US Bancorp DE Sells 174 Shares of ESAB Co. (NYSE:ESAB)

US Bancorp DE lowered its position in ESAB Co. (NYSE:ESAB) by 14.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,069 shares of the company’s stock after selling 174 shares during the period. US Bancorp DE’s holdings in ESAB were worth $114,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. Russell Investments Group Ltd. raised its position in ESAB by 37.7% in the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock valued at $12,836,000 after buying an additional 31,780 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of ESAB by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock valued at $710,316,000 after purchasing an additional 653,377 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of ESAB by 7.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock worth $40,827,000 after purchasing an additional 29,453 shares in the last quarter. Edgestream Partners L.P. boosted its holdings in ESAB by 44.3% during the second quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock worth $6,066,000 after purchasing an additional 19,721 shares during the last quarter. Finally, Champlain Investment Partners LLC bought a new position in ESAB in the first quarter valued at $33,811,000. Institutional investors and hedge funds own 91.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on ESAB shares. Loop Capital increased their price target on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Bank of America raised their target price 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. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and upped their price target for the stock from $102.00 to $122.00 in a research report on Wednesday. JPMorgan Chase & Co. increased their price target on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Finally, Oppenheimer restated an “outperform” rating and set a $144.00 price objective (up from $138.00) on shares of ESAB in a research note on Friday, November 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.71.

Insider Activity at ESAB

In other news, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total transaction of $531,877.62. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Kevin J. Johnson sold 5,044 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total value of $630,500.00. Following the completion of the sale, the chief financial officer now owns 11,433 shares of the company’s stock, valued at $1,429,125. The trade was a 30.61 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 68,418 shares of company stock valued at $8,431,773. 7.00% of the stock is owned by insiders.

ESAB Stock Down 1.8 %

NYSE:ESAB opened at $124.17 on Friday. The company has a market cap of $7.51 billion, a PE ratio of 29.08, a P/E/G ratio of 2.25 and a beta of 1.37. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. ESAB Co. has a one year low of $76.08 and a one year high of $135.97. The firm’s 50 day simple moving average is $111.78 and its 200 day simple moving average is $103.72.

ESAB (NYSE:ESAB) last issued its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The business had revenue of $673.00 million during the quarter, compared to the consensus estimate of $620.50 million. During the same period in the previous year, the company posted $1.08 earnings per share. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, research analysts anticipate that ESAB Co. will post 4.94 earnings per share for the current year.

ESAB Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.08 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.32 annualized dividend and a dividend yield of 0.26%. ESAB’s dividend payout ratio is currently 7.49%.

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.