Amalgamated Bank Decreases Stock Holdings in ESAB Co. (NYSE:ESAB)

Amalgamated Bank lessened its position in shares of ESAB Co. (NYSE:ESAB) by 14.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 32,183 shares of the company’s stock after selling 5,416 shares during the period. Amalgamated Bank’s holdings in ESAB were worth $3,039,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the business. Price T Rowe Associates Inc. MD increased its holdings in shares of ESAB by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock valued at $710,316,000 after acquiring an additional 653,377 shares in the last quarter. DAVENPORT & Co LLC grew its stake in ESAB by 5.5% during the 1st quarter. DAVENPORT & Co LLC now owns 811,679 shares of the company’s stock valued at $89,422,000 after purchasing an additional 42,099 shares during the last quarter. Eagle Asset Management Inc. increased its holdings in shares of ESAB by 0.3% in the fourth quarter. Eagle Asset Management Inc. now owns 562,488 shares of the company’s stock valued at $48,723,000 after purchasing an additional 1,513 shares during the period. TD Asset Management Inc raised its stake in shares of ESAB by 5.4% in the second quarter. TD Asset Management Inc now owns 531,122 shares of the company’s stock worth $50,154,000 after purchasing an additional 27,202 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of ESAB by 4.5% during the second quarter. Bank of New York Mellon Corp now owns 490,532 shares of the company’s stock worth $46,321,000 after purchasing an additional 21,025 shares during the period. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Trading Up 0.1 %

ESAB stock opened at $105.74 on Tuesday. ESAB Co. has a 52-week low of $61.43 and a 52-week high of $114.77. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. The firm has a market cap of $6.39 billion, a P/E ratio of 27.68, a PEG ratio of 1.68 and a beta of 1.42. The company’s 50-day simple moving average is $99.41 and its 200-day simple moving average is $101.53.

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

ESAB Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Friday, September 27th will be issued a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.30%. The ex-dividend date is Friday, September 27th. ESAB’s payout ratio is presently 8.38%.

Wall Street Analyst Weigh In

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

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.