Van ECK Associates Corp Purchases 9,062 Shares of ESAB Co. (NYSE:ESAB)

Van ECK Associates Corp increased its position in shares of ESAB Co. (NYSE:ESAB) by 40.0% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,712 shares of the company’s stock after purchasing an additional 9,062 shares during the period. Van ECK Associates Corp owned approximately 0.05% of ESAB worth $3,536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Hantz Financial Services Inc. bought a new stake in shares of ESAB in the second quarter valued at about $42,000. GAMMA Investing LLC boosted its holdings in ESAB by 55.9% in the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after purchasing an additional 147 shares during the period. Blue Trust Inc. grew its position in shares of ESAB by 629.8% during the 3rd quarter. Blue Trust Inc. now owns 613 shares of the company’s stock worth $65,000 after purchasing an additional 529 shares in the last quarter. Ridgewood Investments LLC bought a new position in shares of ESAB during the second quarter worth approximately $92,000. Finally, Fifth Third Bancorp raised its position in shares of ESAB by 181.7% in the second quarter. Fifth Third Bancorp now owns 1,259 shares of the company’s stock valued at $119,000 after buying an additional 812 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors.

ESAB Trading Down 0.9 %

ESAB opened at $131.22 on Friday. The company has a market cap of $7.93 billion, a P/E ratio of 30.73, a PEG ratio of 2.33 and a beta of 1.37. The company has a current ratio of 1.92, a quick ratio of 1.25 and a debt-to-equity ratio of 0.58. The company’s 50 day moving average is $108.64 and its 200-day moving average is $102.93. ESAB Co. has a 1-year low of $75.24 and a 1-year high of $135.97.

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

ESAB Announces Dividend

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

Insider Buying and Selling at ESAB

In other ESAB news, Director Rhonda L. Jordan sold 4,254 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total transaction of $531,877.62. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other ESAB news, 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 transaction of $531,877.62. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Shyam Kambeyanda sold 59,120 shares of the 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 sale, the chief executive officer now directly owns 53,902 shares of the company’s stock, valued at approximately $6,627,789.92. The trade was a 0.00 % decrease in their position. 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 insiders.

Wall Street Analyst Weigh In

A number of research firms have commented on ESAB. Bank of America raised their price objective on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their price target on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price objective (up previously from $138.00) on shares of ESAB in a research report on Friday. Loop Capital boosted their target price on shares of ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Finally, Evercore ISI cut their price target on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, ESAB presently has an average rating of “Moderate Buy” and an average target price of $119.86.

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.