Canada Pension Plan Investment Board bought a new position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 14,600 shares of the industrial products company's stock, valued at approximately $3,876,000.
A number of other institutional investors have also added to or reduced their stakes in LECO. Castleark Management LLC bought a new stake in Lincoln Electric in the second quarter worth about $1,779,000. Legal & General Group Plc purchased a new stake in Lincoln Electric in the 2nd quarter worth approximately $15,438,000. The Manufacturers Life Insurance Company bought a new position in Lincoln Electric in the 2nd quarter worth about $1,858,000. Sone Capital Management LLC bought a new position in shares of Lincoln Electric in the 2nd quarter worth $13,858,000. Finally, Veratis Advisors Inc. purchased a new position in shares of Lincoln Electric during the 2nd quarter valued at about $8,709,000. 79.61% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of brokerages have commented on LECO. Morgan Stanley raised Lincoln Electric from an "underweight" rating to an "equal weight" rating and lifted their price target for the stock from $257.00 to $283.00 in a research note on Monday, August 10th. UBS Group began coverage on shares of Lincoln Electric in a research report on Monday, August 10th. They set a "buy" rating and a $340.00 price target for the company. Weiss Ratings raised shares of Lincoln Electric from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, July 10th. Wall Street Zen upgraded shares of Lincoln Electric from a "hold" rating to a "buy" rating in a report on Sunday. Finally, DA Davidson assumed coverage on shares of Lincoln Electric in a research report on Tuesday, June 16th. They set a "buy" rating and a $320.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $307.22.
Get Our Latest Analysis on Lincoln Electric
Lincoln Electric Trading Up 1.0%
NASDAQ LECO traded up $2.60 during trading hours on Monday, reaching $259.80. The company had a trading volume of 124,872 shares, compared to its average volume of 387,812. The company has a current ratio of 1.98, a quick ratio of 1.20 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $14.16 billion, a P/E ratio of 25.93, a price-to-earnings-growth ratio of 1.54 and a beta of 1.21. The stock has a 50-day moving average of $268.47 and a 200 day moving average of $263.38. Lincoln Electric Holdings, Inc. has a 1-year low of $216.22 and a 1-year high of $310.00.
Lincoln Electric (NASDAQ:LECO - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The industrial products company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.81 by $0.12. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The firm had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the business posted $2.60 EPS. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, research analysts anticipate that Lincoln Electric Holdings, Inc. will post 11.16 earnings per share for the current fiscal year.
Lincoln Electric Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Wednesday, September 30th. Lincoln Electric's dividend payout ratio (DPR) is 31.57%.
About Lincoln Electric
(
Free Report)
Lincoln Electric Holdings, Inc NASDAQ: LECO is a Cleveland, Ohio-based manufacturer of welding, cutting and automation products. Founded in 1895 by John C. Lincoln, the company serves industrial, construction, energy, transportation and other end markets that use fabrication and joining technologies.
Its product portfolio includes arc-welding machines, welding consumables such as electrodes and wire, plasma and oxyfuel cutting equipment, robotic welding systems, and related automation solutions.
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