Keybank National Association OH Sells 49,023 Shares of Lincoln Electric Holdings, Inc. $LECO

Key Points

• Keybank National Association OH reduced its stake in Lincoln Electric by 8.4% in the first quarter, selling 49,023 shares and ending with 537,086 shares worth about $133.8 million. Institutional investors still own a large majority of the company, at 79.61% of shares.
• Lincoln Electric reported better-than-expected quarterly results, with earnings of $2.50 per share versus estimates of $2.42 and revenue of $1.12 billion versus expectations of $1.07 billion. Revenue rose 11.7% year over year, and analysts now expect full-year EPS of 10.82.
• The company also announced a quarterly dividend of $0.79 per share, payable July 15, while analysts remain mixed overall with an average rating of “Hold” and an average target price of $299.00. Shares were last trading around $258.43, below that target.

Keybank National Association OH cut its holdings in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) by 8.4% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 537,086 shares of the industrial products company's stock after selling 49,023 shares during the quarter. Keybank National Association OH owned approximately 0.98% of Lincoln Electric worth $133,777,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of LECO. Hilltop Holdings Inc. lifted its holdings in shares of Lincoln Electric by 2.5% in the fourth quarter. Hilltop Holdings Inc. now owns 1,832 shares of the industrial products company's stock worth $439,000 after acquiring an additional 45 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd increased its position in Lincoln Electric by 1.2% during the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 4,361 shares of the industrial products company's stock worth $1,045,000 after purchasing an additional 52 shares in the last quarter. Sumitomo Life Insurance Co. increased its position in Lincoln Electric by 1.2% during the 4th quarter. Sumitomo Life Insurance Co. now owns 4,314 shares of the industrial products company's stock worth $1,034,000 after purchasing an additional 52 shares in the last quarter. Versor Investments LP lifted its stake in Lincoln Electric by 4.2% in the 4th quarter. Versor Investments LP now owns 1,563 shares of the industrial products company's stock valued at $375,000 after purchasing an additional 63 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in Lincoln Electric by 8.7% in the 4th quarter. UMB Bank n.a. now owns 823 shares of the industrial products company's stock valued at $197,000 after purchasing an additional 66 shares during the last quarter. Institutional investors own 79.61% of the company's stock.

Wall Street Analysts Forecast Growth

LECO has been the topic of a number of research reports. Morgan Stanley reaffirmed an "underweight" rating and set a $250.00 target price on shares of Lincoln Electric in a research note on Monday, May 4th. DA Davidson assumed coverage on Lincoln Electric in a research note on Tuesday, June 16th. They issued a "buy" rating and a $320.00 price target for the company. Wall Street Zen downgraded Lincoln Electric from a "buy" rating to a "hold" rating in a report on Sunday, May 17th. Barclays boosted their price objective on Lincoln Electric from $280.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings raised Lincoln Electric from a "hold (c+)" rating to a "buy (b-)" rating in a report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $299.00.

Lincoln Electric Stock Up 0.2%

Shares of NASDAQ LECO opened at $258.43 on Friday. The company's 50 day moving average price is $263.98 and its 200-day moving average price is $262.54. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.15 and a current ratio of 1.83. Lincoln Electric Holdings, Inc. has a 52-week low of $213.71 and a 52-week high of $310.00. The company has a market capitalization of $14.16 billion, a P/E ratio of 26.67, a price-to-earnings-growth ratio of 1.59 and a beta of 1.20.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last posted its quarterly earnings data on Thursday, April 30th. The industrial products company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.08. The company had revenue of $1.12 billion during the quarter, compared to analysts' expectations of $1.07 billion. Lincoln Electric had a net margin of 12.38% and a return on equity of 39.33%. Lincoln Electric's revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the prior year, the company posted $2.16 earnings per share. Equities analysts forecast that Lincoln Electric Holdings, Inc. will post 10.82 earnings per share for the current year.

Lincoln Electric Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.79 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.16 annualized dividend and a dividend yield of 1.2%. Lincoln Electric's dividend payout ratio (DPR) is 32.61%.

Insider Activity

In other news, EVP Michael J. Whitehead sold 845 shares of the business's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $2,560,954.39. The trade was a 8.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.68% of the stock is owned by corporate insiders.

Lincoln Electric Profile

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

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