Bank of New York Mellon Corp Grows Stake in ESAB Corporation (NYSE:ESAB)

Bank of New York Mellon Corp boosted its position in ESAB Corporation (NYSE:ESAB - Free Report) by 101.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 880,729 shares of the company's stock after buying an additional 443,574 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.45% of ESAB worth $102,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of ESAB. EverSource Wealth Advisors LLC boosted its stake in ESAB by 70.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $26,000 after buying an additional 90 shares in the last quarter. SBI Securities Co. Ltd. bought a new stake in ESAB in the fourth quarter valued at approximately $36,000. First Horizon Advisors Inc. lifted its position in ESAB by 204.8% in the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock valued at $37,000 after purchasing an additional 215 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in ESAB in the fourth quarter valued at approximately $47,000. Finally, Farther Finance Advisors LLC lifted its position in ESAB by 1,128.9% in the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock valued at $56,000 after purchasing an additional 429 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company's stock.

Insiders Place Their Bets

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

Analysts Set New Price Targets

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

ESAB Trading Down 0.7%

Shares of ESAB stock traded down $0.86 during midday trading on Friday, reaching $127.36. 57,658 shares of the company's stock traded hands, compared to its average volume of 296,745. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.24 and a current ratio of 1.91. The company has a market cap of $7.72 billion, a PE ratio of 28.68, a price-to-earnings-growth ratio of 3.09 and a beta of 1.26. The stock has a 50 day moving average of $124.21 and a 200-day moving average of $121.42. ESAB Corporation has a 12 month low of $88.54 and a 12 month high of $135.97.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $1.25 earnings per share (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 the consensus estimate of $633.66 million. ESAB had a return on equity of 16.98% and a net margin of 9.98%. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.20 earnings per share. As a group, equities analysts expect that ESAB Corporation will post 5.16 EPS for the current fiscal year.

ESAB Increases Dividend

The company also recently disclosed 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 is an increase from ESAB's previous quarterly dividend of $0.08. The ex-dividend date is Thursday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.31%. ESAB's dividend payout ratio is 9.01%.

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.