nVerses Capital LLC Makes New Investment in ESAB Co. (NYSE:ESAB)

nVerses Capital LLC acquired a new position in ESAB Co. (NYSE:ESAB) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 1,900 shares of the company’s stock, valued at approximately $179,000.

Several other institutional investors have also added to or reduced their stakes in the stock. Quent Capital LLC raised its holdings in ESAB by 8.4% in the 1st quarter. Quent Capital LLC now owns 1,718 shares of the company’s stock worth $190,000 after purchasing an additional 133 shares in the last quarter. Burns Matteson Capital Management LLC raised its holdings in ESAB by 7.1% in the 2nd quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock worth $203,000 after purchasing an additional 142 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its holdings in ESAB by 57.9% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 420 shares of the company’s stock worth $36,000 after purchasing an additional 154 shares in the last quarter. Legacy Capital Group California Inc. grew its position in shares of ESAB by 8.5% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock worth $202,000 after buying an additional 168 shares during the period. Finally, Retirement Systems of Alabama grew its position in shares of ESAB by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 71,144 shares of the company’s stock worth $7,866,000 after buying an additional 187 shares during the period. 91.13% of the stock is currently owned by institutional investors.

ESAB Stock Up 1.7 %

ESAB stock opened at $104.97 on Monday. The firm has a market cap of $6.34 billion, a price-to-earnings ratio of 27.48, a PEG ratio of 1.82 and a beta of 1.42. The company has a current ratio of 1.86, a quick ratio of 1.21 and a debt-to-equity ratio of 0.62. ESAB Co. has a 12 month low of $61.43 and a 12 month high of $114.77. The stock has a fifty day simple moving average of $97.59 and a two-hundred day simple moving average of $101.14.

ESAB (NYSE:ESAB) last issued its earnings results on Friday, August 2nd. The company reported $1.32 earnings per share for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. The business had revenue of $707.10 million during the quarter, compared to analyst estimates of $686.75 million. ESAB had a return on equity of 17.49% and a net margin of 9.06%. ESAB’s revenue was down 1.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.21 EPS. Equities analysts predict that ESAB Co. will post 4.84 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. cut their price objective on shares of ESAB from $125.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday, August 5th. Oppenheimer initiated coverage on ESAB in a research note on Thursday, June 20th. They issued an “outperform” rating and a $115.00 price target on the stock. Stifel Nicolaus lowered their price objective on ESAB from $130.00 to $120.00 and set a “buy” rating for the company 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 stock a “buy” rating in a research note on Monday, August 5th. Finally, Evercore ISI lowered their price target on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.57.

ESAB 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.