18,727 Shares in ESAB Co. (NYSE:ESAB) Bought by Seven Eight Capital LP

Seven Eight Capital LP purchased a new stake in shares of ESAB Co. (NYSE:ESAB) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 18,727 shares of the company’s stock, valued at approximately $1,768,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its stake in ESAB by 11.3% during the 1st 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. Champlain Investment Partners LLC bought a new position in shares of ESAB during the 1st quarter worth about $33,811,000. Acadian Asset Management LLC raised its position in shares of ESAB by 2,277.5% during the first quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock valued at $10,359,000 after buying an additional 89,826 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new stake in shares of ESAB in the first quarter valued at about $6,174,000. Finally, DAVENPORT & Co LLC grew its position in ESAB by 5.5% during the first quarter. DAVENPORT & Co LLC now owns 811,679 shares of the company’s stock worth $89,422,000 after buying an additional 42,099 shares in the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Stock Down 0.5 %

Shares of NYSE ESAB opened at $103.30 on Thursday. ESAB Co. has a 52-week low of $61.43 and a 52-week high of $114.77. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.21 and a current ratio of 1.86. The business has a fifty day moving average of $98.89 and a two-hundred day moving average of $101.38. The stock has a market cap of $6.24 billion, a PE ratio of 27.04, a PEG ratio of 1.68 and a beta of 1.42.

ESAB (NYSE:ESAB) last announced its quarterly earnings results on Friday, August 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.27 by $0.05. The firm had revenue of $707.10 million during the quarter, compared to the consensus estimate of $686.75 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The firm’s quarterly revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm posted $1.21 EPS. As a group, equities research analysts expect that ESAB Co. will post 4.84 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.31%. ESAB’s dividend payout ratio (DPR) is presently 8.38%.

Analyst Upgrades and Downgrades

Several research firms have commented on ESAB. Evercore ISI cut their price target on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Stifel Nicolaus reduced their target price on ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Oppenheimer started coverage on shares of ESAB in a research note on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target on the stock. Bank of America increased their price objective 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. Finally, JPMorgan Chase & Co. decreased their target price on shares of ESAB from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.57.

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.