Cibc World Market Inc. Takes Position in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Institutional interest remains high: Cibc World Market purchased 12,298 Lincoln Electric shares worth about $435,000, while institutional investors and hedge funds collectively own 79.61% of the stock.
• Lincoln Electric exceeded quarterly expectations: The company reported earnings of $2.93 per share versus the $2.81 consensus estimate, with revenue rising 12% year over year to $1.22 billion.
• Analyst sentiment is moderately bullish: Lincoln Electric carries a “Moderate Buy” consensus rating with an average price target of $307.22, and the company declared a quarterly dividend of $0.79 per share, representing a 1.1% yield.

Cibc World Market Inc. purchased a new stake in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 12,298 shares of the industrial products company's stock, valued at approximately $435,000.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Lincoln Electric in the second quarter worth about $656,165,000. Diamant Asset Management Inc. grew its stake in shares of Lincoln Electric by 24,685.8% during 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 purchasing an additional 3,824,077 shares during the last quarter. Norges Bank acquired a new stake in shares of Lincoln Electric in the fourth quarter valued at approximately $415,155,000. Algebris UK Ltd. bought a new position in Lincoln Electric in the 2nd quarter worth approximately $44,811,000. Finally, Advisors Capital Management LLC bought a new position in Lincoln Electric in the 2nd quarter worth approximately $21,914,000. Institutional investors and hedge funds own 79.61% of the company's stock.

Insider Buying and Selling

In other Lincoln Electric news, EVP Michael J. Whitehead sold 845 shares of Lincoln Electric 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 transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $2,560,954.39. The trade was a 8.31% decrease in their ownership of the stock. The transaction 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 Stock Down 1.7%

Shares of NASDAQ LECO opened at $284.89 on Friday. Lincoln Electric Holdings, Inc. has a 52-week low of $216.22 and a 52-week high of $310.00. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.20 and a current ratio of 1.98. The stock has a market cap of $15.53 billion, a P/E ratio of 28.46, a P/E/G ratio of 1.74 and a beta of 1.20. The firm has a 50 day moving average price of $267.37 and a 200 day moving average price of $266.10.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last posted its earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share for the quarter, topping the consensus estimate of $2.81 by $0.12. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period last year, the business posted $2.60 earnings per share. Analysts expect that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current year.

Lincoln Electric Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, September 30th. Lincoln Electric's dividend payout ratio (DPR) is presently 31.57%.

Analyst Ratings Changes

A number of brokerages have commented on LECO. Weiss Ratings upgraded Lincoln Electric from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 10th. Morgan Stanley raised Lincoln Electric from an "underweight" rating to an "equal weight" rating and upped their price target for the company from $257.00 to $283.00 in a research note on Monday, August 10th. Barclays lifted their price objective on Lincoln Electric from $280.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Stifel Nicolaus set a $275.00 target price on shares of Lincoln Electric in a research report on Friday, May 1st. Finally, DA Davidson began coverage on shares of Lincoln Electric in a research note on Tuesday, June 16th. They issued a "buy" rating and a $320.00 target price on the stock. One 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 stock. According to MarketBeat.com, Lincoln Electric has an average rating of "Moderate Buy" and an average price target of $307.22.

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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