Freestone Grove Partners LP Acquires Shares of 78,262 Lincoln Electric Holdings, Inc. $LECO

Key Points

• Freestone Grove Partners acquired 78,262 Lincoln Electric shares worth approximately $2.77 million, representing a 0.14% stake. Institutional investors and hedge funds collectively own 79.61% of the company.
• Lincoln Electric exceeded quarterly expectations, reporting $2.93 in EPS versus the $2.81 consensus and $1.22 billion in revenue, up 12% year over year.
• The company declared a quarterly dividend of $0.79 per share, or $3.16 annualized, yielding about 1.1%. Analysts maintain a “Moderate Buy” consensus with an average price target of $307.22.

Freestone Grove Partners LP bought a new stake in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 78,262 shares of the industrial products company's stock, valued at approximately $2,767,000. Freestone Grove Partners LP owned 0.14% of Lincoln Electric as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Elyxium Wealth LLC bought a new position in shares of Lincoln Electric in the fourth quarter worth $27,000. Keating Financial Advisory Services Inc. bought a new stake in Lincoln Electric during the second quarter worth about $29,000. Fiduciary Financial Advisors bought a new stake in Lincoln Electric during the second quarter worth about $38,000. Ancora Advisors LLC acquired a new stake in Lincoln Electric during the second quarter worth about $38,000. Finally, Summit Securities Group LLC bought a new position in Lincoln Electric in the 4th quarter valued at about $46,000. 79.61% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, EVP Michael J. Whitehead sold 845 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $2,560,954.39. This represents a 8.31% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.68% of the company's stock.

Lincoln Electric Stock Down 1.7%

Shares of NASDAQ LECO opened at $284.89 on Friday. The company has a market cap of $15.53 billion, a price-to-earnings ratio of 28.46, a PEG ratio of 1.74 and a beta of 1.20. The company has a current ratio of 1.98, a quick ratio of 1.20 and a debt-to-equity ratio of 0.74. Lincoln Electric Holdings, Inc. has a 12 month low of $216.22 and a 12 month high of $310.00. The stock has a 50-day moving average price of $267.37 and a two-hundred day moving average price of $266.10.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share for the quarter, beating analysts' consensus estimates of $2.81 by $0.12. The company had revenue of $1.22 billion for the quarter, compared to the consensus estimate of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The firm's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period last year, the company posted $2.60 EPS. As a group, analysts forecast that Lincoln Electric Holdings, Inc. will post 11.13 earnings per share for the current fiscal year.

Lincoln Electric Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a $0.79 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $3.16 dividend on an annualized basis and a yield of 1.1%. Lincoln Electric's dividend payout ratio (DPR) is currently 31.57%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on LECO. Weiss Ratings upgraded shares of Lincoln Electric from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 10th. Barclays increased their price target on shares of Lincoln Electric from $280.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Wall Street Zen upgraded shares of Lincoln Electric from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. UBS Group initiated coverage on Lincoln Electric in a research note on Monday, August 10th. They set a "buy" rating and a $340.00 target price for the company. Finally, Stifel Nicolaus set a $275.00 target price on Lincoln Electric in a report on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $307.22.

About Lincoln Electric

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

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