Envestnet Asset Management Inc. Purchases 20,816 Shares of ESAB Corporation (NYSE:ESAB)

Envestnet Asset Management Inc. increased its position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 24.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 107,604 shares of the company's stock after purchasing an additional 20,816 shares during the period. Envestnet Asset Management Inc. owned 0.18% of ESAB worth $12,536,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Bessemer Group Inc. grew its holdings in ESAB by 3.5% during the 1st quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock worth $1,729,000 after acquiring an additional 506 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of ESAB by 37.7% in the first quarter. GAMMA Investing LLC now owns 756 shares of the company's stock worth $88,000 after buying an additional 207 shares during the period. Advantage Alpha Capital Partners LP boosted its holdings in shares of ESAB by 8.5% during the 4th quarter. Advantage Alpha Capital Partners LP now owns 32,775 shares of the company's stock valued at $3,931,000 after buying an additional 2,571 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of ESAB during the 1st quarter valued at approximately $590,000. Finally, Farther Finance Advisors LLC increased its position in ESAB by 1,128.9% in the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock worth $56,000 after purchasing an additional 429 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

ESAB Trading Down 1.5%

NYSE ESAB traded down $1.91 during trading hours on Monday, hitting $128.08. The company's stock had a trading volume of 263,036 shares, compared to its average volume of 276,994. The firm has a market capitalization of $7.76 billion, a P/E ratio of 28.85, a PEG ratio of 3.17 and a beta of 1.26. ESAB Corporation has a twelve month low of $88.54 and a twelve month high of $135.97. The stock has a fifty day moving average of $124.57 and a 200 day moving average of $121.69. The company has a quick ratio of 1.24, a current ratio of 1.91 and a debt-to-equity ratio of 0.54.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings results on Thursday, May 1st. The company reported $1.25 earnings per share for the quarter, beating analysts' consensus estimates of $1.18 by $0.07. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The firm had revenue of $678.14 million during the quarter, compared to analysts' expectations of $633.66 million. During the same period in the previous year, the company earned $1.20 earnings per share. ESAB's quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts forecast that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.31%. The ex-dividend date of this dividend was Thursday, July 3rd. This is a boost from ESAB's previous quarterly dividend of $0.08. ESAB's dividend payout ratio (DPR) is 9.01%.

Insiders Place Their Bets

In other ESAB news, Director Rhonda L. Jordan sold 1,500 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $126.42, for a total value of $189,630.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Olivier Biebuyck sold 1,417 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $131.15, for a total transaction of $185,839.55. Following the completion of the transaction, the insider directly owned 14,989 shares in the company, valued at $1,965,807.35. This trade represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 7.30% of the company's stock.

Wall Street Analysts Forecast Growth

ESAB has been the topic of a number of recent research reports. UBS Group upgraded shares of ESAB from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $123.00 to $147.00 in a research note on Tuesday, April 1st. Robert W. Baird set a $143.00 price objective on ESAB in a research note on Friday, May 2nd. Stifel Nicolaus lifted their target price on ESAB from $126.00 to $141.00 and gave the company a "hold" rating in a research report on Monday. Finally, Evercore ISI lifted their target price on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $138.89.

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.