Bank of America Corp DE Sells 38,371 Shares of Lincoln Electric Holdings, Inc. $LECO

Key Points

• Bank of America reduced its Lincoln Electric stake by 17.2%, selling 38,371 shares and retaining 184,194 shares worth approximately $45.9 million. Institutional investors collectively own 79.61% of LECO.
• Analysts remain generally positive, with six Buy ratings and four Holds, producing a “Moderate Buy” consensus and an average price target of $307.22. UBS initiated coverage with a $340 target, while Morgan Stanley upgraded the stock to Equal Weight.
• Lincoln Electric exceeded quarterly expectations, reporting $2.93 in EPS and $1.22 billion in revenue, with revenue up 12% year over year. The company also declared a quarterly dividend of $0.79 per share, equivalent to a 1.1% yield.

Bank of America Corp DE lowered its holdings in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) by 17.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 184,194 shares of the industrial products company's stock after selling 38,371 shares during the period. Bank of America Corp DE owned approximately 0.34% of Lincoln Electric worth $45,879,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in LECO. Edgestream Partners L.P. grew its position in shares of Lincoln Electric by 56.7% during the 1st quarter. Edgestream Partners L.P. now owns 27,987 shares of the industrial products company's stock worth $6,971,000 after buying an additional 10,127 shares during the period. Centaurus Financial Inc. bought a new position in Lincoln Electric during the first quarter worth $582,000. Bull Harbor Capital LLC bought a new position in Lincoln Electric during the first quarter worth $985,000. Amundi grew its holdings in Lincoln Electric by 45.9% in the first quarter. Amundi now owns 3,477 shares of the industrial products company's stock worth $866,000 after purchasing an additional 1,094 shares during the period. Finally, EverSource Wealth Advisors LLC increased its stake in Lincoln Electric by 20.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,975 shares of the industrial products company's stock valued at $492,000 after purchasing an additional 331 shares in the last quarter. 79.61% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Morgan Stanley upgraded shares of Lincoln Electric from an "underweight" rating to an "equal weight" rating and upped their price objective for the company from $257.00 to $283.00 in a report on Monday. UBS Group began coverage on Lincoln Electric in a research report on Monday. They issued a "buy" rating and a $340.00 target price for the company. Stifel Nicolaus set a $275.00 price target on Lincoln Electric in a research note on Friday, May 1st. Wall Street Zen upgraded Lincoln Electric from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Barclays raised their price objective on Lincoln Electric from $280.00 to $300.00 and gave the company an "overweight" rating in a research note on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $307.22.

Lincoln Electric Trading Up 0.9%

NASDAQ:LECO opened at $286.97 on Thursday. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.98 and a quick ratio of 1.20. Lincoln Electric Holdings, Inc. has a one year low of $216.22 and a one year high of $310.00. The company has a market cap of $15.64 billion, a PE ratio of 28.67, a PEG ratio of 1.71 and a beta of 1.20. The firm has a 50-day moving average of $262.94 and a 200-day moving average of $264.92.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.81 by $0.12. The business had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lincoln Electric had a return on equity of 39.23% and a net margin of 12.35%.The company's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.60 EPS. As a group, equities research analysts expect that Lincoln Electric Holdings, Inc. will post 11.07 EPS for the current fiscal year.

Lincoln Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.79 per share. The ex-dividend date is Wednesday, September 30th. This represents a $3.16 annualized dividend and a yield of 1.1%. Lincoln Electric's dividend payout ratio is 31.57%.

Insider Transactions at Lincoln Electric

In related news, EVP Michael J. Whitehead sold 845 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the completion of the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $2,560,954.39. This represents a 8.31% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 1.68% of the company's stock.

About Lincoln Electric

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

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