Bank of New York Mellon Corp Has $95.14 Million Stock Position in ESAB Corporation $ESAB

Key Points

• Bank of New York Mellon increased its ESAB stake by 21.7% in the first quarter, ending with 984,297 shares valued at about $95.1 million. Institutional investors now hold roughly 91.13% of ESAB shares.
• ESAB stock fell 7.5% to $83.01, near its 52-week low of $82.18. The company has a market cap of $5.05 billion and trades below both its 50-day and 200-day moving averages.
• In its latest earnings report, ESAB posted $1.31 EPS, narrowly missing estimates, but revenue rose 10% year over year to $745.6 million. The company also raised its quarterly dividend to $0.12 per share, while analysts maintain a Moderate Buy consensus with a $139 target price.

Bank of New York Mellon Corp boosted its holdings in ESAB Corporation (NYSE:ESAB - Free Report) by 21.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 984,297 shares of the company's stock after buying an additional 175,398 shares during the period. Bank of New York Mellon Corp owned approximately 1.62% of ESAB worth $95,142,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Los Angeles Capital Management LLC acquired a new stake in shares of ESAB in the fourth quarter worth $33,000. Northwestern Mutual Wealth Management Co. raised its stake in ESAB by 109.4% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company's stock valued at $40,000 after purchasing an additional 174 shares during the last quarter. Smartleaf Asset Management LLC boosted its holdings in ESAB by 259.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company's stock valued at $43,000 after purchasing an additional 275 shares during the period. Global Retirement Partners LLC grew its position in ESAB by 3,023.1% in the 4th quarter. Global Retirement Partners LLC now owns 406 shares of the company's stock worth $45,000 after purchasing an additional 393 shares during the last quarter. Finally, UMB Bank n.a. grew its position in ESAB by 185.3% in the 4th quarter. UMB Bank n.a. now owns 642 shares of the company's stock worth $72,000 after purchasing an additional 417 shares during the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Trading Down 7.5%

Shares of ESAB stock opened at $83.01 on Tuesday. The firm has a fifty day moving average of $92.57 and a 200-day moving average of $104.98. The stock has a market cap of $5.05 billion, a price-to-earnings ratio of 24.56, a P/E/G ratio of 1.65 and a beta of 1.17. ESAB Corporation has a 52-week low of $82.18 and a 52-week high of $137.42. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.26 and a current ratio of 2.97.

ESAB (NYSE:ESAB - Get Free Report) last issued its earnings results on Thursday, May 7th. The company reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business had revenue of $745.60 million for the quarter, compared to analyst estimates of $706.74 million. During the same quarter last year, the firm posted $1.25 earnings per share. ESAB's revenue was up 10.0% on a year-over-year basis. On average, equities research analysts forecast that ESAB Corporation will post 5.79 earnings per share for the current fiscal year.

ESAB Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were paid a $0.12 dividend. The ex-dividend date was Thursday, July 2nd. This represents a $0.48 annualized dividend and a dividend yield of 0.6%. This is an increase from ESAB's previous quarterly dividend of $0.10. ESAB's dividend payout ratio is currently 14.20%.

Analyst Ratings Changes

ESAB has been the subject of a number of research analyst reports. Oppenheimer reaffirmed an "outperform" rating and set a $140.00 price objective on shares of ESAB in a research report on Tuesday, April 14th. JPMorgan Chase & Co. decreased their target price on ESAB from $148.00 to $135.00 and set an "overweight" rating on the stock in a research report on Friday, April 10th. Weiss Ratings cut ESAB from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, April 27th. Jefferies Financial Group reiterated a "buy" rating and issued a $130.00 price objective (down from $150.00) on shares of ESAB in a research report on Tuesday, March 31st. Finally, Stifel Nicolaus reduced their price objective on ESAB from $141.00 to $137.00 and set a "buy" rating for the company in a research report on Monday. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $139.00.

ESAB Company Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company's products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.

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