ESAB (NYSE:ESAB) Stock Price Target Cut by UBS Group

Key Points

• UBS cut its ESAB price target to $115 from $145 but maintained a Buy rating, implying 45.29% upside from the stock’s then-current price.
• Analyst sentiment remains broadly positive: seven analysts rate ESAB Buy and one Hold, giving it a Moderate Buy consensus and an average price target of $118.14.
• In its latest quarter, ESAB reported $1.30 per share, slightly below the $1.33 estimate, while revenue of $824.52 million exceeded expectations and rose 13.3% year over year.

ESAB (NYSE:ESAB - Get Free Report) had its price objective lowered by equities research analysts at UBS Group from $145.00 to $115.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the stock. UBS Group's target price points to a potential upside of 45.29% from the stock's current price.

A number of other research analysts have also issued reports on ESAB. Stifel Nicolaus set a $114.00 target price on ESAB in a report on Monday, October 19th. Weiss Ratings downgraded ESAB from a "hold (c)" rating to a "hold (c-)" rating in a report on Tuesday, August 11th. Roth Capital restated a "buy" rating and set a $133.00 price target (down from $151.00) on shares of ESAB in a report on Tuesday, September 15th. Oppenheimer reduced their price target on ESAB from $135.00 to $110.00 and set an "outperform" rating on the stock in a research report on Wednesday, October 21st. Finally, JPMorgan Chase & Co. decreased their price objective on ESAB from $125.00 to $95.00 and set an "overweight" rating for the company in a research note on Thursday, October 8th. Seven research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, ESAB presently has an average rating of "Moderate Buy" and a consensus price target of $118.14.

ESAB Price Performance

ESAB stock opened at $79.15 on Thursday. The firm has a market cap of $4.92 billion, a PE ratio of 32.05, a price-to-earnings-growth ratio of 1.27 and a beta of 1.17. ESAB has a 52-week low of $62.74 and a 52-week high of $137.42. The company has a quick ratio of 1.22, a current ratio of 1.92 and a debt-to-equity ratio of 0.95. The company's 50 day moving average is $69.83 and its two-hundred day moving average is $92.71.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings results on Wednesday, November 4th. The company reported $1.30 EPS for the quarter, missing the consensus estimate of $1.33 by ($0.03). The business had revenue of $824.52 million during the quarter, compared to analysts' expectations of $786.68 million. ESAB had a net margin of 5.05% and a return on equity of 14.17%. The business's quarterly revenue was up 13.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.32 EPS. On average, research analysts expect that ESAB will post 5.30 EPS for the current fiscal year.

Institutional Investors Weigh In On ESAB

Institutional investors have recently modified their holdings of the company. Fifth Third Bancorp raised its stake in ESAB by 8.4% during the 3rd quarter. Fifth Third Bancorp now owns 13,128 shares of the company's stock worth $865,000 after acquiring an additional 1,019 shares in the last quarter. Jefferies Financial Group Inc. acquired a new position in ESAB in the third quarter valued at $2,661,000. Van Berkom & Associates Inc. boosted its stake in ESAB by 24.4% in the third quarter. Van Berkom & Associates Inc. now owns 821,499 shares of the company's stock valued at $54,120,000 after acquiring an additional 161,317 shares in the last quarter. Kestra Investment Management LLC boosted its stake in ESAB by 22.8% in the third quarter. Kestra Investment Management LLC now owns 18,672 shares of the company's stock valued at $1,230,000 after acquiring an additional 3,470 shares in the last quarter. Finally, Retirement Systems of Alabama grew its holdings in shares of ESAB by 1.2% during the third quarter. Retirement Systems of Alabama now owns 95,175 shares of the company's stock worth $6,270,000 after purchasing an additional 1,084 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

ESAB Company Profile

ESAB Corporation NYSE: ESAB is a global provider of welding and cutting technologies. The company develops and supplies equipment, consumables, automation solutions and related products used to join, cut and process metals across industrial and commercial applications.

Its product portfolio includes welding machines, cutting systems, welding electrodes and wires, filler metals, gas-control equipment, plasma and oxyfuel technologies, and digital or automated solutions. ESAB also offers products and services designed to support fabrication, manufacturing, construction, transportation, energy and maintenance operations.

ESAB serves customers in the Americas, Europe, the Middle East, Africa and the Asia-Pacific region through a portfolio of established brands and distribution channels.

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