Allspring Global Investments Holdings LLC Increases Stake in ESAB Co. (NYSE:ESAB)

Allspring Global Investments Holdings LLC grew its position in ESAB Co. (NYSE:ESAB) by 7.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 466,517 shares of the company’s stock after acquiring an additional 34,161 shares during the period. Allspring Global Investments Holdings LLC’s holdings in ESAB were worth $49,595,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Susquehanna Fundamental Investments LLC acquired a new position in ESAB during the first quarter worth about $3,913,000. Russell Investments Group Ltd. grew its holdings in shares of ESAB by 37.7% in the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock worth $12,836,000 after acquiring an additional 31,780 shares during the period. Price T Rowe Associates Inc. MD increased its stake in ESAB by 11.3% in 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 in the last quarter. Champlain Investment Partners LLC acquired a new position in ESAB during the first quarter worth $33,811,000. Finally, Edgestream Partners L.P. boosted its position in ESAB by 44.3% during the second quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock worth $6,066,000 after purchasing an additional 19,721 shares in the last quarter. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on ESAB shares. Evercore ISI lowered their price objective on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Oppenheimer raised their price objective on shares of ESAB from $115.00 to $122.00 and gave the stock an “outperform” rating in a research note on Tuesday. Stifel Nicolaus reduced their target price on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Bank of America increased their target price on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. Finally, JPMorgan Chase & Co. boosted their target price on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, ESAB currently has an average rating of “Moderate Buy” and an average target price of $116.17.

ESAB Stock Down 1.6 %

ESAB opened at $111.04 on Wednesday. ESAB Co. has a 12 month low of $61.43 and a 12 month high of $114.77. The business has a 50-day moving average of $103.26 and a two-hundred day moving average of $101.64. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.21. The stock has a market capitalization of $6.71 billion, a price-to-earnings ratio of 29.07, a price-to-earnings-growth ratio of 1.81 and a beta of 1.42.

ESAB (NYSE:ESAB) last released its earnings results on Friday, August 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%. ESAB’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.21 earnings per share. On average, research analysts expect that ESAB Co. will post 4.84 earnings per share for the current year.

ESAB Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.29%. The ex-dividend date was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is currently 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.