Fifth Third Bancorp Buys 12,406 Shares of ESAB Corporation $ESAB

Key Points

• Fifth Third Bancorp increased its ESAB stake by 359.4% in the first quarter, buying 12,406 additional shares and bringing its total holding to 15,858 shares worth about $1.53 million.
• Several other institutional investors also changed positions in ESAB, and institutions now own 91.13% of the company’s stock, underscoring heavy institutional interest.
• ESAB’s latest earnings showed mixed results: EPS of $1.31 narrowly missed estimates, while revenue of $745.6 million topped expectations and rose 10% year over year. The company also raised its quarterly dividend to $0.12 from $0.10.

Fifth Third Bancorp raised its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 359.4% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,858 shares of the company's stock after buying an additional 12,406 shares during the quarter. Fifth Third Bancorp's holdings in ESAB were worth $1,533,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in ESAB. Los Angeles Capital Management LLC purchased a new position in ESAB during the fourth quarter valued at approximately $33,000. Northwestern Mutual Wealth Management Co. lifted its stake in ESAB by 109.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company's stock worth $40,000 after purchasing an additional 174 shares in the last quarter. Smartleaf Asset Management LLC boosted its holdings in ESAB by 259.4% in the 4th quarter. Smartleaf Asset Management LLC now owns 381 shares of the company's stock valued at $43,000 after purchasing an additional 275 shares during the period. Global Retirement Partners LLC boosted its holdings in ESAB by 3,023.1% in the 4th quarter. Global Retirement Partners LLC now owns 406 shares of the company's stock valued at $45,000 after purchasing an additional 393 shares during the period. Finally, UMB Bank n.a. grew its position in shares of ESAB by 185.3% during the 4th quarter. UMB Bank n.a. now owns 642 shares of the company's stock valued at $72,000 after purchasing an additional 417 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analyst Ratings Changes

ESAB has been the topic of a number of recent analyst reports. Weiss Ratings downgraded ESAB from a "hold (c+)" rating to a "hold (c)" rating in a research report on Monday, April 27th. Roth Capital boosted their target price on ESAB from $142.00 to $151.00 and gave the stock a "buy" rating in a research report on Tuesday, July 7th. DA Davidson started coverage on ESAB in a research note on Monday, June 15th. They issued a "buy" rating and a $130.00 target price on the stock. Jefferies Financial Group reaffirmed 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. Finally, JPMorgan Chase & Co. dropped their price target on ESAB from $148.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, April 10th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $138.38.

ESAB Stock Down 0.3%

ESAB opened at $83.78 on Friday. The business's fifty day simple moving average is $92.12 and its 200 day simple moving average is $104.40. ESAB Corporation has a 52 week low of $82.18 and a 52 week high of $137.42. The company has a quick ratio of 2.26, a current ratio of 2.97 and a debt-to-equity ratio of 0.91. The stock has a market cap of $5.10 billion, a PE ratio of 24.79, a P/E/G ratio of 1.57 and a beta of 1.17.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings results on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $745.60 million for the quarter, compared to the consensus estimate of $706.74 million. ESAB had a return on equity of 15.04% and a net margin of 7.11%.The company's revenue for the quarter was up 10.0% on a year-over-year basis. During the same period last year, the firm earned $1.25 EPS. As a group, research analysts expect that ESAB Corporation will post 5.72 earnings per share for the current fiscal year.

ESAB Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were paid a $0.12 dividend. This is an increase from ESAB's previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 0.6%. The ex-dividend date of this dividend was Thursday, July 2nd. ESAB's payout ratio is currently 14.20%.

About ESAB

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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