Freestone Grove Partners LP Invests $95.73 Million in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Freestone Grove Partners initiated a $95.73 million position in Lincoln Electric, purchasing 360,549 shares, or approximately 0.66% of the company. Institutional investors collectively own 79.61% of LECO.
• Lincoln Electric exceeded quarterly expectations, reporting $2.93 in EPS versus the $2.81 consensus and revenue of $1.22 billion, up 12% year over year.
• The company declared a quarterly dividend of $0.79 per share, implying an annualized dividend of $3.16 and a 1.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $307.22.

Freestone Grove Partners LP bought a new position in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 360,549 shares of the industrial products company's stock, valued at approximately $95,729,000. Lincoln Electric makes up approximately 0.6% of Freestone Grove Partners LP's investment portfolio, making the stock its 28th biggest position. Freestone Grove Partners LP owned 0.66% of Lincoln Electric as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Elyxium Wealth LLC acquired a new position in Lincoln Electric during the fourth quarter valued at approximately $27,000. Keating Financial Advisory Services Inc. acquired a new stake in shares of Lincoln Electric in the second quarter worth $29,000. Fiduciary Financial Advisors acquired a new stake in shares of Lincoln Electric in the second quarter worth $38,000. Ancora Advisors LLC purchased a new position in shares of Lincoln Electric in the 2nd quarter valued at $38,000. Finally, Summit Securities Group LLC purchased a new position in shares of Lincoln Electric in the 4th quarter valued at $46,000. Hedge funds and other institutional investors own 79.61% of the company's stock.

Insider Buying and Selling at Lincoln Electric

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

Lincoln Electric Trading Up 3.6%

LECO opened at $290.12 on Thursday. The firm's 50 day moving average is $266.89 and its 200-day moving average is $266.03. Lincoln Electric Holdings, Inc. has a 52-week low of $216.22 and a 52-week high of $310.00. The company has a quick ratio of 1.20, a current ratio of 1.98 and a debt-to-equity ratio of 0.74. The firm has a market capitalization of $15.81 billion, a P/E ratio of 28.98, a P/E/G ratio of 1.68 and a beta of 1.20.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last announced its earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.12. The business had revenue of $1.22 billion during 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 business's quarterly revenue was up 12.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.60 earnings per share. Analysts expect that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current fiscal year.

Lincoln Electric Announces Dividend

The company also recently disclosed 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. This represents a $3.16 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date of this dividend is Wednesday, September 30th. Lincoln Electric's dividend payout ratio is presently 31.57%.

Analyst Ratings Changes

LECO has been the subject of a number of research reports. Morgan Stanley raised shares of Lincoln Electric from an "underweight" rating to an "equal weight" rating and upped their price target for the stock from $257.00 to $283.00 in a research report on Monday, August 10th. Weiss Ratings raised Lincoln Electric from a "buy (b-)" rating to a "buy (b)" rating in a research report on Friday, July 10th. Stifel Nicolaus set a $275.00 price objective on Lincoln Electric in a research note on Friday, May 1st. Wall Street Zen raised Lincoln Electric from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, DA Davidson began coverage on Lincoln Electric in a research note on Tuesday, June 16th. They issued a "buy" rating and a $320.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $307.22.

Lincoln Electric Company Profile

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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