Carnegie Investment Counsel Reduces Stock Position in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Carnegie Investment Counsel cut its stake in Lincoln Electric by 6.6% in the first quarter, selling 5,315 shares and leaving it with 74,643 shares worth about $18.6 million.
• Lincoln Electric reported strong quarterly results, with EPS of $2.50 beating estimates and revenue rising 11.7% year over year to $1.12 billion.
• The company also announced a quarterly dividend of $0.79 per share payable July 15, while analysts currently rate the stock a consensus Hold with an average price target of $299.

Carnegie Investment Counsel decreased its holdings in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) by 6.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 74,643 shares of the industrial products company's stock after selling 5,315 shares during the period. Carnegie Investment Counsel owned about 0.14% of Lincoln Electric worth $18,592,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in LECO. Hilltop Holdings Inc. grew its stake in Lincoln Electric by 2.5% in the 4th quarter. Hilltop Holdings Inc. now owns 1,832 shares of the industrial products company's stock worth $439,000 after acquiring an additional 45 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Lincoln Electric by 1.2% in the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,361 shares of the industrial products company's stock worth $1,045,000 after acquiring an additional 52 shares during the period. Sumitomo Life Insurance Co. lifted its position in shares of Lincoln Electric by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 4,314 shares of the industrial products company's stock worth $1,034,000 after purchasing an additional 52 shares during the period. Jackson Thornton Wealth Management LLC raised its stake in Lincoln Electric by 4.6% in the first quarter. Jackson Thornton Wealth Management LLC now owns 1,241 shares of the industrial products company's stock worth $318,000 after buying an additional 55 shares in the last quarter. Finally, Versor Investments LP increased its holdings in shares of Lincoln Electric by 4.2% in the 4th quarter. Versor Investments LP now owns 1,563 shares of the industrial products company's stock valued at $375,000 after acquiring an additional 63 shares during the period. 79.61% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Stifel Nicolaus set a $275.00 price target on Lincoln Electric in a report on Friday, May 1st. DA Davidson began coverage on Lincoln Electric in a research report on Tuesday, June 16th. They issued a "buy" rating and a $320.00 price objective on the stock. Weiss Ratings upgraded Lincoln Electric from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 16th. Morgan Stanley restated an "underweight" rating and issued a $250.00 price objective on shares of Lincoln Electric in a research report on Monday, May 4th. Finally, Jefferies Financial Group reiterated a "hold" rating and set a $280.00 target price (down from $350.00) on shares of Lincoln Electric in a research report on Tuesday, March 31st. Five research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $299.00.

Lincoln Electric Price Performance

NASDAQ:LECO traded up $4.62 during trading hours on Friday, hitting $250.97. 212,634 shares of the stock were exchanged, compared to its average volume of 375,062. Lincoln Electric Holdings, Inc. has a 52-week low of $214.06 and a 52-week high of $310.00. The firm's fifty day moving average price is $263.21 and its 200 day moving average price is $262.83. The company has a current ratio of 1.83, a quick ratio of 1.15 and a debt-to-equity ratio of 0.76. The company has a market cap of $13.75 billion, a P/E ratio of 25.90, a P/E/G ratio of 1.55 and a beta of 1.20.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last released its earnings results on Thursday, April 30th. The industrial products company reported $2.50 earnings per share for the quarter, beating the consensus estimate of $2.42 by $0.08. Lincoln Electric had a return on equity of 39.33% and a net margin of 12.38%.The business had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the business posted $2.16 earnings per share. The business's quarterly revenue was up 11.7% compared to the same quarter last year. As a group, equities research analysts anticipate that Lincoln Electric Holdings, Inc. will post 10.82 EPS for the current fiscal year.

Lincoln Electric Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend is Tuesday, June 30th. Lincoln Electric's payout ratio is presently 32.61%.

Insiders Place Their Bets

In related news, EVP Michael J. Whitehead sold 845 shares of the stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $2,560,954.39. This represents a 8.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.68% of the company's stock.

Lincoln Electric Company Profile

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.

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