ESAB (NYSE:ESAB) Price Target Raised to $138.00

Key Points

• JPMorgan Chase & Co. has raised its price target for ESAB from $125.00 to $138.00, suggesting a potential upside of 19.03% from the previous close.
• Several analysts have upgraded their ratings on ESAB, with Stifel Nicolaus setting a new target price of $141.00 and Roth Capital initiating coverage with a target of $150.00.
• ESAB reported quarterly earnings of $1.36 per share, surpassing analysts' expectations and achieving a 1.3% year-over-year revenue increase to $715.59 million.

ESAB (NYSE:ESAB - Get Free Report) had its target price upped by stock analysts at JPMorgan Chase & Co. from $125.00 to $138.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the stock. JPMorgan Chase & Co.'s price objective would suggest a potential upside of 19.03% from the stock's previous close.

A number of other equities research analysts have also issued reports on ESAB. Stifel Nicolaus upgraded shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 target price on the stock in a report on Thursday, August 7th. Wall Street Zen raised ESAB from a "hold" rating to a "buy" rating in a research report on Saturday, October 4th. Loop Capital upgraded ESAB from a "hold" rating to a "buy" rating and increased their price objective for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Roth Capital initiated coverage on ESAB in a research note on Friday, September 5th. They set a "buy" rating and a $150.00 target price for the company. Finally, Weiss Ratings restated a "buy (b)" rating on shares of ESAB in a report on Wednesday, October 8th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $142.89.

ESAB Price Performance

Shares of ESAB opened at $115.94 on Tuesday. The firm has a 50-day simple moving average of $113.69 and a two-hundred day simple moving average of $119.50. The stock has a market cap of $7.04 billion, a PE ratio of 27.74, a P/E/G ratio of 2.54 and a beta of 1.23. ESAB has a 1-year low of $100.17 and a 1-year high of $135.97. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26.

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

Insider Activity at ESAB

In other news, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction 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 approximately $2,000,881.61. This represents a 8.76% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of the stock in a transaction on Wednesday, August 13th. The shares were 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 currently owned by insiders.

Institutional Trading of ESAB

Institutional investors and hedge funds have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of ESAB by 8.4% in the 1st quarter. JPMorgan Chase & Co. now owns 2,387,626 shares of the company's stock valued at $278,158,000 after purchasing an additional 185,058 shares during the period. Invesco Ltd. lifted its stake in ESAB by 1.6% in the second quarter. Invesco Ltd. now owns 2,123,958 shares of the company's stock valued at $256,043,000 after buying an additional 33,015 shares during the last quarter. Champlain Investment Partners LLC boosted its holdings in shares of ESAB by 5.9% in the second quarter. Champlain Investment Partners LLC now owns 2,043,843 shares of the company's stock valued at $246,385,000 after acquiring an additional 114,744 shares during the period. Durable Capital Partners LP grew its position in shares of ESAB by 41.5% during the second quarter. Durable Capital Partners LP now owns 1,385,176 shares of the company's stock worth $166,983,000 after acquiring an additional 406,057 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in shares of ESAB by 1.0% during the second quarter. Geode Capital Management LLC now owns 1,272,604 shares of the company's stock worth $153,432,000 after acquiring an additional 12,660 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

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.

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