock worth $40,827,000 after acquiring an additional 29,453 shares in the last quarter. Edgestream Partners L.P. raised its position in shares of ESAB by 44.3% during the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock worth $6,066,000 after acquiring an additional 19,721 shares in the last quarter. Van ECK Associates Corp raised its position in shares of ESAB by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 31,712 shares of the company’s stock worth $3,536,000 after acquiring an additional 9,062 shares in the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of ESAB by 8.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 71,700 shares of the company’s stock worth $6,771,000 after acquiring an additional 5,771 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

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.