Durable Capital Partners LP Makes New $114.07 Million Investment in ESAB Corporation $ESAB

Key Points

• Durable Capital Partners LP has acquired a new stake in ESAB Corporation, purchasing 979,119 shares valued at approximately $114 million, which constitutes about 1.62% of the company.
• Shares of ESAB were reported down by 1.2%, with the company having a market cap of $7.01 billion and a notable price-to-earnings ratio of 27.62.
• In recent earnings, ESAB surpassed analysts' expectations by reporting an EPS of $1.36, up from $1.32 in the same quarter last year, and generated revenue of approximately $715.59 million.

Durable Capital Partners LP purchased a new stake in ESAB Corporation (NYSE:ESAB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 979,119 shares of the company's stock, valued at approximately $114,067,000. Durable Capital Partners LP owned 1.62% of ESAB as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in ESAB by 3.5% in the first quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock valued at $1,729,000 after buying an additional 506 shares during the period. GAMMA Investing LLC raised its stake in shares of ESAB by 37.7% during the first quarter. GAMMA Investing LLC now owns 756 shares of the company's stock valued at $88,000 after purchasing an additional 207 shares during the period. LPL Financial LLC raised its stake in shares of ESAB by 38.3% during the first quarter. LPL Financial LLC now owns 61,466 shares of the company's stock valued at $7,161,000 after purchasing an additional 17,027 shares during the period. Janney Montgomery Scott LLC purchased a new stake in shares of ESAB during the first quarter valued at approximately $590,000. Finally, Cetera Investment Advisers raised its stake in shares of ESAB by 57.2% during the first quarter. Cetera Investment Advisers now owns 23,666 shares of the company's stock valued at $2,757,000 after purchasing an additional 8,610 shares during the period. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Ratings Changes

ESAB has been the topic of a number of analyst reports. Oppenheimer dropped their price objective on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and lifted their price objective for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Stifel Nicolaus upgraded shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price objective on the stock in a research note on Thursday, August 7th. Zacks Research lowered shares of ESAB from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Evercore ISI lifted their price objective on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $141.44.

ESAB Stock Up 1.3%

Shares of NYSE:ESAB traded up $1.52 during midday trading on Friday, reaching $117.94. The company had a trading volume of 236,855 shares, compared to its average volume of 418,595. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26. The stock's fifty day moving average price is $121.78 and its 200-day moving average price is $121.06. The stock has a market capitalization of $7.16 billion, a P/E ratio of 28.22, a PEG ratio of 2.56 and a beta of 1.26. ESAB Corporation has a one year low of $93.15 and a one year high of $135.97.

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

Insiders Place Their Bets

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of ESAB stock in a transaction 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 transaction, the insider owned 14,989 shares of the company's stock, valued at $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of ESAB stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. In the last 90 days, insiders sold 7,007 shares of company stock valued at $841,630. 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.