ESAB Co. (NYSE:ESAB) Shares Purchased by JPMorgan Chase & Co.

JPMorgan Chase & Co. boosted its stake in shares of ESAB Co. (NYSE:ESAB) by 21.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,900,115 shares of the company’s stock after buying an additional 337,983 shares during the quarter. JPMorgan Chase & Co.’s holdings in ESAB were worth $202,001,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ESAB. GAMMA Investing LLC increased its position in shares of ESAB by 55.9% in the third quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after buying an additional 147 shares in the last quarter. Legacy Capital Group California Inc. grew its position in shares of ESAB by 8.5% in the third quarter. Legacy Capital Group California Inc. now owns 2,320 shares of the company’s stock valued at $247,000 after purchasing an additional 181 shares during the last quarter. Vanguard Personalized Indexing Management LLC increased its stake in shares of ESAB by 5.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock worth $362,000 after purchasing an additional 185 shares in the last quarter. Asset Management One Co. Ltd. raised its position in shares of ESAB by 20.4% during the 3rd quarter. Asset Management One Co. Ltd. now owns 1,123 shares of the company’s stock worth $119,000 after purchasing an additional 190 shares during the last quarter. Finally, Crossmark Global Holdings Inc. lifted its stake in ESAB by 5.9% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,912 shares of the company’s stock valued at $416,000 after buying an additional 218 shares in the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ESAB has been the topic of a number of analyst reports. JPMorgan Chase & Co. increased 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. Stifel Nicolaus cut shares of ESAB from a “buy” rating to a “hold” rating and decreased their price target for the stock from $138.00 to $130.00 in a research note on Monday, November 18th. Jefferies Financial Group began coverage on shares of ESAB in a research note on Thursday, December 12th. They set a “buy” rating and a $160.00 price objective for the company. Loop Capital raised their target price on shares of ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Finally, Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and upped their price target for the stock from $102.00 to $122.00 in a research report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $133.43.

ESAB Trading Down 1.0 %

Shares of ESAB stock opened at $120.19 on Tuesday. ESAB Co. has a fifty-two week low of $82.44 and a fifty-two week high of $135.97. The firm’s 50 day moving average price is $125.14 and its two-hundred day moving average price is $108.73. The stock has a market cap of $7.27 billion, a price-to-earnings ratio of 28.15, a price-to-earnings-growth ratio of 2.25 and a beta of 1.34. 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 announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.13. The firm had revenue of $673.00 million during the quarter, compared to the consensus estimate of $620.50 million. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.08 EPS. On average, analysts anticipate that ESAB Co. will post 4.94 EPS for the current year.

ESAB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st will be given a dividend of $0.08 per share. The ex-dividend date is Tuesday, December 31st. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.27%. ESAB’s payout ratio is currently 7.49%.

Insider Activity

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the company’s stock in a transaction dated 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 directly owns 53,902 shares of the company’s stock, valued at $6,627,789.92. This represents a 52.31 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Rhonda L. Jordan sold 4,254 shares of ESAB stock in a transaction dated Wednesday, October 30th. The stock was 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 three months, insiders sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is currently 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.