ESAB Corporation (NYSE:ESAB) Shares Acquired by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. increased its stake in ESAB Corporation by 8.4% in Q1, owning 2,387,626 shares valued at approximately $278.16 million.
• Institutional investors own about 91.13% of ESAB's stock, indicating strong institutional interest and confidence in the company.
• ESAB recently reported earnings of $1.36 per share for the quarter, exceeding analyst expectations and reflecting a 1.3% year-over-year revenue growth.

JPMorgan Chase & Co. grew its position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 8.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,387,626 shares of the company's stock after purchasing an additional 185,058 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.94% of ESAB worth $278,158,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. State of Michigan Retirement System lifted its holdings in ESAB by 0.7% in the 1st quarter. State of Michigan Retirement System now owns 13,602 shares of the company's stock worth $1,585,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its stake in shares of ESAB by 0.6% in the 1st quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the company's stock valued at $1,852,000 after purchasing an additional 100 shares during the period. ProShare Advisors LLC lifted its stake in shares of ESAB by 7.3% in the 4th quarter. ProShare Advisors LLC now owns 2,658 shares of the company's stock valued at $319,000 after purchasing an additional 181 shares during the period. GAMMA Investing LLC lifted its stake in shares of ESAB by 37.7% in the 1st quarter. GAMMA Investing LLC now owns 756 shares of the company's stock valued at $88,000 after purchasing an additional 207 shares during the period. Finally, First Horizon Advisors Inc. lifted its stake in shares of ESAB by 204.8% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock valued at $37,000 after purchasing an additional 215 shares during the period. 91.13% of the stock is currently owned by institutional investors.

ESAB Price Performance

Shares of ESAB stock traded down $1.24 during trading hours on Friday, hitting $110.44. The stock had a trading volume of 280,704 shares, compared to its average volume of 458,804. ESAB Corporation has a one year low of $93.15 and a one year high of $135.97. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.95 and a quick ratio of 1.26. The stock's 50-day moving average price is $123.65 and its two-hundred day moving average price is $122.05. The stock has a market capitalization of $6.70 billion, a price-to-earnings ratio of 26.42, a PEG ratio of 2.64 and a beta of 1.27.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.34 by $0.02. The firm had revenue of $715.59 million during the quarter, compared to analyst estimates of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%. ESAB'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. Equities analysts forecast that ESAB Corporation will post 5.16 EPS for the current year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Robert W. Baird set a $143.00 target price on ESAB in a research note on Friday, May 2nd. JPMorgan Chase & Co. lowered 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. Oppenheimer lowered 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. Evercore ISI raised 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. Finally, Stifel Nicolaus raised ESAB from a "hold" rating to a "buy" rating and set a $141.00 price objective for the company in a research report on Thursday, August 7th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $137.88.

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 stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the sale, the insider owned 14,989 shares in the company, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction that occurred on Wednesday, August 13th. The shares were 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 sold 7,007 shares of company stock valued at $841,630 in the last quarter. 7.30% of the stock is owned by company insiders.

About ESAB

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.