Keeley Teton Advisors LLC Has $3.44 Million Stock Position in ESAB Corporation $ESAB

Key Points

• Keeley Teton Advisors LLC reduced its stake in ESAB Corporation by 25.1%, selling 9,860 shares and leaving it with 29,500 shares valued at approximately $3.44 million.
• Several hedge funds changed their positions in ESAB during the first quarter, with notable increases from First Horizon Advisors and Mitsubishi UFJ Asset Management of over 200% and 700% respectively.
• Analysts have set varying price targets for ESAB, with JPMorgan reducing its estimate to $125.00, while Loop Capital upgraded its target to $140.00, indicating strong mixed sentiments around the stock.

Keeley Teton Advisors LLC reduced its stake in ESAB Corporation (NYSE:ESAB - Free Report) by 25.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 29,500 shares of the company's stock after selling 9,860 shares during the period. Keeley Teton Advisors LLC's holdings in ESAB were worth $3,437,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of ESAB. NewEdge Advisors LLC bought a new stake in shares of ESAB in the 4th quarter valued at approximately $300,000. Hsbc Holdings PLC acquired a new position in shares of ESAB in the 4th quarter worth approximately $1,446,000. Susquehanna Fundamental Investments LLC bought a new stake in ESAB during the 4th quarter worth approximately $4,365,000. Northern Trust Corp grew its position in ESAB by 15.7% during the 4th quarter. Northern Trust Corp now owns 541,561 shares of the company's stock worth $64,955,000 after acquiring an additional 73,405 shares during the last quarter. Finally, Voleon Capital Management LP bought a new stake in ESAB during the 4th quarter worth approximately $438,000. 91.13% of the stock is currently owned by institutional investors.

ESAB Trading Down 1.2%

NYSE:ESAB traded down $1.38 during trading hours on Friday, hitting $115.44. 323,141 shares of the stock were exchanged, compared to its average volume of 566,741. The company's 50 day moving average is $122.15 and its two-hundred day moving average is $121.49. ESAB Corporation has a twelve month low of $93.15 and a twelve month high of $135.97. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50. The company has a market capitalization of $7.01 billion, a P/E ratio of 27.62, a price-to-earnings-growth ratio of 2.53 and a beta of 1.27.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $715.59 million for the quarter, compared to the consensus estimate of $670.80 million. During the same quarter in the prior year, the business earned $1.32 EPS. The business's revenue for the quarter was up 1.3% compared to the same quarter last year. On average, sell-side analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms recently commented on ESAB. Evercore ISI increased their price target on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Zacks Research lowered ESAB from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 18th. Stifel Nicolaus upgraded ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target on the stock in a research report on Thursday, August 7th. Oppenheimer decreased their price target on ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Finally, Loop Capital upgraded ESAB from a "hold" rating to a "buy" rating and increased their price target for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Six analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, ESAB currently has an average rating of "Moderate Buy" and a consensus target price of $140.38.

Insiders Place Their Bets

In other news, insider Olivier Biebuyck sold 1,440 shares of the stock in a transaction 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 transaction, the insider owned 14,989 shares of the company's stock, valued at $2,000,881.61. This represents a 8.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the stock in a transaction 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. In the last three months, insiders sold 7,007 shares of company stock worth $841,630. 7.30% of the stock is currently 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.