Canada Pension Plan Investment Board Makes New $3.88 Million Investment in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Canada Pension Plan Investment Board acquired 14,600 Lincoln Electric shares worth approximately $3.88 million in the second quarter. Institutional investors collectively own 79.61% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $307.22; recent targets range from $283 to $340.
• Lincoln Electric exceeded quarterly expectations, reporting $2.93 in EPS versus $2.81 expected and revenue of $1.22 billion, up 12% year over year. The company also declared a quarterly dividend of $0.79 per share, yielding approximately 1.1%.

Canada Pension Plan Investment Board bought a new stake in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 14,600 shares of the industrial products company's stock, valued at approximately $3,876,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. BlackRock Inc. bought a new stake in shares of Lincoln Electric in the second quarter worth $656,165,000. Diamant Asset Management Inc. lifted its holdings in Lincoln Electric by 24,685.8% in the first quarter. Diamant Asset Management Inc. now owns 3,839,568 shares of the industrial products company's stock valued at $956,360,000 after acquiring an additional 3,824,077 shares during the period. Norges Bank purchased a new position in Lincoln Electric in the fourth quarter worth about $415,155,000. Geode Capital Management LLC boosted its position in Lincoln Electric by 0.5% in the fourth quarter. Geode Capital Management LLC now owns 1,306,641 shares of the industrial products company's stock worth $313,175,000 after purchasing an additional 6,070 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Lincoln Electric by 14.1% during the 4th quarter. JPMorgan Chase & Co. now owns 1,280,116 shares of the industrial products company's stock valued at $306,767,000 after purchasing an additional 158,305 shares during the period. 79.61% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LECO. DA Davidson began coverage on shares of Lincoln Electric in a research report on Tuesday, June 16th. They set a "buy" rating and a $320.00 price target for the company. Wall Street Zen upgraded shares of Lincoln Electric from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. UBS Group initiated coverage on shares of Lincoln Electric in a report on Monday, August 10th. They set a "buy" rating and a $340.00 target price for the company. Morgan Stanley upgraded shares of Lincoln Electric from an "underweight" rating to an "equal weight" rating and increased their price target for the stock from $257.00 to $283.00 in a research report on Monday, August 10th. Finally, Weiss Ratings upgraded shares of Lincoln Electric from a "buy (b-)" rating to a "buy (b)" rating in a research note on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $307.22.

Lincoln Electric Price Performance

NASDAQ LECO opened at $284.89 on Monday. Lincoln Electric Holdings, Inc. has a 52 week low of $216.22 and a 52 week high of $310.00. The company has a quick ratio of 1.20, a current ratio of 1.98 and a debt-to-equity ratio of 0.74. The company has a market capitalization of $15.53 billion, a P/E ratio of 28.46, a price-to-earnings-growth ratio of 1.71 and a beta of 1.20. The stock's 50-day moving average price is $267.37 and its 200-day moving average price is $265.88.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The industrial products company reported $2.93 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.81 by $0.12. The company had revenue of $1.22 billion during the quarter, compared to the consensus estimate of $1.17 billion. Lincoln Electric had a return on equity of 39.23% and a net margin of 12.35%.The firm's revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the company posted $2.60 EPS. On average, equities research analysts predict that Lincoln Electric Holdings, Inc. will post 11.13 earnings per share for the current year.

Lincoln Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date is Wednesday, September 30th. Lincoln Electric's dividend payout ratio is presently 31.57%.

Insider Buying and Selling at Lincoln Electric

In other news, EVP Michael J. Whitehead sold 845 shares of the stock in a transaction on Tuesday, June 16th. The shares were sold at an average price of $274.81, for a total value of $232,214.45. Following the completion of the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $2,560,954.39. This represents a 8.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.68% of the stock is currently owned by insiders.

About Lincoln Electric

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source