Bank of New York Mellon Corp Purchases 443,574 Shares of ESAB Corporation (NYSE:ESAB)

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

Other hedge funds and other institutional investors also recently modified their holdings of the company. First Horizon Advisors Inc. increased its stake in ESAB by 204.8% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after purchasing an additional 215 shares during the period. Defender Capital LLC. boosted its stake in shares of ESAB by 13.3% during the first quarter. Defender Capital LLC. now owns 27,870 shares of the company's stock valued at $3,418,000 after purchasing an additional 3,262 shares during the period. Shilanski & Associates Inc. grew its holdings in shares of ESAB by 4.7% in the first quarter. Shilanski & Associates Inc. now owns 19,897 shares of the company's stock worth $2,318,000 after purchasing an additional 889 shares during the last quarter. Diversified Trust Co increased its stake in shares of ESAB by 31.4% in 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 during the period. Finally, Bessemer Group Inc. raised its holdings in ESAB by 3.5% during the 1st quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock valued at $1,729,000 after buying an additional 506 shares during the last quarter. Institutional investors own 91.13% of the company's stock.

ESAB Stock Up 1.4%

ESAB stock traded up $1.72 during trading hours on Thursday, hitting $128.19. 221,223 shares of the stock traded hands, compared to its average volume of 276,199. ESAB Corporation has a one year low of $88.54 and a one year high of $135.97. The firm's 50-day moving average price is $124.00 and its two-hundred day moving average price is $121.37. The company has a current ratio of 1.91, a quick ratio of 1.24 and a debt-to-equity ratio of 0.54. The company has a market cap of $7.77 billion, a PE ratio of 28.87, a PEG ratio of 3.09 and a beta of 1.26.

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

ESAB Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.31%. The ex-dividend date is Thursday, July 3rd. This is a boost from ESAB's previous quarterly dividend of $0.08. ESAB's payout ratio is 9.01%.

Insider Transactions at ESAB

In related news, insider Olivier Biebuyck sold 1,417 shares of the stock in a transaction dated 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 transaction, the insider directly owned 14,989 shares in the company, valued at $1,965,807.35. This trade represents a 8.64% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 1,500 shares of the business's stock in a transaction dated 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. 7.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

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

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.