US Bancorp DE Sells 174 Shares of ESAB Co. (NYSE:ESAB)

US Bancorp DE decreased its position in ESAB Co. (NYSE:ESAB) by 14.0% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,069 shares of the company’s stock after selling 174 shares during the quarter. US Bancorp DE’s holdings in ESAB were worth $114,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD raised its stake in ESAB by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock valued at $710,316,000 after buying an additional 653,377 shares during the last quarter. Champlain Investment Partners LLC purchased a new position in shares of ESAB in the 1st quarter worth about $33,811,000. International Assets Investment Management LLC bought a new position in ESAB in the 3rd quarter worth about $15,110,000. Acadian Asset Management LLC grew its position in ESAB by 2,277.5% during the 1st quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock valued at $10,359,000 after purchasing an additional 89,826 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in ESAB during the 2nd quarter valued at about $8,277,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Stock Down 1.8 %

Shares of NYSE ESAB opened at $124.17 on Friday. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 29.08, a P/E/G ratio of 2.25 and a beta of 1.37. ESAB Co. has a 12-month low of $76.08 and a 12-month high of $135.97. 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 firm’s 50-day moving average price is $111.78 and its 200-day moving average price is $103.72.

ESAB (NYSE:ESAB) last released its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.13. The firm had revenue of $673.00 million during 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 business’s revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the business earned $1.08 EPS. On average, equities research analysts anticipate that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were paid a $0.08 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.26%. ESAB’s payout ratio is 7.49%.

Insider Transactions at ESAB

In related news, CFO Kevin J. Johnson sold 5,044 shares of the company’s 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 completion of the sale, the chief financial officer now directly owns 11,433 shares in the company, valued at $1,429,125. This represents a 30.61 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Rhonda L. Jordan sold 4,254 shares of the company’s stock in a transaction on 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 ninety days, insiders sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ESAB shares. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and boosted their price objective for the stock from $102.00 to $122.00 in a report on Wednesday. Loop Capital boosted their price target on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 price objective (up from $138.00) on shares of ESAB in a research report on Friday, November 8th. Bank of America boosted their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, JPMorgan Chase & Co. raised their price target on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. One analyst has rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. According to data from MarketBeat, ESAB presently has an average rating of “Moderate Buy” and an average price target of $122.71.

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.