ESAB (NYSE:ESAB) Given "Buy (B)" Rating at Weiss Ratings

Key Points

• ESAB received a "Buy (B)" rating from Weiss Ratings, reflecting positive sentiment from multiple research firms regarding the stock's performance.
• Institutional investors hold a significant stake in ESAB, controlling approximately 91.13% of the company's stock, indicating strong institutional interest.
• ESAB reported a quarterly revenue of $715.59 million, exceeding analyst estimates and reflecting a year-over-year revenue growth of 1.3%.

ESAB (NYSE:ESAB - Get Free Report)'s stock had its "buy (b)" rating reissued by equities researchers at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

A number of other research firms have also commented on ESAB. Wall Street Zen upgraded ESAB from a "hold" rating to a "buy" rating in a research note on Saturday, October 4th. Oppenheimer decreased their target price on ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Stifel Nicolaus raised ESAB from a "hold" rating to a "buy" rating and set a $141.00 target price on the stock in a research report on Thursday, August 7th. Loop Capital raised ESAB from a "hold" rating to a "buy" rating and lifted their target price for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Finally, JPMorgan Chase & Co. decreased their target price on ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $141.44.

ESAB Price Performance

Shares of NYSE:ESAB opened at $119.83 on Wednesday. ESAB has a 1 year low of $100.17 and a 1 year high of $135.97. The business has a fifty day simple moving average of $114.60 and a 200 day simple moving average of $119.59. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of 28.67, a P/E/G ratio of 2.58 and a beta of 1.23.

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

Insider Activity at ESAB

In related news, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the transaction, the insider owned 14,989 shares in the company, valued at $2,000,881.61. The trade was a 8.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction that occurred on 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. 7.30% of the stock is owned by insiders.

Institutional Investors Weigh In On ESAB

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd bought a new stake in ESAB in the first quarter valued at about $33,000. First Horizon Advisors Inc. increased its holdings in ESAB by 204.8% in the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock valued at $37,000 after purchasing an additional 215 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in ESAB by 109.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company's stock valued at $40,000 after purchasing an additional 174 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in ESAB by 706.7% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock valued at $42,000 after purchasing an additional 318 shares during the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in ESAB by 1,128.9% in the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock valued at $56,000 after purchasing an additional 429 shares during the last quarter. Institutional investors own 91.13% of the company's stock.

About ESAB

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.

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