Bessemer Group Inc. Has $118.47 Million Position in ESAB Corporation $ESAB

Key Points

• Bessemer Group Inc. increased its ESAB stake by 16.3% in the first quarter, ending with 1,225,702 shares worth about $118.5 million, or roughly 2.01% of the company.
• ESAB shares were down 2.2% in Friday trading, and the stock has ranged between a $82.18 low and a $137.42 high over the past year.
• The company raised its quarterly dividend to $0.12 per share from $0.10, while analysts remain generally positive with a Moderate Buy consensus and an average price target of $139.50.

Bessemer Group Inc. boosted its position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 16.3% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,225,702 shares of the company's stock after buying an additional 171,926 shares during the quarter. Bessemer Group Inc. owned approximately 2.01% of ESAB worth $118,475,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ESAB. FNY Investment Advisers LLC acquired a new stake in ESAB in the third quarter worth about $30,000. Los Angeles Capital Management LLC bought a new position in shares of ESAB in the 4th quarter valued at about $33,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of ESAB by 109.4% in 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 grew its position in shares of ESAB by 259.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company's stock worth $43,000 after buying an additional 275 shares during the period. Finally, Global Retirement Partners LLC grew its position in shares of ESAB by 3,023.1% during the 4th quarter. Global Retirement Partners LLC now owns 406 shares of the company's stock worth $45,000 after buying an additional 393 shares during the period. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Trading Down 2.2%

NYSE ESAB opened at $89.77 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.97 and a quick ratio of 2.26. The stock's 50-day moving average is $92.84 and its 200-day moving average is $105.25. ESAB Corporation has a one year low of $82.18 and a one year high of $137.42. The firm has a market cap of $5.47 billion, a P/E ratio of 26.56, a P/E/G ratio of 1.69 and a beta of 1.17.

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

ESAB Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a dividend of $0.12 per share. This is a boost from ESAB's previous quarterly dividend of $0.10. The ex-dividend date was Thursday, July 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. ESAB's dividend payout ratio is currently 14.20%.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on ESAB shares. JPMorgan Chase & Co. reduced their price objective on shares of ESAB from $148.00 to $135.00 and set an "overweight" rating on the stock in a research note on Friday, April 10th. Roth Capital increased their price target on ESAB from $142.00 to $151.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Wall Street Zen lowered ESAB from a "buy" rating to a "hold" rating in a research report on Saturday, March 21st. Weiss Ratings cut ESAB from a "hold (c+)" rating to a "hold (c)" rating in a research note on Monday, April 27th. Finally, Oppenheimer reissued an "outperform" rating and issued a $140.00 target price on shares of ESAB in a research note on Tuesday, April 14th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, ESAB presently has an average rating of "Moderate Buy" and an average price target of $139.50.

ESAB 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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