ESAB Corporation $ESAB Shares Sold by Tudor Investment Corp ET AL

Key Points

• Tudor Investment cut its stake in ESAB by 49.5% (selling 24,138 shares) and CEO Shyam Kambeyanda sold 59,404 shares (a 37.3% reduction, ~$7.35M), indicating significant insider and institutional selling even as institutional ownership sits at 91.13%.
• ESAB slightly beat quarterly EPS expectations ($1.35 vs. $1.34) with revenue of $687M (up 7.5% YoY); analysts have trimmed price targets but the consensus rating is a Moderate Buy with an average target of $139.33.

Tudor Investment Corp ET AL trimmed its stake in ESAB Corporation (NYSE:ESAB - Free Report) by 49.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,587 shares of the company's stock after selling 24,138 shares during the quarter. Tudor Investment Corp ET AL's holdings in ESAB were worth $2,747,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Diamond Hill Capital Management Inc. raised its holdings in shares of ESAB by 8.3% in the third quarter. Diamond Hill Capital Management Inc. now owns 168,668 shares of the company's stock worth $18,847,000 after acquiring an additional 12,894 shares during the last quarter. Van Berkom & Associates Inc. raised its holdings in shares of ESAB by 28.6% in the third quarter. Van Berkom & Associates Inc. now owns 716,405 shares of the company's stock worth $80,051,000 after acquiring an additional 159,539 shares during the last quarter. Oppenheimer & Co. Inc. acquired a new position in shares of ESAB in the third quarter worth $1,126,000. Citigroup Inc. raised its holdings in shares of ESAB by 72.4% in the third quarter. Citigroup Inc. now owns 64,965 shares of the company's stock worth $7,259,000 after acquiring an additional 27,272 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of ESAB by 9.5% in the third quarter. Mitsubishi UFJ Trust & Banking Corp now owns 122,631 shares of the company's stock worth $13,703,000 after acquiring an additional 10,592 shares during the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

Insider Activity at ESAB

In other ESAB news, CEO Shyam Kambeyanda sold 59,404 shares of the business's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $123.79, for a total transaction of $7,353,621.16. Following the completion of the sale, the chief executive officer owned 99,864 shares of the company's stock, valued at approximately $12,362,164.56. The trade was a 37.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.20% of the stock is currently owned by corporate insiders.

ESAB Price Performance

Shares of NYSE:ESAB opened at $101.71 on Friday. The company has a market cap of $6.19 billion, a P/E ratio of 27.49, a P/E/G ratio of 1.88 and a beta of 1.36. The company has a quick ratio of 1.17, a current ratio of 1.90 and a debt-to-equity ratio of 0.56. ESAB Corporation has a 52 week low of $89.41 and a 52 week high of $137.42. The business has a fifty day simple moving average of $112.48 and a 200-day simple moving average of $114.23.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings data on Friday, February 20th. The company reported $1.35 EPS for the quarter, beating analysts' consensus estimates of $1.34 by $0.01. The business had revenue of $687.00 million during the quarter, compared to the consensus estimate of $687.80 million. ESAB had a return on equity of 15.38% and a net margin of 7.98%.The business's revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.28 earnings per share. Equities research analysts forecast that ESAB Corporation will post 5.16 EPS for the current year.

ESAB Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 17th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, April 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. ESAB's payout ratio is currently 10.81%.

Analyst Ratings Changes

A number of research firms have recently weighed in on ESAB. JPMorgan Chase & Co. cut their price target on ESAB from $148.00 to $135.00 and set an "overweight" rating for the company in a report on Friday. Stifel Nicolaus cut their price target on ESAB from $158.00 to $138.00 and set a "buy" rating for the company in a report on Wednesday. Jefferies Financial Group reissued a "buy" rating and issued a $130.00 price target (down from $150.00) on shares of ESAB in a report on Tuesday, March 31st. Oppenheimer lifted their price objective on ESAB from $142.00 to $148.00 and gave the company an "outperform" rating in a research report on Friday, January 23rd. Finally, Weiss Ratings downgraded ESAB from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday, February 20th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $139.33.

ESAB Company Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company's products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.

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