ESAB Corporation $ESAB Shares Acquired by First Citizens Bank & Trust Co.

Key Points

• First Citizens Bank & Trust Co. increased its holdings in ESAB Corporation by 266.0%, acquiring a total of 7,861 shares worth approximately $948,000.
• ESAB reported a quarterly earnings per share of $1.36, beating analysts' expectations and showcasing a 1.3% year-over-year revenue increase.
• The company recently announced a quarterly dividend of $0.10 per share, translating to an annualized yield of 0.3%.

First Citizens Bank & Trust Co. lifted its holdings in ESAB Corporation (NYSE:ESAB - Free Report) by 266.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,861 shares of the company's stock after buying an additional 5,713 shares during the period. First Citizens Bank & Trust Co.'s holdings in ESAB were worth $948,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Durable Capital Partners LP purchased a new position in ESAB in the 1st quarter worth approximately $114,067,000. Champlain Investment Partners LLC increased its holdings in shares of ESAB by 42.0% in the first quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company's stock valued at $224,740,000 after purchasing an additional 570,895 shares during the last quarter. Bank of New York Mellon Corp lifted its position in ESAB by 101.5% during the first quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company's stock worth $102,605,000 after buying an additional 443,574 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in ESAB during the first quarter worth $36,415,000. Finally, Interval Partners LP purchased a new stake in ESAB in the 1st quarter valued at $30,769,000. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Roth Capital assumed coverage on ESAB in a report on Friday, September 5th. They set a "buy" rating and a $150.00 price target on the stock. Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and raised their price objective for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Zacks Research downgraded shares of ESAB from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Oppenheimer decreased their target price on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a report on Thursday, August 7th. Finally, Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target for the company in a research note on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, ESAB currently has a consensus rating of "Moderate Buy" and an average price target of $143.11.

ESAB Trading Down 2.8%

NYSE ESAB opened at $119.92 on Friday. 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 has a market capitalization of $7.28 billion, a P/E ratio of 28.69, a PEG ratio of 2.70 and a beta of 1.23. The firm's 50-day moving average is $115.08 and its two-hundred day moving average is $119.95. ESAB Corporation has a 12 month low of $100.17 and a 12 month high of $135.97.

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

ESAB Announces Dividend

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

Insiders Place Their Bets

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total transaction of $192,225.60. Following the transaction, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. This represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of ESAB stock in a transaction on Wednesday, August 13th. The shares were sold at an average price of $113.05, for a total value of $459,774.35. The disclosure for this sale can be found here. 7.30% of the stock is owned by corporate insiders.

ESAB 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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