Brokerages Set ESAB Corporation (NYSE:ESAB) Price Target at $140.38

Key Points

• ESAB Corporation has received a consensus rating of “Moderate Buy” from analysts, with two holding and six buying ratings, and an average 12-month target price of $140.38.
• Insider transactions indicate significant activity, with Olivier Biebuyck and Rhonda L. Jordan selling shares, reducing their ownership stakes by 8.76% and 4.22%, respectively.
• The company reported earnings of $1.36 per share, surpassing expectations, and has seen a 1.3% year-over-year revenue increase to $715.59 million.

Shares of ESAB Corporation (NYSE:ESAB - Get Free Report) have been assigned a consensus rating of "Moderate Buy" from the eight ratings firms that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1-year price target among analysts that have covered the stock in the last year is $140.3750.

ESAB has been the subject of a number of analyst reports. Zacks Research downgraded shares of ESAB from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. JPMorgan Chase & Co. cut their price target on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Oppenheimer cut their price target on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Evercore ISI upped their price target on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Finally, Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and upped their price target for the company from $130.00 to $140.00 in a report on Friday, August 22nd.

Insider Transactions at ESAB

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. This represents a 8.76% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Insiders sold a total of 7,007 shares of company stock worth $841,630 over the last 90 days. Insiders own 7.30% of the company's stock.

Institutional Trading of ESAB

Institutional investors have recently modified their holdings of the company. Squarepoint Ops LLC purchased a new position in ESAB during the 2nd quarter worth $579,000. Thrivent Financial for Lutherans raised its stake in ESAB by 0.7% in the 2nd quarter. Thrivent Financial for Lutherans now owns 13,417 shares of the company's stock worth $1,617,000 after acquiring an additional 95 shares during the last quarter. State of Wyoming raised its stake in ESAB by 105.8% in the 2nd quarter. State of Wyoming now owns 3,568 shares of the company's stock worth $430,000 after acquiring an additional 1,834 shares during the last quarter. Kestra Investment Management LLC grew its stake in ESAB by 11.2% during the 2nd quarter. Kestra Investment Management LLC now owns 9,537 shares of the company's stock valued at $1,150,000 after purchasing an additional 963 shares during the last quarter. Finally, MML Investors Services LLC increased its holdings in shares of ESAB by 19.9% in the second quarter. MML Investors Services LLC now owns 8,297 shares of the company's stock valued at $1,000,000 after purchasing an additional 1,377 shares during the period. 91.13% of the stock is currently owned by institutional investors.

ESAB Price Performance

Shares of ESAB stock traded down $1.38 during trading hours on Wednesday, hitting $115.44. The company's stock had a trading volume of 323,141 shares, compared to its average volume of 556,172. The company has a market cap of $7.01 billion, a PE ratio of 27.62, a PEG ratio of 2.53 and a beta of 1.26. The business has a 50 day moving average price of $122.11 and a two-hundred day moving average price of $121.34. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. ESAB has a 12-month low of $93.15 and a 12-month high of $135.97.

ESAB (NYSE:ESAB - Get Free Report) last posted its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The company had revenue of $715.59 million for the quarter, compared to the consensus estimate of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The firm's revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the business earned $1.32 earnings per share. Analysts expect that ESAB will post 5.16 earnings per share for the current fiscal year.

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.