Allspring Global Investments Holdings LLC Lowers Position in ESAB Corporation (NYSE:ESAB)

Allspring Global Investments Holdings LLC lowered its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 401,846 shares of the company's stock after selling 29,063 shares during the period. Allspring Global Investments Holdings LLC owned about 0.66% of ESAB worth $48,583,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its holdings in ESAB by 31.4% during the first quarter. Diversified Trust Co now owns 15,161 shares of the company's stock worth $1,766,000 after buying an additional 3,623 shares in the last quarter. Bessemer Group Inc. boosted its holdings in ESAB by 3.5% during the first quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock worth $1,729,000 after buying an additional 506 shares in the last quarter. ORG Partners LLC purchased a new stake in ESAB during the first quarter worth about $143,000. State of Alaska Department of Revenue boosted its holdings in ESAB by 3.8% during the first quarter. State of Alaska Department of Revenue now owns 34,658 shares of the company's stock worth $4,037,000 after buying an additional 1,275 shares in the last quarter. Finally, Janney Montgomery Scott LLC purchased a new stake in ESAB during the first quarter worth about $590,000. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Stifel Nicolaus boosted their price objective on shares of ESAB from $109.00 to $126.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. UBS Group raised shares of ESAB from a "neutral" rating to a "buy" rating and boosted their price objective for the stock from $123.00 to $147.00 in a report on Tuesday, April 1st. Evercore ISI lifted their target price on shares of ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. lifted their target price on shares of ESAB from $133.00 to $140.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 18th. Finally, Robert W. Baird set a $143.00 target price on shares of ESAB in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.22.

Insider Transactions at ESAB

In related news, Director Rhonda L. Jordan sold 1,500 shares of the company's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total transaction of $189,630.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Olivier Biebuyck sold 1,417 shares of the company's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $131.15, for a total transaction of $185,839.55. Following the transaction, the insider now owns 14,989 shares of the company's stock, valued at approximately $1,965,807.35. The trade was a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.30% of the stock is owned by corporate insiders.

ESAB Stock Down 0.5%

ESAB stock opened at $120.67 on Monday. ESAB Corporation has a 52 week low of $88.54 and a 52 week high of $135.97. The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 2.95 and a beta of 1.31. The firm's 50-day moving average is $122.76 and its two-hundred day moving average is $121.36. The company has a current ratio of 1.91, a quick ratio of 1.24 and a debt-to-equity ratio of 0.54.

ESAB (NYSE:ESAB - Get Free Report) last released its earnings results on Thursday, May 1st. The company reported $1.25 EPS for the quarter, topping analysts' consensus estimates of $1.18 by $0.07. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The business had revenue of $678.14 million for the quarter, compared to the consensus estimate of $633.66 million. During the same period in the previous year, the firm earned $1.20 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts forecast that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.33%. This is a boost from ESAB's previous quarterly dividend of $0.08. The ex-dividend date is Thursday, July 3rd. ESAB's payout ratio is presently 7.21%.

ESAB 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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