American International Group Inc. Sells 3,277 Shares of ESAB Co. (NYSE:ESAB)

American International Group Inc. reduced its holdings in ESAB Co. (NYSE:ESAB) by 4.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 76,526 shares of the company’s stock after selling 3,277 shares during the quarter. American International Group Inc. owned about 0.13% of ESAB worth $6,629,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ESAB. FMR LLC grew its position in shares of ESAB by 24.3% in the 3rd quarter. FMR LLC now owns 2,892,015 shares of the company’s stock worth $203,077,000 after buying an additional 566,224 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in shares of ESAB by 6,624.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 379,078 shares of the company’s stock worth $32,836,000 after buying an additional 373,441 shares during the last quarter. Invesco Ltd. grew its position in shares of ESAB by 25.1% in the 3rd quarter. Invesco Ltd. now owns 1,376,699 shares of the company’s stock worth $96,672,000 after buying an additional 276,558 shares during the last quarter. International Assets Investment Management LLC bought a new stake in shares of ESAB in the 4th quarter worth approximately $11,502,000. Finally, Vanguard Group Inc. grew its position in shares of ESAB by 1.2% in the 3rd quarter. Vanguard Group Inc. now owns 5,578,527 shares of the company’s stock worth $391,724,000 after buying an additional 63,948 shares during the last quarter. 91.13% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on ESAB shares. Evercore ISI raised their target price on ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a research note on Tuesday, March 5th. JPMorgan Chase & Co. upgraded ESAB from a “neutral” rating to an “overweight” rating and raised their target price for the company from $111.00 to $125.00 in a research note on Monday, March 18th. Oppenheimer started coverage on ESAB in a research note on Thursday. They issued an “outperform” rating and a $115.00 target price for the company. Finally, Stifel Nicolaus raised their target price on ESAB from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $98.63.

ESAB Stock Up 0.9 %

Shares of NYSE:ESAB opened at $96.32 on Friday. The stock has a market capitalization of $5.82 billion, a price-to-earnings ratio of 25.21, a PEG ratio of 1.69 and a beta of 1.48. The stock has a fifty day simple moving average of $103.32 and a two-hundred day simple moving average of $96.74. ESAB Co. has a 12-month low of $61.43 and a 12-month high of $114.77. The company has a current ratio of 1.65, a quick ratio of 1.01 and a debt-to-equity ratio of 0.59.

ESAB (NYSE:ESAB) last posted its earnings results on Wednesday, May 1st. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.11 by $0.09. The business had revenue of $690.00 million during the quarter, compared to analyst estimates of $653.93 million. ESAB had a return on equity of 17.59% and a net margin of 8.39%. The company’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the company earned $1.04 EPS. On average, research analysts anticipate that ESAB Co. will post 4.93 earnings per share for the current fiscal year.

ESAB Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 28th will be issued a $0.08 dividend. This is a positive change from ESAB’s previous quarterly dividend of $0.06. The ex-dividend date of this dividend is Friday, June 28th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.33%. ESAB’s dividend payout ratio (DPR) is presently 6.28%.

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.