ESAB Co. (NYSE:ESAB) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its holdings in ESAB Co. (NYSE:ESAB) by 28.7% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 1,892 shares of the company’s stock after selling 761 shares during the quarter. PNC Financial Services Group Inc.’s holdings in ESAB were worth $164,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of ESAB. Nomura Asset Management Co. Ltd. grew its holdings in shares of ESAB by 57.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 420 shares of the company’s stock worth $36,000 after acquiring an additional 154 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in ESAB in the 4th quarter worth about $39,000. Raleigh Capital Management Inc. raised its holdings in ESAB by 23.4% during the 3rd quarter. Raleigh Capital Management Inc. now owns 811 shares of the company’s stock worth $57,000 after buying an additional 154 shares during the period. Quest Partners LLC purchased a new stake in ESAB during the fourth quarter valued at about $103,000. Finally, Asset Management One Co. Ltd. acquired a new position in shares of ESAB in the fourth quarter worth about $106,000. Institutional investors own 91.13% of the company’s stock.

ESAB Trading Up 0.8 %

Shares of NYSE:ESAB opened at $93.34 on Thursday. The firm has a fifty day moving average of $101.09 and a two-hundred day moving average of $97.60. The company has a quick ratio of 1.01, a current ratio of 1.65 and a debt-to-equity ratio of 0.59. ESAB Co. has a 12-month low of $61.43 and a 12-month high of $114.77. The firm has a market capitalization of $5.64 billion, a P/E ratio of 24.43, a price-to-earnings-growth ratio of 1.64 and a beta of 1.43.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. ESAB had a return on equity of 17.59% and a net margin of 8.39%. The firm had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $653.93 million. During the same quarter last year, the firm earned $1.04 earnings per share. The business’s revenue for the quarter was up .9% on a year-over-year basis. On average, equities analysts expect that ESAB Co. will post 4.91 EPS for the current fiscal year.

ESAB Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Investors of record on Friday, June 28th will be given a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.34%. The ex-dividend date is Friday, June 28th. This is a positive change from ESAB’s previous quarterly dividend of $0.06. ESAB’s dividend payout ratio (DPR) is presently 8.38%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ESAB shares. JPMorgan Chase & Co. upgraded shares of ESAB from a “neutral” rating to an “overweight” rating and upped their price target for the company from $111.00 to $125.00 in a research report on Monday, March 18th. Oppenheimer started coverage on ESAB in a research report on Thursday, June 20th. They issued an “outperform” rating and a $115.00 target price for the company. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ESAB currently has a consensus rating of “Moderate Buy” and an average target price of $98.63.

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.