ESAB Corporation $ESAB Stock: Van Berkom & Associates Inc. Increases Stake

Key Points

• Van Berkom & Associates increased its ESAB stake 24.4% in the third quarter, adding 161,317 shares to hold 821,499 shares worth about $54.1 million. Institutional investors collectively own 91.13% of the company.
• ESAB’s quarterly revenue rose 13.3% year over year to $824.5 million, beating analysts’ expectations, while earnings per share of $1.30 fell short of the $1.33 consensus.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $118.14; seven rate the stock a Buy and one a Hold.

Van Berkom & Associates Inc. raised its position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 24.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 821,499 shares of the company's stock after buying an additional 161,317 shares during the quarter. Van Berkom & Associates Inc. owned about 1.32% of ESAB worth $54,120,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. BlackRock Inc. bought a new position in shares of ESAB during the 2nd quarter worth approximately $524,533,000. Cooke & Bieler LP boosted its stake in ESAB by 73.3% in the third quarter. Cooke & Bieler LP now owns 2,200,682 shares of the company's stock valued at $144,981,000 after acquiring an additional 930,955 shares in the last quarter. Bessemer Group Inc. grew its holdings in ESAB by 16.3% in the first quarter. Bessemer Group Inc. now owns 1,225,702 shares of the company's stock worth $118,475,000 after purchasing an additional 171,926 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in ESAB by 2.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,215,909 shares of the company's stock worth $117,500,000 after purchasing an additional 34,383 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in ESAB by 21.7% in the first quarter. Bank of New York Mellon Corp now owns 984,297 shares of the company's stock worth $95,142,000 after purchasing an additional 175,398 shares during the last quarter. 91.13% of the stock is currently owned by institutional investors.

ESAB Trading Up 8.6%

NYSE:ESAB opened at $89.93 on Tuesday. ESAB Corporation has a 12 month low of $62.74 and a 12 month high of $137.42. The firm has a fifty day simple moving average of $70.19 and a 200-day simple moving average of $92.38. The company has a current ratio of 1.92, a quick ratio of 1.22 and a debt-to-equity ratio of 0.95. The company has a market capitalization of $5.59 billion, a P/E ratio of 14.81, a PEG ratio of 1.27 and a beta of 1.17.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings data on Wednesday, November 4th. The company reported $1.30 earnings per share for the quarter, missing analysts' consensus estimates of $1.33 by ($0.03). ESAB had a net margin of 5.05% and a return on equity of 14.17%. The company had revenue of $824.52 million for the quarter, compared to analysts' expectations of $786.68 million. During the same period last year, the firm earned $1.32 earnings per share. ESAB's quarterly revenue was up 13.3% compared to the same quarter last year. On average, equities research analysts anticipate that ESAB Corporation will post 5.34 earnings per share for the current year.

ESAB Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Friday, October 2nd were paid a dividend of $0.12 per share. This represents a $0.48 annualized dividend and a yield of 0.5%. The ex-dividend date was Friday, October 2nd. ESAB's payout ratio is presently 19.43%.

Insiders Place Their Bets

In other news, Director Rhonda L. Jordan sold 3,733 shares of the stock in a transaction dated Thursday, November 5th. The stock was sold at an average price of $78.86, for a total value of $294,384.38. Following the transaction, the director directly owned 3,733 shares of the company's stock, valued at approximately $294,384.38. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 7.20% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ESAB. JPMorgan Chase & Co. decreased their price objective on ESAB from $125.00 to $95.00 and set an "overweight" rating for the company in a report on Thursday, October 8th. Oppenheimer lowered their price objective on ESAB from $135.00 to $110.00 and set an "outperform" rating for the company in a research report on Wednesday, October 21st. UBS Group dropped their target price on ESAB from $145.00 to $115.00 and set a "buy" rating on the stock in a research note on Thursday, November 5th. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of ESAB in a research report on Wednesday, November 4th. Finally, Stifel Nicolaus set a $114.00 target price on ESAB in a research report on Monday, October 19th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $118.14.

ESAB Profile

ESAB Corporation NYSE: ESAB develops and supplies equipment, consumables and digital solutions for welding and cutting. Its products include welding power sources, filler metals, automated welding systems, plasma and gas cutting equipment, and gas control products used in manufacturing, construction, energy and other industrial markets.

The company serves customers around the world through a network of manufacturing, sales and distribution operations. Its brands include ESAB and Victor, and its offerings also cover software and services that support welding and cutting workflows.

ESAB traces its origins to 1904, when Swedish engineer Oscar Kjellberg founded the company and developed a coated welding electrode.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.