JPMorgan Chase & Co. Cuts ESAB (NYSE:ESAB) Price Target to $125.00

Key Points

• JPMorgan Chase & Co. has lowered its price target for ESAB from $137.00 to $125.00, maintaining an "overweight" rating, suggesting a potential upside of 7.68% from the stock's previous close.
• Multiple analysts have provided varying price targets for ESAB, with a consensus target price of $137.88, indicating strong overall interest in the stock's performance.
• ESAB reported earnings of $1.36 per share for the recent quarter, surpassing the consensus estimate by $0.02, with revenue of $715.59 million also exceeding forecasts.

ESAB (NYSE:ESAB - Get Free Report) had its target price lowered by investment analysts at JPMorgan Chase & Co. from $137.00 to $125.00 in a research report issued on Thursday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price target would indicate a potential upside of 14.80% from the stock's current price.

Several other equities research analysts have also issued reports on ESAB. Oppenheimer lowered their price target on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research note on Thursday. Robert W. Baird set a $143.00 price target on shares of ESAB in a research note on Friday, May 2nd. Evercore ISI lifted their price target on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Finally, Stifel Nicolaus upgraded shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target on the stock in a research note on Thursday. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, ESAB has an average rating of "Moderate Buy" and a consensus price target of $137.88.

ESAB Trading Down 2.0%

ESAB traded down $2.25 during mid-day trading on Thursday, hitting $108.88. The stock had a trading volume of 463,420 shares, compared to its average volume of 414,162. The stock's fifty day simple moving average is $124.67 and its 200-day simple moving average is $122.32. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26. The firm has a market capitalization of $6.61 billion, a price-to-earnings ratio of 26.05, a price-to-earnings-growth ratio of 2.65 and a beta of 1.27. ESAB has a 1-year low of $93.15 and a 1-year high of $135.97.

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, topping the consensus estimate of $1.34 by $0.02. ESAB had a net margin of 9.36% and a return on equity of 16.32%. 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 business posted $1.32 earnings per share. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. As a group, research analysts forecast that ESAB will post 5.16 EPS for the current fiscal year.

Insider Activity

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the business'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 completion of the sale, the insider owned 14,989 shares of the company's stock, 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 1,500 shares of the business's stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total transaction of $189,630.00. The disclosure for this sale can be found here. Insiders own 7.30% of the company's stock.

Institutional Trading of ESAB

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Seizert Capital Partners LLC increased its position in ESAB by 2.3% during the 2nd quarter. Seizert Capital Partners LLC now owns 17,037 shares of the company's stock worth $2,054,000 after purchasing an additional 379 shares in the last quarter. Dorsey Wright & Associates increased its position in ESAB by 1.4% in the 2nd quarter. Dorsey Wright & Associates now owns 46,691 shares of the company's stock valued at $5,629,000 after acquiring an additional 636 shares during the period. Intech Investment Management LLC boosted its stake in shares of ESAB by 85.6% in the 2nd quarter. Intech Investment Management LLC now owns 5,169 shares of the company's stock valued at $623,000 after purchasing an additional 2,384 shares during the last quarter. Cetera Investment Advisers boosted its stake in shares of ESAB by 8.6% in the 2nd quarter. Cetera Investment Advisers now owns 25,694 shares of the company's stock valued at $3,097,000 after purchasing an additional 2,028 shares during the last quarter. Finally, SG Americas Securities LLC boosted its stake in shares of ESAB by 19.9% in the 2nd quarter. SG Americas Securities LLC now owns 30,006 shares of the company's stock valued at $3,617,000 after purchasing an additional 4,974 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.