ESAB (NYSE:ESAB) Stock Rating Upgraded by Evercore ISI

ESAB (NYSE:ESAB) was upgraded by investment analysts at Evercore ISI from an “underperform” rating to an “inline” rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has a $120.00 price objective on the stock, down from their prior price objective of $122.00. Evercore ISI’s price objective indicates a potential downside of 2.89% from the stock’s current price.

Several other brokerages have also weighed in on ESAB. Loop Capital boosted their price objective on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Stifel Nicolaus lowered their price target on ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a report on Friday, February 21st. Oppenheimer restated an “outperform” rating and set a $144.00 price objective (up from $138.00) on shares of ESAB in a research note on Friday, November 8th. JPMorgan Chase & Co. lowered their target price on shares of ESAB from $135.00 to $133.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Finally, Jefferies Financial Group began coverage on shares of ESAB in a report on Thursday, December 12th. They set a “buy” rating and a $160.00 target price on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $133.14.

ESAB Stock Performance

Shares of ESAB opened at $123.58 on Monday. The firm has a market cap of $7.48 billion, a price-to-earnings ratio of 28.61, a PEG ratio of 2.01 and a beta of 1.36. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.59. The business’s 50 day moving average is $122.28 and its two-hundred day moving average is $116.30. ESAB has a 52-week low of $88.54 and a 52-week high of $135.97.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Thursday, February 20th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.15 by $0.13. The firm had revenue of $633.20 million for the quarter, compared to analysts’ expectations of $636.43 million. ESAB had a net margin of 9.66% and a return on equity of 17.43%. Analysts forecast that ESAB will post 5.16 EPS for the current fiscal year.

Institutional Trading of ESAB

A number of large investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its position in ESAB by 3.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company’s stock worth $904,118,000 after purchasing an additional 225,345 shares during the last quarter. Vanguard Group Inc. boosted its position in shares of ESAB by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 5,546,104 shares of the company’s stock worth $665,200,000 after buying an additional 20,741 shares during the period. JPMorgan Chase & Co. grew its holdings in ESAB by 15.9% in the 4th quarter. JPMorgan Chase & Co. now owns 2,202,568 shares of the company’s stock worth $264,176,000 after buying an additional 302,453 shares in the last quarter. FMR LLC grew its holdings in ESAB by 6.2% in the 3rd quarter. FMR LLC now owns 2,196,522 shares of the company’s stock worth $233,512,000 after buying an additional 127,714 shares in the last quarter. Finally, Invesco Ltd. increased its position in ESAB by 17.9% in the 4th quarter. Invesco Ltd. now owns 2,097,624 shares of the company’s stock valued at $251,589,000 after acquiring an additional 318,018 shares during the period. Institutional investors and hedge funds own 91.13% of the company’s stock.

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.