ESAB Co. (NYSE:ESAB) Shares Sold by New York State Teachers Retirement System

New York State Teachers Retirement System cut its stake in ESAB Co. (NYSE:ESAB) by 0.4% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,305 shares of the company’s stock after selling 100 shares during the period. New York State Teachers Retirement System’s holdings in ESAB were worth $2,584,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently bought and sold shares of the company. Burns Matteson Capital Management LLC boosted its position in ESAB by 7.1% in the second quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock valued at $203,000 after buying an additional 142 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of ESAB by 55.9% in the third quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after acquiring an additional 147 shares during the period. Legacy Capital Group California Inc. raised its holdings in shares of ESAB by 8.5% during the second quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock worth $202,000 after purchasing an additional 168 shares during the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in ESAB by 5.1% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock valued at $362,000 after purchasing an additional 185 shares during the period. Finally, Whittier Trust Co. boosted its holdings in ESAB by 302.6% in the first quarter. Whittier Trust Co. now owns 314 shares of the company’s stock valued at $35,000 after purchasing an additional 236 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

Insider Activity

In other ESAB news, CFO Kevin J. Johnson sold 5,044 shares of the firm’s 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 transaction, the chief financial officer now directly owns 11,433 shares of the company’s stock, valued at $1,429,125. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CFO Kevin J. Johnson sold 5,044 shares of ESAB stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total transaction of $630,500.00. Following the transaction, the chief financial officer now owns 11,433 shares in the company, valued at $1,429,125. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rhonda L. Jordan sold 4,254 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total transaction of $531,877.62. The disclosure for this sale can be found here. Insiders sold 68,418 shares of company stock worth $8,431,773 over the last three months. Insiders own 7.00% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Bank of America boosted their price objective on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. Loop Capital raised their price objective on shares of ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Stifel Nicolaus decreased their target price on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Evercore ISI dropped their price target on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Finally, JPMorgan Chase & Co. upped their price objective on shares of ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $119.00.

ESAB Stock Down 0.5 %

ESAB stock opened at $132.38 on Friday. ESAB Co. has a 52 week low of $74.91 and a 52 week 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. The firm has a 50-day simple moving average of $108.11 and a 200-day simple moving average of $102.79. The stock has a market capitalization of $8.00 billion, a P/E ratio of 31.00, a P/E/G ratio of 2.09 and a beta of 1.37.

ESAB (NYSE:ESAB) last announced its earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.13. The business had revenue of $673.00 million during the quarter, compared to analysts’ expectations of $620.50 million. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The business’s revenue was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.08 earnings per share. Equities analysts forecast that ESAB Co. will post 4.94 earnings per share for the current fiscal year.

ESAB Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.24%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s payout ratio is 7.49%.

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.