Kestra Investment Management LLC Has $994,000 Stock Holdings in ESAB Corporation $ESAB

Key Points

• Kestra Investment Management LLC increased its holdings in ESAB Corporation by 110.8%, acquiring an additional 4,506 shares, bringing their total to 8,574 shares valued at approximately $994,000.
• Institutional ownership of ESAB stock is high, with 91.13% of shares held by various institutional investors, indicating strong market confidence in the company.
• ESAB reported Q2 earnings of $1.36 per share, exceeding expectations, and generated revenue of $715.59 million, up 1.3% year-over-year.

Kestra Investment Management LLC boosted its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 110.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,574 shares of the company's stock after buying an additional 4,506 shares during the quarter. Kestra Investment Management LLC's holdings in ESAB were worth $994,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in ESAB. Caitong International Asset Management Co. Ltd bought a new position in ESAB in the first quarter worth about $33,000. First Horizon Advisors Inc. boosted its position in ESAB by 204.8% in 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 last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in ESAB by 706.7% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock worth $42,000 after purchasing an additional 318 shares in the last quarter. Farther Finance Advisors LLC boosted its position in ESAB by 1,128.9% in the 1st quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock worth $56,000 after purchasing an additional 429 shares in the last quarter. Finally, UMB Bank n.a. boosted its position in ESAB by 323.8% in the 1st quarter. UMB Bank n.a. now owns 534 shares of the company's stock worth $62,000 after purchasing an additional 408 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors.

ESAB Price Performance

ESAB stock traded down $2.62 during trading hours on Friday, hitting $110.46. The stock had a trading volume of 457,160 shares, compared to its average volume of 393,307. 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 has a market capitalization of $6.70 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 2.49 and a beta of 1.26. ESAB Corporation has a 1-year low of $97.88 and a 1-year high of $135.97. The stock's fifty day moving average is $120.72 and its two-hundred day moving average is $120.73.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter, beating 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 the consensus estimate of $670.80 million. During the same period in the prior year, the business earned $1.32 earnings per share. The business's revenue was up 1.3% on a year-over-year basis. As a group, analysts predict that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Friday, October 3rd. ESAB's dividend payout ratio (DPR) is 9.57%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on ESAB shares. JPMorgan Chase & Co. decreased their target price on ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research report on Thursday, August 7th. Loop Capital raised ESAB from a "hold" rating to a "buy" rating and raised their price objective for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Roth Capital started coverage on ESAB in a report on Friday, September 5th. They set a "buy" rating and a $150.00 target price for the company. Oppenheimer decreased their price objective 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, Evercore ISI lifted their price objective 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 company. According to MarketBeat, ESAB presently 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 firm'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 directly owned 14,989 shares in the company, valued at approximately $2,000,881.61. This trade represents a 8.76% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of the firm'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. Company insiders own 7.30% of the company's stock.

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.