Bank of New York Mellon Corp Has $102.61 Million Stock Position in ESAB Corporation (NYSE:ESAB)

Bank of New York Mellon Corp grew its holdings in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 101.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 880,729 shares of the company's stock after acquiring an additional 443,574 shares during the period. Bank of New York Mellon Corp owned about 1.45% of ESAB worth $102,605,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of ESAB. SBI Securities Co. Ltd. bought a new position in shares of ESAB during the fourth quarter valued at $36,000. Steward Partners Investment Advisory LLC bought a new position in shares of ESAB during the fourth quarter valued at $83,000. Charles Schwab Investment Management Inc. raised its stake in shares of ESAB by 0.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 518,712 shares of the company's stock valued at $62,214,000 after acquiring an additional 1,391 shares during the last quarter. Atria Investments Inc raised its stake in shares of ESAB by 30.1% during the fourth quarter. Atria Investments Inc now owns 9,279 shares of the company's stock valued at $1,113,000 after acquiring an additional 2,147 shares during the last quarter. Finally, Proficio Capital Partners LLC bought a new position in shares of ESAB during the fourth quarter valued at $2,575,000. Institutional investors own 91.13% of the company's stock.

Wall Street Analyst Weigh In

ESAB has been the subject of several analyst reports. UBS Group raised shares of ESAB from a "neutral" rating to a "buy" rating and raised their price target for the company from $123.00 to $147.00 in a research note on Tuesday, April 1st. 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 note on Tuesday, March 18th. Stifel Nicolaus lifted their target price on shares of ESAB from $109.00 to $126.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. 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 note on Monday, May 19th. Finally, Robert W. Baird set a $143.00 target price on shares of ESAB in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.22.

Insiders Place Their Bets

In other ESAB news, insider Olivier Biebuyck sold 1,417 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $131.15, for a total value of $185,839.55. Following the completion of the sale, the insider directly owned 14,989 shares in the company, valued at approximately $1,965,807.35. This trade represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rhonda L. Jordan sold 1,500 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $126.42, for a total transaction of $189,630.00. The disclosure for this sale can be found here. Company insiders own 7.30% of the company's stock.

ESAB Stock Down 0.6%

NYSE:ESAB traded down $0.81 during trading hours on Friday, reaching $127.41. The company had a trading volume of 240,181 shares, compared to its average volume of 277,277. The company has a quick ratio of 1.24, a current ratio of 1.91 and a debt-to-equity ratio of 0.54. The firm has a market cap of $7.72 billion, a price-to-earnings ratio of 28.70, a P/E/G ratio of 3.11 and a beta of 1.26. The business's 50-day simple moving average is $124.27 and its two-hundred day simple moving average is $121.44. ESAB Corporation has a twelve month low of $88.54 and a twelve month high of $135.97.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly 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. The business had revenue of $678.14 million during the quarter, compared to analysts' expectations of $633.66 million. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The business's quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the company posted $1.20 earnings per share. On average, equities analysts expect that ESAB Corporation will post 5.16 earnings per share for the current year.

ESAB Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a yield of 0.31%. This is a boost from ESAB's previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Thursday, July 3rd. ESAB's dividend payout ratio (DPR) is presently 9.01%.

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.