Charles Schwab Investment Management Inc. Cuts Stake in ESAB Corporation $ESAB

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in ESAB Corporation by 3.1%, now owning 502,411 shares valued at approximately $58.5 million.
• A significant portion of institutional investors and hedge funds collectively hold 91.13% of ESAB's stock, indicating strong institutional interest.
• ESAB reported earnings per share (EPS) of $1.36 for the most recent quarter, exceeding analyst expectations of $1.34.

Charles Schwab Investment Management Inc. lessened its position in ESAB Corporation (NYSE:ESAB - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 502,411 shares of the company's stock after selling 16,301 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.83% of ESAB worth $58,531,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of ESAB. Bank of New York Mellon Corp increased its holdings in 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 period. Price T Rowe Associates Inc. MD increased its holdings in shares of ESAB by 3.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company's stock valued at $904,118,000 after acquiring an additional 225,345 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of ESAB by 15,942.6% in the 1st quarter. GAMMA Investing LLC now owns 88,074 shares of the company's stock valued at $10,261,000 after purchasing an additional 87,525 shares during the period. Northern Trust Corp boosted its position in shares of ESAB by 15.7% in the 4th quarter. Northern Trust Corp now owns 541,561 shares of the company's stock valued at $64,955,000 after purchasing an additional 73,405 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of ESAB in the 1st quarter valued at about $6,611,000. Hedge funds and other institutional investors own 91.13% of the company's stock.

ESAB Trading Down 0.9%

ESAB stock traded down $0.9970 during midday trading on Wednesday, reaching $112.3130. The stock had a trading volume of 476,544 shares, compared to its average volume of 491,289. ESAB Corporation has a twelve month low of $93.15 and a twelve month high of $135.97. The stock has a market capitalization of $6.82 billion, a PE ratio of 26.87, a price-to-earnings-growth ratio of 2.71 and a beta of 1.27. 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 stock's 50-day simple moving average is $122.77 and its 200 day simple moving average is $121.81.

ESAB (NYSE:ESAB - Get Free Report) last issued its 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 return on equity of 16.32% and a net margin of 9.36%.The firm had revenue of $715.59 million for the quarter, compared to analysts' expectations of $670.80 million. During the same quarter last year, the firm earned $1.32 earnings per share. The firm's revenue for the quarter was up 1.3% compared to the same quarter last year. Analysts expect that ESAB Corporation will post 5.16 EPS for the current year.

Insiders Place Their Bets

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the firm's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider directly owned 14,989 shares of the company's stock, valued at $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the firm's stock in a transaction dated 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. Insiders sold 7,007 shares of company stock worth $841,630 in the last quarter. 7.30% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Evercore ISI increased their price objective on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. JPMorgan Chase & Co. cut their target price on ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Zacks Research downgraded ESAB from a "strong-buy" rating to a "hold" rating in a research note on Monday. Stifel Nicolaus raised ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target for the company in a research report on Thursday, August 7th. Finally, Robert W. Baird set a $143.00 price target on ESAB in a research report on Friday, May 2nd. Five equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $137.88.

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.