Victory Capital Management Inc. Boosts Position in ESAB Co. (NYSE:ESAB)

Victory Capital Management Inc. lifted its stake in shares of ESAB Co. (NYSE:ESAB) by 7.7% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 27,878 shares of the company’s stock after acquiring an additional 1,996 shares during the period. Victory Capital Management Inc.’s holdings in ESAB were worth $2,964,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Burns Matteson Capital Management LLC raised its holdings in shares of ESAB by 7.1% during the 2nd quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock worth $203,000 after acquiring an additional 142 shares during the period. GAMMA Investing LLC raised its holdings in shares of ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after acquiring an additional 147 shares during the period. Legacy Capital Group California Inc. raised its holdings in shares of ESAB by 8.5% during the 2nd quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock worth $202,000 after acquiring an additional 168 shares during the period. Vanguard Personalized Indexing Management LLC raised its holdings in shares of ESAB by 5.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock worth $362,000 after acquiring an additional 185 shares during the period. Finally, Asset Management One Co. Ltd. raised its holdings in shares of ESAB by 20.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,123 shares of the company’s stock worth $119,000 after acquiring an additional 190 shares during the period. Hedge funds and other institutional investors own 91.13% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on ESAB shares. Stifel Nicolaus lowered ESAB from a “buy” rating to a “hold” rating and reduced their price target for the stock from $138.00 to $130.00 in a report on Monday, November 18th. JPMorgan Chase & Co. boosted their price objective on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Loop Capital boosted their price objective on shares of ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Oppenheimer restated an “outperform” rating and issued a $144.00 price objective (up from $138.00) on shares of ESAB in a report on Friday, November 8th. Finally, Bank of America boosted their price objective on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. One investment 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $124.14.

Insider Activity at ESAB

In other news, CEO Shyam Kambeyanda sold 59,120 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 53,902 shares in the company, valued at $6,627,789.92. This represents a 52.31 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of the company’s stock in a transaction that occurred on Wednesday, October 30th. The stock was 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. Insiders sold 68,418 shares of company stock valued at $8,431,773 over the last three months. 7.00% of the stock is owned by corporate insiders.

ESAB Stock Performance

Shares of ESAB stock opened at $127.54 on Friday. ESAB Co. has a one year low of $76.08 and a one year high of $135.97. The company has a market cap of $7.71 billion, a PE ratio of 29.87, a P/E/G ratio of 2.19 and a beta of 1.37. 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 business has a 50-day simple moving average of $114.48 and a 200-day simple moving average of $104.39.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 EPS 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 business’s revenue for the quarter was down 1.2% on a year-over-year basis. On average, equities research analysts forecast that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.25%. The ex-dividend date was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is 7.49%.

ESAB Company 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.