Envestnet Asset Management Inc. Acquires 13,897 Shares of ESAB Co. (NYSE:ESAB)

Envestnet Asset Management Inc. boosted its holdings in ESAB Co. (NYSE:ESAB - Free Report) by 19.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 86,788 shares of the company's stock after buying an additional 13,897 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.14% of ESAB worth $10,409,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. EverSource Wealth Advisors LLC grew its holdings in shares of ESAB by 70.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $26,000 after acquiring an additional 90 shares during the period. ORG Wealth Partners LLC purchased a new position in shares of ESAB during the fourth quarter valued at approximately $34,000. Trust Co. of Vermont lifted its stake in shares of ESAB by 871.0% during the 4th quarter. Trust Co. of Vermont now owns 301 shares of the company's stock worth $36,000 after purchasing an additional 270 shares during the period. SBI Securities Co. Ltd. acquired a new stake in ESAB in the 4th quarter worth about $36,000. Finally, GAMMA Investing LLC increased its position in ESAB by 33.9% during the fourth quarter. GAMMA Investing LLC now owns 549 shares of the company's stock worth $66,000 after purchasing an additional 139 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Upgrades and Downgrades

ESAB has been the subject of several recent research reports. Stifel Nicolaus dropped their price objective on shares of ESAB from $125.00 to $109.00 and set a "hold" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. raised their price objective on shares of ESAB from $133.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, March 18th. UBS Group raised ESAB from a "neutral" rating to a "buy" rating and upped their price target for the company from $123.00 to $147.00 in a research report on Tuesday, April 1st. Finally, Evercore ISI raised ESAB from an "underperform" rating to an "inline" rating and lowered their target price for the company from $122.00 to $120.00 in a report on Monday, February 24th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $133.75.

ESAB Stock Performance

NYSE:ESAB traded up $2.29 during midday trading on Thursday, reaching $117.59. The stock had a trading volume of 20,801 shares, compared to its average volume of 276,870. ESAB Co. has a 1-year low of $88.54 and a 1-year high of $135.97. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.82 and a quick ratio of 1.25. The stock has a market capitalization of $7.13 billion, a P/E ratio of 27.17, a PEG ratio of 2.01 and a beta of 1.37. The firm's fifty day simple moving average is $118.52 and its 200-day simple moving average is $120.81.

ESAB (NYSE:ESAB - Get Free Report) last issued its earnings results on Thursday, February 20th. The company reported $1.28 EPS for the quarter, beating analysts' consensus estimates of $1.15 by $0.13. ESAB had a return on equity of 17.43% and a net margin of 9.66%. The business had revenue of $633.20 million during the quarter, compared to analyst estimates of $636.43 million. On average, equities research analysts forecast that ESAB Co. will post 5.16 EPS for the current fiscal year.

ESAB Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, April 17th. Stockholders of record on Friday, April 4th were paid a dividend of $0.08 per share. The ex-dividend date was Friday, April 4th. This represents a $0.32 annualized dividend and a dividend yield of 0.27%. ESAB's dividend payout ratio (DPR) is currently 7.41%.

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.