Castleark Management LLC Acquires New Holdings in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Castleark Management acquired 6,700 Lincoln Electric shares worth approximately $1.78 million in the second quarter. Institutional investors collectively own 79.61% of the company.
• Analyst sentiment is favorable, with a consensus “Moderate Buy” rating and average price target of $307.22; UBS and DA Davidson initiated coverage with “Buy” ratings.
• Lincoln Electric exceeded quarterly expectations, reporting $2.93 in EPS and $1.22 billion in revenue, while revenue grew 12% year over year. The company also declared a quarterly dividend of $0.79 per share, implying a 1.1% yield.

Castleark Management LLC bought a new position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 6,700 shares of the industrial products company's stock, valued at approximately $1,779,000.

A number of other large investors have also added to or reduced their stakes in the stock. NewEdge Advisors LLC boosted its position in Lincoln Electric by 8.6% in the first quarter. NewEdge Advisors LLC now owns 2,477 shares of the industrial products company's stock worth $468,000 after purchasing an additional 197 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in shares of Lincoln Electric by 553.4% in the first quarter. Jones Financial Companies Lllp now owns 1,137 shares of the industrial products company's stock worth $215,000 after buying an additional 963 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Lincoln Electric by 8.9% during the first quarter. Goldman Sachs Group Inc. now owns 362,561 shares of the industrial products company's stock valued at $68,582,000 after buying an additional 29,505 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Lincoln Electric by 8.7% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 137,540 shares of the industrial products company's stock valued at $26,017,000 after buying an additional 10,961 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its holdings in Lincoln Electric by 980.8% during the first quarter. Geneos Wealth Management Inc. now owns 281 shares of the industrial products company's stock valued at $53,000 after buying an additional 255 shares during the last quarter. Institutional investors own 79.61% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Wall Street Zen upgraded shares of Lincoln Electric from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Morgan Stanley upgraded Lincoln Electric from an "underweight" rating to an "equal weight" rating and upped their price objective for the stock from $257.00 to $283.00 in a research note on Monday, August 10th. Stifel Nicolaus set a $275.00 target price on Lincoln Electric in a report on Friday, May 1st. UBS Group assumed coverage on Lincoln Electric in a research report on Monday, August 10th. They set a "buy" rating and a $340.00 target price on the stock. Finally, 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 target for the company. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $307.22.

Insider Transactions at Lincoln Electric

In other Lincoln Electric news, EVP Michael J. Whitehead sold 845 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total transaction of $232,214.45. Following the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $2,560,954.39. This trade represents a 8.31% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.68% of the company's stock.

Lincoln Electric Price Performance

Shares of NASDAQ:LECO opened at $290.12 on Thursday. The company has a market capitalization of $15.81 billion, a P/E ratio of 28.98, a P/E/G ratio of 1.68 and a beta of 1.20. Lincoln Electric Holdings, Inc. has a 1-year low of $216.22 and a 1-year high of $310.00. The firm's 50 day simple moving average is $266.89 and its two-hundred day simple moving average is $266.03. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.98 and a quick ratio of 1.20.

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, topping analysts' consensus estimates of $2.81 by $0.12. The firm had revenue of $1.22 billion during the quarter, compared to analysts' expectations of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The company's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the prior year, the company posted $2.60 earnings per share. Research analysts expect that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current fiscal year.

Lincoln Electric Dividend Announcement

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

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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