ESAB Corporation $ESAB Shares Purchased by DAVENPORT & Co LLC

Key Points

• DAVENPORT & Co LLC increased its stake in ESAB Corporation by 0.4%, owning approximately 1.51% of the company, valued at $110.55 million.
• Analysts have issued mixed ratings for ESAB, with the stock having a consensus rating of "Moderate Buy" and an average target price of $141.44.
• ESAB Corporation announced a quarterly dividend of $0.10 per share, set to be paid on October 17th, while their current dividend yield stands at 0.3%.

DAVENPORT & Co LLC raised its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 916,242 shares of the company's stock after buying an additional 3,483 shares during the quarter. DAVENPORT & Co LLC owned about 1.51% of ESAB worth $110,551,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in the stock. Durable Capital Partners LP acquired a new stake in shares of ESAB during the first quarter valued at $114,067,000. Champlain Investment Partners LLC lifted its holdings in ESAB by 42.0% in the 1st 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of ESAB by 101.5% during the 1st quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company's stock worth $102,605,000 after purchasing an additional 443,574 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of ESAB during the first quarter worth about $36,415,000. Finally, Interval Partners LP acquired a new position in shares of ESAB in the first quarter valued at approximately $30,769,000. 91.13% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages recently issued reports on ESAB. JPMorgan Chase & Co. decreased their target price on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Oppenheimer lowered their price objective on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Loop Capital raised ESAB from a "hold" rating to a "buy" rating and raised their price target for the stock from $130.00 to $140.00 in a research note on Friday, August 22nd. Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price objective for the company in a research note on Thursday, August 7th. Finally, Zacks Research lowered shares of ESAB from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $141.44.

ESAB Stock Performance

Shares of NYSE:ESAB opened at $117.69 on Monday. The business has a 50-day moving average of $115.37 and a two-hundred day moving average of $119.60. The firm has a market capitalization of $7.14 billion, a PE ratio of 28.16, a P/E/G ratio of 2.59 and a beta of 1.23. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26. 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 issued its 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 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 revenue for the quarter 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, research analysts forecast that ESAB Corporation will post 5.16 earnings per share for the current year.

ESAB Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be given a $0.10 dividend. The ex-dividend date of this dividend is Friday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.3%. ESAB's dividend payout ratio is presently 9.57%.

Insiders Place Their Bets

In related news, insider Olivier Biebuyck sold 1,440 shares of the 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 in the company, valued at approximately $2,000,881.61. This represents a 8.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the business'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 disclosure for this sale can be found here. 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.

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