Charles Schwab Investment Management Inc. Has $55 Million Holdings in ESAB Co. (NYSE:ESAB)

Charles Schwab Investment Management Inc. grew its position in shares of ESAB Co. (NYSE:ESAB) by 1.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 517,321 shares of the company’s stock after acquiring an additional 8,235 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.86% of ESAB worth $54,996,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC raised its stake in shares of ESAB by 7.3% in the second quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock worth $40,827,000 after purchasing an additional 29,453 shares during the last quarter. Edgestream Partners L.P. raised its position in ESAB by 44.3% in the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock valued at $6,066,000 after buying an additional 19,721 shares during the last quarter. Van ECK Associates Corp lifted its stake in ESAB by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 31,712 shares of the company’s stock valued at $3,536,000 after acquiring an additional 9,062 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in ESAB by 8.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 71,700 shares of the company’s stock worth $6,771,000 after acquiring an additional 5,771 shares during the last quarter. Finally, Fifth Third Bancorp grew its stake in shares of ESAB by 181.7% in the 2nd quarter. Fifth Third Bancorp now owns 1,259 shares of the company’s stock worth $119,000 after acquiring an additional 812 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Stifel Nicolaus lowered shares of ESAB from a “buy” rating to a “hold” rating and dropped their price target for the company from $138.00 to $130.00 in a research report on Monday, November 18th. Bank of America lifted their price target on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. upped their price objective on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Evercore ISI cut ESAB from an “in-line” rating to an “underperform” rating and lifted their target price for the stock from $102.00 to $122.00 in a research note on Wednesday, November 13th. Finally, Oppenheimer restated an “outperform” rating and set a $144.00 price target (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $124.14.

ESAB Stock Performance

NYSE ESAB opened at $129.08 on Friday. The company’s 50 day moving average is $116.95 and its 200-day moving average is $105.03. The firm has a market cap of $7.80 billion, a P/E ratio of 30.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.37. ESAB Co. has a 12-month low of $76.08 and a 12-month high of $135.97. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

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

ESAB Dividend Announcement

The company also recently declared 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 dividend on an annualized basis 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%.

Insider Activity

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The shares were 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 owns 53,902 shares of the company’s stock, valued at $6,627,789.92. The trade was a 52.31 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total value of $531,877.62. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is owned by company 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.