Envestnet Portfolio Solutions Inc. Buys 6,154 Shares of ESAB Corporation $ESAB

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in ESAB Corporation by 154.3%, acquiring 6,154 additional shares, bringing its total holdings to 10,142 shares worth approximately $1.23 million.
• ESAB Corporation reported earnings per share (EPS) of $1.36 for the last quarter, exceeding analyst expectations and witnessing a 1.3% increase in revenue year-over-year.
• The company recently announced a $0.10 quarterly dividend, reflecting a yield of 0.3% and a low payout ratio of 9.57%.

Envestnet Portfolio Solutions Inc. lifted its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 154.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,142 shares of the company's stock after purchasing an additional 6,154 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in ESAB were worth $1,223,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Caitong International Asset Management Co. Ltd bought a new position in shares of ESAB during the 1st quarter worth about $33,000. First Horizon Advisors Inc. boosted its position in shares of ESAB by 204.8% during the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after purchasing an additional 215 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of ESAB by 706.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock worth $42,000 after purchasing an additional 318 shares in the last quarter. Farther Finance Advisors LLC lifted its position in ESAB by 1,128.9% in the 1st quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock valued at $56,000 after acquiring an additional 429 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in ESAB by 37.7% in the 1st quarter. GAMMA Investing LLC now owns 756 shares of the company's stock valued at $88,000 after acquiring an additional 207 shares in the last quarter. Institutional investors own 91.13% of the company's stock.

ESAB Trading Up 0.3%

NYSE:ESAB opened at $121.97 on Friday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 29.18, a price-to-earnings-growth ratio of 2.67 and a beta of 1.23. ESAB Corporation has a 52 week low of $100.17 and a 52 week high of $135.97. The firm has a 50-day moving average price of $114.02 and a two-hundred day moving average price of $119.53.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The firm 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 company's revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the business posted $1.32 EPS. On average, equities analysts expect that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Shareholders of record on Friday, October 3rd were paid a $0.10 dividend. The ex-dividend date was Friday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.3%. ESAB's dividend payout ratio (DPR) is 9.57%.

Insider Activity at ESAB

In other ESAB news, Director Rhonda L. Jordan sold 4,067 shares of the 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Olivier Biebuyck sold 1,440 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the sale, the insider directly owned 14,989 shares of the company's stock, valued at $2,000,881.61. This represents a 8.76% 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

Several brokerages recently weighed in on ESAB. Wall Street Zen cut shares of ESAB from a "buy" rating to a "hold" rating in a research report on Saturday. Zacks Research cut shares of ESAB from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Roth Capital began coverage on shares of ESAB in a research report on Friday, September 5th. They issued a "buy" rating and a $150.00 price target on the stock. Weiss Ratings reaffirmed a "buy (b)" rating on shares of ESAB in a research report on Wednesday, October 8th. Finally, Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target on the stock in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $142.89.

ESAB Company Profile

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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