Bank of New York Mellon Corp Sells 6,584 Shares of ESAB Co. (NYSE:ESAB)

Bank of New York Mellon Corp cut its stake in ESAB Co. (NYSE:ESAB) by 1.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 437,155 shares of the company’s stock after selling 6,584 shares during the quarter. Bank of New York Mellon Corp owned 0.72% of ESAB worth $52,432,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. FMR LLC grew its stake in shares of ESAB by 6.2% in the third quarter. FMR LLC now owns 2,196,522 shares of the company’s stock worth $233,512,000 after acquiring an additional 127,714 shares during the period. JPMorgan Chase & Co. grew its stake in shares of ESAB by 21.6% in the third quarter. JPMorgan Chase & Co. now owns 1,900,115 shares of the company’s stock worth $202,001,000 after acquiring an additional 337,983 shares during the period. State Street Corp grew its stake in shares of ESAB by 3.4% in the third quarter. State Street Corp now owns 1,692,161 shares of the company’s stock worth $180,028,000 after acquiring an additional 55,458 shares during the period. Geode Capital Management LLC grew its stake in shares of ESAB by 19.7% in the third quarter. Geode Capital Management LLC now owns 1,160,056 shares of the company’s stock worth $123,353,000 after acquiring an additional 190,583 shares during the period. Finally, Champlain Investment Partners LLC grew its stake in shares of ESAB by 33.5% in the third quarter. Champlain Investment Partners LLC now owns 1,081,639 shares of the company’s stock worth $114,989,000 after acquiring an additional 271,459 shares during the period. 91.13% of the stock is currently owned by institutional investors.

ESAB Price Performance

Shares of NYSE:ESAB opened at $121.14 on Thursday. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.82 and a quick ratio of 1.25. ESAB Co. has a 1-year low of $88.54 and a 1-year high of $135.97. The company has a market capitalization of $7.33 billion, a P/E ratio of 28.04, a P/E/G ratio of 2.01 and a beta of 1.36. The firm’s 50 day simple moving average is $122.32 and its two-hundred day simple moving average is $117.19.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.13. ESAB had a net margin of 9.66% and a return on equity of 17.43%. The business had revenue of $633.20 million for the quarter, compared to the consensus estimate of $636.43 million. Research analysts expect that ESAB Co. will post 5.16 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, April 4th will be issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.26%. The ex-dividend date of this dividend is Friday, April 4th. ESAB’s dividend payout ratio is currently 7.41%.

Analysts Set New Price Targets

ESAB has been the subject of a number of research analyst reports. Stifel Nicolaus reduced their price target on shares of ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a research note on Friday, February 21st. Jefferies Financial Group began coverage on shares of ESAB in a research report on Thursday, December 12th. They set a “buy” rating and a $160.00 target price for the company. JPMorgan Chase & Co. cut their target price on shares of ESAB from $135.00 to $133.00 and set an “overweight” rating for the company in a research report on Friday, February 21st. Evercore ISI upgraded shares of ESAB from an “underperform” rating to an “inline” rating and cut their target price for the company from $122.00 to $120.00 in a research report on Monday, February 24th. Finally, Oppenheimer restated an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a research report on Friday, November 8th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $133.14.

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.