ESAB Corporation (NYSE:ESAB) Stock Holdings Lowered by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its holdings in ESAB Corporation by 0.3%, selling 6,681 shares and owning approximately 3.45% of the company, valued at $243.6 million as of its latest SEC filing.
• Several institutional investors significantly increased their stakes in ESAB during the first quarter, with one firm boosting its position by 1,128.9%.
• ESAB recently reported earnings that beat expectations, with a quarterly revenue of $715.59 million, surpassing analysts' estimates of $670.80 million.

Invesco Ltd. lessened its stake in ESAB Corporation (NYSE:ESAB - Free Report) by 0.3% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 2,090,943 shares of the company's stock after selling 6,681 shares during the quarter. Invesco Ltd. owned about 3.45% of ESAB worth $243,595,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in ESAB. Bank of New York Mellon Corp increased its stake in ESAB by 101.5% during the 1st quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company's stock worth $102,605,000 after buying an additional 443,574 shares during the period. Raymond James Financial Inc. bought a new stake in shares of ESAB in the 4th quarter worth about $52,281,000. Champlain Investment Partners LLC increased its position in shares of ESAB by 25.6% in the 4th quarter. Champlain Investment Partners LLC now owns 1,358,204 shares of the company's stock worth $162,903,000 after purchasing an additional 276,565 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of ESAB by 3.1% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company's stock worth $904,118,000 after purchasing an additional 225,345 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of ESAB by 8.4% in the 1st quarter. JPMorgan Chase & Co. now owns 2,387,626 shares of the company's stock worth $278,158,000 after purchasing an additional 185,058 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

ESAB Price Performance

Shares of NYSE:ESAB traded down $1.24 during trading on Friday, reaching $110.44. The company had a trading volume of 280,704 shares, compared to its average volume of 458,804. The firm's fifty day moving average is $123.65 and its 200 day moving average is $122.05. The firm has a market capitalization of $6.70 billion, a PE ratio of 26.42, a price-to-earnings-growth ratio of 2.64 and a beta of 1.27. ESAB Corporation has a twelve month low of $93.15 and a twelve month high of $135.97. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95.

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

Insider Buying and Selling

In related news, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. The trade was a 8.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 7,007 shares of company stock valued at $841,630. Company insiders own 7.30% of the company's stock.

Analyst Ratings Changes

Several research firms have recently weighed in on ESAB. Evercore ISI boosted their target price on shares of ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Oppenheimer dropped their target price on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 target price for the company in a research report on Thursday, August 7th. Robert W. Baird set a $143.00 target price on shares of ESAB in a research note on Friday, May 2nd. Finally, JPMorgan Chase & Co. reduced their target price on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a research note on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, ESAB presently has an average rating of "Moderate Buy" and an average price target of $137.88.

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.