3,001 Shares in ESAB Corporation $ESAB Purchased by GC Wealth Management RIA LLC

Key Points

• GC Wealth Management RIA LLC purchased 3,001 shares of ESAB Corporation, valued at approximately $362,000, during the second quarter.
• Several institutional investors have increased their stakes in ESAB, with Durable Capital Partners LP acquiring a new stake worth approximately $114 million.
• The company also announced a quarterly dividend of $0.10 per share, with an annualized yield of 0.4%, to be paid on October 17th.

GC Wealth Management RIA LLC purchased a new position in shares of ESAB Corporation (NYSE:ESAB - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 3,001 shares of the company's stock, valued at approximately $362,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ESAB. Durable Capital Partners LP acquired a new stake in ESAB during the first quarter worth approximately $114,067,000. Champlain Investment Partners LLC lifted its position in ESAB by 42.0% during the first quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company's stock worth $224,740,000 after acquiring an additional 570,895 shares during the last quarter. Bank of New York Mellon Corp lifted its position in ESAB by 101.5% during the first quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company's stock worth $102,605,000 after acquiring an additional 443,574 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in ESAB during the first quarter worth approximately $36,415,000. Finally, Interval Partners LP acquired a new stake in ESAB during the first quarter worth approximately $30,769,000. Institutional investors own 91.13% of the company's stock.

Wall Street Analyst Weigh In

ESAB has been the subject of several research reports. Oppenheimer cut their price objective on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and raised their price objective for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Zacks Research downgraded shares of ESAB from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Stifel Nicolaus upgraded shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target for the company in a research report on Thursday, August 7th. Finally, Roth Capital initiated coverage on shares of ESAB in a research report on Friday, September 5th. They issued a "buy" rating and a $150.00 price target for the company. Seven equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $141.44.

Insiders Place Their Bets

In other ESAB news, Director Rhonda L. Jordan sold 4,067 shares of the business's 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 transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total transaction of $192,225.60. Following the sale, the insider directly owned 14,989 shares in the company, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their position. The disclosure for this sale can be found here. Insiders own 7.30% of the company's stock.

ESAB Stock Down 0.3%

Shares of ESAB opened at $111.35 on Thursday. ESAB Corporation has a one year low of $100.17 and a one year high of $135.97. The company has a market cap of $6.76 billion, a P/E ratio of 26.64, a P/E/G ratio of 2.46 and a beta of 1.26. 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 50 day simple moving average of $116.06 and a two-hundred day simple moving average of $119.70.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The business had revenue of $715.59 million during the quarter, compared to the consensus estimate of $670.80 million. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The company's revenue 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. Research analysts forecast that ESAB Corporation will post 5.16 EPS for the current fiscal year.

ESAB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, October 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date of this dividend is Friday, October 3rd. ESAB's payout ratio is presently 9.57%.

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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