Los Angeles Capital Management LLC Has $1.10 Million Position in ESAB Co. (NYSE:ESAB)

Los Angeles Capital Management LLC lessened its stake in shares of ESAB Co. (NYSE:ESAB) by 93.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,316 shares of the company’s stock after selling 150,878 shares during the period. Los Angeles Capital Management LLC’s holdings in ESAB were worth $1,097,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of ESAB. Hantz Financial Services Inc. acquired a new position in ESAB in the 2nd quarter valued at $42,000. GAMMA Investing LLC boosted its holdings in ESAB by 55.9% during the third quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after acquiring an additional 147 shares during the period. Blue Trust Inc. grew its position in shares of ESAB by 629.8% in the third quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after purchasing an additional 529 shares during the last quarter. Ridgewood Investments LLC bought a new position in shares of ESAB in the second quarter worth about $92,000. Finally, Fifth Third Bancorp lifted its position in shares of ESAB by 181.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,259 shares of the company’s stock worth $119,000 after purchasing an additional 812 shares during the last quarter. Institutional investors own 91.13% of the company’s stock.

ESAB Stock Down 1.9 %

Shares of ESAB opened at $126.47 on Friday. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58. The company has a 50-day moving average price of $110.55 and a two-hundred day moving average price of $103.45. The stock has a market cap of $7.65 billion, a price-to-earnings ratio of 29.62, a P/E/G ratio of 2.31 and a beta of 1.37. ESAB Co. has a 12 month low of $76.08 and a 12 month high of $135.97.

ESAB (NYSE:ESAB) last posted its earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, topping the consensus estimate of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The business had revenue of $673.00 million during the quarter, compared to the consensus estimate of $620.50 million. During the same quarter last year, the company earned $1.08 EPS. ESAB’s revenue was down 1.2% on a year-over-year basis. Equities analysts predict that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.25%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s payout ratio is 7.49%.

Wall Street Analysts Forecast Growth

ESAB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Bank of America boosted their target price on shares of ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Oppenheimer reissued an “outperform” rating and issued a $144.00 price target (up from $138.00) on shares of ESAB in a report on Friday, November 8th. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and upped their price objective for the company from $102.00 to $122.00 in a research report on Wednesday. Finally, Stifel Nicolaus decreased their target price on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $122.71.

Insider Buying and Selling

In other news, CFO Kevin J. Johnson sold 5,044 shares of ESAB stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $630,500.00. Following the completion of the transaction, the chief financial officer now owns 11,433 shares in the company, valued at approximately $1,429,125. The trade was a 30.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Shyam Kambeyanda sold 59,120 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total value of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. The trade was a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,418 shares of company stock worth $8,431,773 in the last quarter. 7.00% of the stock is owned by corporate insiders.

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.