Interval Partners LP Purchases New Position in 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 stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new stake in ESAB during the first quarter valued at $33,000. First Horizon Advisors Inc. boosted its stake in ESAB by 204.8% during the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock valued at $37,000 after buying an additional 215 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in ESAB by 706.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock valued at $42,000 after buying an additional 318 shares during the period. Farther Finance Advisors LLC boosted its stake in ESAB by 1,128.9% during the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock valued at $56,000 after buying an additional 429 shares during the period. Finally, UMB Bank n.a. boosted its stake in ESAB by 323.8% during the first quarter. UMB Bank n.a. now owns 534 shares of the company's stock valued at $62,000 after buying an additional 408 shares during the period. Institutional investors own 91.13% of the company's stock.

Insider Activity

In related news, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider owned 14,989 shares in the company, valued at approximately $2,000,881.61. This represents a 8.76% decrease in their position. The disclosure for this sale can be found here. 7.30% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several equities research analysts recently issued reports on ESAB shares. Roth Capital started coverage on ESAB in a research note on Friday, September 5th. They set a "buy" rating and a $150.00 price objective for the company. 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 note on Thursday, August 7th. Evercore ISI lifted their price target on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Oppenheimer dropped their price target on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Finally, Loop Capital raised ESAB from a "hold" rating to a "buy" rating and lifted their price target for the stock from $130.00 to $140.00 in a research note on Friday, August 22nd. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $141.44.

ESAB Trading Up 1.0%

Shares of ESAB traded up $1.13 during trading hours on Wednesday, hitting $115.09. The company had a trading volume of 39,401 shares, compared to its average volume of 325,504. The firm has a market cap of $6.99 billion, a P/E ratio of 27.53, a P/E/G ratio of 2.56 and a beta of 1.26. The stock's 50 day moving average price is $121.50 and its 200 day moving average price is $120.96. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50. ESAB Corporation has a 52-week low of $93.15 and a 52-week high of $135.97.

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

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.