Primecap Management Co. CA Has $1.13 Million Position in ESAB Co. (NYSE:ESAB)

Primecap Management Co. CA decreased its position in shares of ESAB Co. (NYSE:ESAB) by 86.5% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 11,967 shares of the company’s stock after selling 76,666 shares during the period. Primecap Management Co. CA’s holdings in ESAB were worth $1,130,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position 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 worth $710,316,000 after acquiring an additional 653,377 shares during the last quarter. Champlain Investment Partners LLC bought a new stake in shares of ESAB during the first quarter worth $33,811,000. Acadian Asset Management LLC increased its stake in shares of ESAB by 2,277.5% in 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 in the last quarter. Jacobs Levy Equity Management Inc. bought a new position in shares of ESAB in the first quarter valued at about $6,174,000. Finally, DAVENPORT & Co LLC lifted its position in ESAB by 5.5% during the 1st 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. Institutional investors own 91.13% of the company’s stock.

ESAB Stock Down 0.5 %

Shares of NYSE ESAB opened at $103.30 on Thursday. The firm has a 50 day moving average price of $98.89 and a 200 day moving average price of $101.38. 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 stock has a market cap of $6.24 billion, a P/E ratio of 27.04, a P/E/G ratio of 1.68 and a beta of 1.42. ESAB Co. has a 52-week low of $61.43 and a 52-week high of $114.77.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Friday, August 2nd. The company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The business had revenue of $707.10 million during the quarter, compared to analysts’ expectations 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 quarter in the prior year, the company earned $1.21 EPS. Analysts expect that ESAB Co. will post 4.84 EPS for the current year.

ESAB Announces Dividend

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

Analyst Upgrades and Downgrades

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

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.