Interval Partners LP Acquires Shares of 264,111 ESAB Corporation $ESAB

Key Points

• Interval Partners LP acquired 264,111 shares of ESAB Corporation in the first quarter, valuing their investment at approximately $30.8 million, representing about 0.44% of the company.
• ESAB reported earnings of $1.36 per share for the last quarter, exceeding analysts' expectations and achieving a revenue of $715.59 million, a year-over-year increase of 1.3%.
• Recent analyst ratings for ESAB include various adjustments, with targets ranging from $125.00 to $142.00, reflecting a "Moderate Buy" consensus from investment analysts.

Interval Partners LP acquired a new position in shares of ESAB Corporation (NYSE:ESAB - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 264,111 shares of the company's stock, valued at approximately $30,769,000. Interval Partners LP owned 0.44% of ESAB as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Bessemer Group Inc. grew its stake in shares of ESAB by 3.5% during the first quarter. Bessemer Group Inc. now owns 14,844 shares of the company's stock worth $1,729,000 after purchasing an additional 506 shares during the period. GAMMA Investing LLC grew its stake in shares of ESAB by 37.7% during the first quarter. GAMMA Investing LLC now owns 756 shares of the company's stock worth $88,000 after purchasing an additional 207 shares during the period. LPL Financial LLC grew its stake in ESAB by 38.3% in the first quarter. LPL Financial LLC now owns 61,466 shares of the company's stock valued at $7,161,000 after acquiring an additional 17,027 shares during the period. Janney Montgomery Scott LLC acquired a new position in ESAB in the first quarter valued at about $590,000. Finally, Cetera Investment Advisers grew its stake in ESAB by 57.2% in the first quarter. Cetera Investment Advisers now owns 23,666 shares of the company's stock valued at $2,757,000 after acquiring an additional 8,610 shares during the period. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Stock Up 1.3%

ESAB traded up $1.52 on Friday, hitting $117.94. 236,855 shares of the company were exchanged, compared to its average volume of 410,099. ESAB Corporation has a 12 month low of $93.15 and a 12 month high of $135.97. The company has a market cap of $7.16 billion, a PE ratio of 28.22, a PEG ratio of 2.59 and a beta of 1.26. 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 fifty day moving average is $121.78 and its 200-day moving average is $121.03.

ESAB (NYSE:ESAB - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The business had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. During the same quarter in the prior year, the company posted $1.32 earnings per share. ESAB's revenue was up 1.3% on a year-over-year basis. Equities research analysts predict that ESAB Corporation will post 5.16 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms have issued reports on ESAB. Loop Capital raised ESAB from a "hold" rating to a "buy" rating and boosted their target price for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Oppenheimer decreased their target price on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. decreased 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 cut ESAB from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Finally, Evercore ISI boosted their target price on ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat, ESAB currently has a consensus rating of "Moderate Buy" and an average price target of $141.44.

Insider Activity

In related news, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $133.49, for a total transaction of $192,225.60. Following the sale, the insider owned 14,989 shares in the company, valued at approximately $2,000,881.61. This represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the company's stock in a transaction dated Wednesday, August 13th. The stock was 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 have sold 7,007 shares of company stock worth $841,630 in the last quarter. 7.30% of the stock is currently owned by corporate insiders.

ESAB Company 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.