ESAB Co. (NYSE:ESAB) Given Average Rating of “Moderate Buy” by Brokerages

ESAB Co. (NYSE:ESAB) has been given a consensus rating of “Moderate Buy” by the six ratings firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating and five have issued a buy rating on the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $115.00.

ESAB has been the topic of several research analyst reports. Stifel Nicolaus lowered their price target on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Oppenheimer assumed coverage on ESAB in a research note on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target for the company. Bank of America upped their price target on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Evercore ISI dropped their price objective on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their target price on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th.

Hedge Funds Weigh In On ESAB

Hedge funds have recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 buying an additional 653,377 shares in the last quarter. DAVENPORT & Co LLC lifted its position in shares of ESAB by 5.5% in the first quarter. DAVENPORT & Co LLC now owns 811,679 shares of the company’s stock valued at $89,422,000 after acquiring an additional 42,099 shares in the last quarter. TD Asset Management Inc boosted 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 acquiring an additional 27,202 shares during the period. Bank of New York Mellon Corp grew its position 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 in the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in ESAB by 7.3% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock valued at $40,827,000 after purchasing an additional 29,453 shares during the period. 91.13% of the stock is currently owned by institutional investors.

ESAB Price Performance

Shares of NYSE ESAB opened at $103.10 on Friday. The company has a 50 day moving average of $100.64 and a 200 day moving average of $101.74. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. ESAB has a twelve month low of $61.43 and a twelve month high of $114.77. The firm has a market cap of $6.23 billion, a P/E ratio of 26.99, a PEG ratio of 1.84 and a beta of 1.42.

ESAB (NYSE:ESAB) last posted its 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. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The business had revenue of $707.10 million for the quarter, compared to analysts’ expectations of $686.75 million. During the same quarter in the prior year, the business earned $1.21 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. As a group, research analysts expect that ESAB will post 4.84 EPS for the current fiscal year.

ESAB Announces Dividend

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

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.