232,568 Shares in ESAB Corporation $ESAB Bought by Bank of America Corp DE

Key Points

• Bank of America acquired 232,568 ESAB shares worth approximately $22.9 million, giving it a 0.37% stake. Institutional and hedge-fund investors collectively own 91.13% of the company.
• Analysts maintain a favorable outlook, with seven Buy ratings and one Hold, resulting in a “Moderate Buy” consensus and an average price target of $135.57, despite several recent target reductions.
• ESAB reported quarterly revenue of $807.6 million, up 12.9% year over year, but earnings of $1.33 per share narrowly missed estimates. The company declared a quarterly dividend of $0.12, equivalent to a 0.7% annualized yield.

Bank of America Corp DE bought a new stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 232,568 shares of the company's stock, valued at approximately $22,938,000. Bank of America Corp DE owned approximately 0.37% of ESAB at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Medina Value Partners LLC acquired a new position in shares of ESAB during the second quarter valued at about $22,234,753. Walleye Capital LLC raised its position in shares of ESAB by 506.4% in the 1st quarter. Walleye Capital LLC now owns 30,399 shares of the company's stock valued at $2,938,000 after purchasing an additional 25,386 shares during the last quarter. Stanley Capital Management LLC acquired a new stake in ESAB in the 2nd quarter worth approximately $11,175,000. Diamond Hill Capital Management LLC Investment Advisor acquired a new stake in ESAB in the 2nd quarter worth approximately $51,843,000. Finally, Allspring Global Investments Holdings LLC acquired a new stake in ESAB in the 1st quarter worth approximately $9,606,000. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Rhonda L. Jordan sold 1,000 shares of the stock in a transaction on Friday, August 7th. The shares were sold at an average price of $95.00, for a total transaction of $95,000.00. Following the sale, the director directly owned 1,000 shares of the company's stock, valued at approximately $95,000. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Stifel Nicolaus cut their price target on shares of ESAB from $141.00 to $137.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Oppenheimer lowered their price objective on shares of ESAB from $140.00 to $135.00 and set an "outperform" rating for the company in a research note on Tuesday, July 21st. Roth Capital reissued a "buy" rating and set a $133.00 price objective (down from $151.00) on shares of ESAB in a report on Tuesday, September 15th. DA Davidson assumed coverage on ESAB in a research report on Monday, June 15th. They issued a "buy" rating and a $130.00 target price on the stock. Finally, Weiss Ratings lowered ESAB from a "hold (c)" rating to a "hold (c-)" rating in a research note on Tuesday, August 11th. Seven analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $135.57.

ESAB Price Performance

Shares of NYSE:ESAB opened at $67.43 on Thursday. ESAB Corporation has a twelve month low of $64.83 and a twelve month high of $137.42. The company has a current ratio of 1.96, a quick ratio of 1.22 and a debt-to-equity ratio of 0.99. The company has a market cap of $4.19 billion, a PE ratio of 24.17, a price-to-earnings-growth ratio of 1.34 and a beta of 1.17. The company's 50 day moving average is $80.07 and its 200 day moving average is $90.69.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $1.33 EPS for the quarter, missing the consensus estimate of $1.37 by ($0.04). ESAB had a net margin of 5.75% and a return on equity of 14.48%. The business had revenue of $807.63 million for the quarter, compared to analyst estimates of $755.64 million. During the same quarter in the previous year, the firm posted $1.36 earnings per share. The business's revenue was up 12.9% on a year-over-year basis. ESAB has set its FY 2026 guidance at 5.400-5.500 EPS. On average, sell-side analysts forecast that ESAB Corporation will post 5.46 EPS for the current year.

ESAB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, October 16th. Shareholders of record on Friday, October 2nd will be issued a $0.12 dividend. The ex-dividend date of this dividend is Friday, October 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.7%. ESAB's payout ratio is presently 17.20%.

ESAB Profile

ESAB Corporation NYSE: ESAB is a global provider of welding and cutting technologies. The company develops and manufactures welding equipment, welding consumables, cutting systems, automation solutions and related accessories used in industrial, commercial and maintenance applications.

Its product portfolio includes arc-welding equipment, electrodes and welding wires, gas and plasma cutting systems, robotic and automated welding solutions, and digital tools designed to improve fabrication processes.

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