312,574 Shares in ESAB Corporation $ESAB Bought by Driehaus Capital Management LLC

Key Points

• Driehaus Capital Management LLC acquired 312,574 shares of ESAB Corporation, valued at approximately $36.4 million, representing 0.52% ownership of the company.
• ESAB reported earnings of $1.36 per share for the quarter, beating analysts' estimates, while revenue increased to $715.59 million compared to $670.80 million expected.
• Analyst ratings for ESAB show a consensus of Moderate Buy with an average target price of $140.38, indicating growth potential amidst recent share price adjustments.

Driehaus Capital Management LLC bought a new stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 312,574 shares of the company's stock, valued at approximately $36,415,000. Driehaus Capital Management LLC owned 0.52% of ESAB at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Bessemer Group Inc. boosted its position in ESAB by 3.5% during the first quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock worth $1,729,000 after purchasing an additional 506 shares during the period. GAMMA Investing LLC boosted its position in shares of ESAB by 37.7% in the first quarter. GAMMA Investing LLC now owns 756 shares of the company's stock valued at $88,000 after acquiring an additional 207 shares during the period. LPL Financial LLC boosted its position in shares of ESAB by 38.3% in the first quarter. LPL Financial LLC now owns 61,466 shares of the company's stock valued at $7,161,000 after acquiring an additional 17,027 shares during the period. Janney Montgomery Scott LLC bought a new stake in shares of ESAB in the first quarter valued at about $590,000. Finally, Cetera Investment Advisers boosted its position in shares of ESAB by 57.2% in the first quarter. Cetera Investment Advisers now owns 23,666 shares of the company's stock valued at $2,757,000 after acquiring an additional 8,610 shares during the period. 91.13% of the stock is currently owned by institutional investors and hedge funds.

ESAB Price Performance

ESAB stock traded down $0.65 during midday trading on Tuesday, reaching $114.72. 251,109 shares of the stock traded hands, compared to its average volume of 327,558. The stock's fifty day moving average is $122.11 and its 200-day moving average is $121.34. ESAB Corporation has a 12 month low of $93.15 and a 12 month high of $135.97. The stock has a market cap of $6.96 billion, a P/E ratio of 27.45, a PEG ratio of 2.53 and a beta of 1.26. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50.

ESAB (NYSE:ESAB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping analysts' consensus estimates of $1.34 by $0.02. The firm had revenue of $715.59 million during the quarter, compared to analysts' expectations of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The company's quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.32 EPS. As a group, equities research analysts anticipate that ESAB Corporation will post 5.16 EPS for the current year.

Analysts Set New Price Targets

ESAB has been the topic of several analyst reports. Zacks Research cut ESAB from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Evercore ISI increased their price target on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a report on Monday, May 19th. Oppenheimer cut their price target on ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. JPMorgan Chase & Co. cut their target price on ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a report on Thursday, August 7th. Finally, Loop Capital upgraded ESAB from a "hold" rating to a "buy" rating and increased their target price for the stock from $130.00 to $140.00 in a report on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $140.38.

Insider Activity

In related news, Director Rhonda L. Jordan sold 4,067 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total value of $459,774.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the sale, the insider owned 14,989 shares of the company's stock, valued at $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 7,007 shares of company stock worth $841,630. Company insiders own 7.30% of the company's stock.

About ESAB

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.