LPL Financial LLC Raises Position in ESAB Corporation (NYSE:ESAB)

LPL Financial LLC grew its stake in ESAB Corporation (NYSE:ESAB - Free Report) by 38.3% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 61,466 shares of the company's stock after purchasing an additional 17,027 shares during the period. LPL Financial LLC owned approximately 0.10% of ESAB worth $7,161,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Envestnet Asset Management Inc. lifted its position in ESAB by 19.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 86,788 shares of the company's stock worth $10,409,000 after buying an additional 13,897 shares during the last quarter. Bank of Montreal Can raised its stake in shares of ESAB by 62.1% in the fourth quarter. Bank of Montreal Can now owns 9,532 shares of the company's stock valued at $1,143,000 after acquiring an additional 3,653 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. Sterling Capital Management LLC lifted its holdings in shares of ESAB by 56.7% in the 4th quarter. Sterling Capital Management LLC now owns 3,379 shares of the company's stock worth $405,000 after acquiring an additional 1,223 shares during the last quarter. Finally, Townsquare Capital LLC boosted its stake in shares of ESAB by 31.3% during the 4th quarter. Townsquare Capital LLC now owns 2,506 shares of the company's stock worth $301,000 after purchasing an additional 597 shares during the period. Hedge funds and other institutional investors own 91.13% of the company's stock.

ESAB Stock Down 4.2%

Shares of ESAB stock opened at $111.04 on Monday. 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 cap of $6.73 billion, a price-to-earnings ratio of 26.56, a PEG ratio of 2.65 and a beta of 1.27. The firm's 50-day moving average is $124.94 and its two-hundred day moving average is $122.42. ESAB Corporation has a 1 year low of $93.13 and a 1 year high of $135.97.

ESAB (NYSE:ESAB - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. The firm had revenue of $715.59 million during the quarter, compared to analysts' expectations of $670.80 million. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The company's revenue was up 1.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.32 EPS. As a group, research analysts expect that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

Insider Buying and Selling at ESAB

In other news, Director Rhonda L. Jordan sold 1,500 shares of the business's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $126.42, for a total value of $189,630.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the firm's stock in a transaction dated 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 approximately $2,000,881.61. The trade was a 8.76% decrease in their position. The disclosure for this sale can be found here. 7.30% of the stock is currently owned by company insiders.

ESAB Company 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.

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