ESAB Co. (NYSE:ESAB) Stake Cut by Quantbot Technologies LP

Quantbot Technologies LP decreased its holdings in shares of ESAB Co. (NYSE:ESAB) by 98.3% in the 3rd quarter, Holdings Channel reports. The firm owned 504 shares of the company’s stock after selling 28,720 shares during the quarter. Quantbot Technologies LP’s holdings in ESAB were worth $54,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently modified their holdings of the business. FMR LLC boosted its holdings in shares of ESAB by 6.2% in the 3rd quarter. FMR LLC now owns 2,196,522 shares of the company’s stock valued at $233,512,000 after buying an additional 127,714 shares during the period. Champlain Investment Partners LLC boosted its stake in ESAB by 33.5% in the third quarter. Champlain Investment Partners LLC now owns 1,081,639 shares of the company’s stock valued at $114,989,000 after acquiring an additional 271,459 shares during the period. Royce & Associates LP grew its holdings in shares of ESAB by 8.6% during the third quarter. Royce & Associates LP now owns 749,752 shares of the company’s stock valued at $79,706,000 after purchasing an additional 59,447 shares during the last quarter. TD Asset Management Inc raised its position in shares of ESAB by 5.4% during the 2nd quarter. TD Asset Management Inc now owns 531,122 shares of the company’s stock worth $50,154,000 after purchasing an additional 27,202 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of ESAB by 1.6% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 517,321 shares of the company’s stock worth $54,996,000 after purchasing an additional 8,235 shares during the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Trading Down 1.5 %

ESAB stock opened at $128.41 on Friday. ESAB Co. has a 12-month low of $81.00 and a 12-month high of $135.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The stock has a market capitalization of $7.76 billion, a PE ratio of 30.07, a price-to-earnings-growth ratio of 2.29 and a beta of 1.34. The firm has a 50 day simple moving average of $119.34 and a 200-day simple moving average of $105.77.

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

ESAB Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 0.25%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is presently 7.49%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Loop Capital upped their price objective on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Stifel Nicolaus lowered shares of ESAB from a “buy” rating to a “hold” rating and lowered their price target for the stock from $138.00 to $130.00 in a research report on Monday, November 18th. Evercore ISI downgraded shares of ESAB from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $102.00 to $122.00 in a research report on Wednesday, November 13th. Oppenheimer restated an “outperform” rating and issued a $144.00 target price (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. Finally, JPMorgan Chase & Co. lifted their price target on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $129.00.

Insider Buying and Selling at ESAB

In other ESAB 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 value of $630,500.00. Following the transaction, the chief financial officer now owns 11,433 shares of the company’s stock, valued at approximately $1,429,125. This represents a 30.61 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rhonda L. Jordan sold 4,254 shares of the firm’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. In the last three months, insiders sold 68,418 shares of company stock valued at $8,431,773. 7.00% of the stock is owned by insiders.

ESAB Company 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.