Diversified Trust Co boosted its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 31.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,161 shares of the company's stock after purchasing an additional 3,623 shares during the period. Diversified Trust Co's holdings in ESAB were worth $1,766,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its position in ESAB by 3.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company's stock valued at $904,118,000 after purchasing an additional 225,345 shares during the period. Vanguard Group Inc. increased its holdings in ESAB by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 5,546,104 shares of the company's stock valued at $665,200,000 after buying an additional 20,741 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in ESAB by 15.9% during the fourth quarter. JPMorgan Chase & Co. now owns 2,202,568 shares of the company's stock valued at $264,176,000 after buying an additional 302,453 shares during the last quarter. Invesco Ltd. increased its holdings in ESAB by 17.9% during the fourth quarter. Invesco Ltd. now owns 2,097,624 shares of the company's stock valued at $251,589,000 after buying an additional 318,018 shares during the last quarter. Finally, Neuberger Berman Group LLC increased its holdings in ESAB by 1.7% during the fourth quarter. Neuberger Berman Group LLC now owns 1,888,685 shares of the company's stock valued at $226,529,000 after buying an additional 31,248 shares during the last quarter. Institutional investors own 91.13% of the company's stock.
Insider Activity at ESAB
In related news, insider Olivier Biebuyck sold 1,417 shares of the firm's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $131.15, for a total transaction of $185,839.55. Following the completion of the transaction, the insider now directly owns 14,989 shares of the company's stock, valued at approximately $1,965,807.35. This trade represents a 8.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Rhonda L. Jordan sold 1,500 shares of the firm's stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total transaction of $189,630.00. The disclosure for this sale can be found here. 7.30% of the stock is currently owned by corporate insiders.
Analysts Set New Price Targets
A number of brokerages have commented on ESAB. JPMorgan Chase & Co. upped their target price on shares of ESAB from $133.00 to $140.00 and gave the company an "overweight" rating in a report on Tuesday, March 18th. Robert W. Baird set a $143.00 target price on shares of ESAB in a report on Friday, May 2nd. Evercore ISI upped their target price on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a report on Monday, May 19th. UBS Group raised shares of ESAB from a "neutral" rating to a "buy" rating and upped their target price for the company from $123.00 to $147.00 in a report on Tuesday, April 1st. Finally, Stifel Nicolaus increased their price objective on shares of ESAB from $109.00 to $126.00 and gave the stock a "hold" rating in a research note on Friday, May 2nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $137.22.
Read Our Latest Research Report on ESAB
ESAB Stock Performance
Shares of NYSE ESAB opened at $120.67 on Friday. The firm has a fifty day moving average price of $122.76 and a 200-day moving average price of $121.46. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.91 and a quick ratio of 1.24. The stock has a market cap of $7.32 billion, a PE ratio of 27.18, a price-to-earnings-growth ratio of 2.96 and a beta of 1.31. ESAB Corporation has a 1 year low of $88.54 and a 1 year high of $135.97.
ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.18 by $0.07. The firm had revenue of $678.14 million during the quarter, compared to analysts' expectations of $633.66 million. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 earnings per share. Equities analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.
ESAB Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.33%. This is a boost from ESAB's previous quarterly dividend of $0.08. The ex-dividend date is Thursday, July 3rd. ESAB's dividend payout ratio (DPR) is presently 7.21%.
ESAB Company Profile
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Free Report)
ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.
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