Massachusetts Financial Services Co. MA Sells 5,978 Shares of ESAB Corporation (NYSE:ESAB)

Massachusetts Financial Services Co. MA decreased its holdings in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 2.4% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 247,564 shares of the company's stock after selling 5,978 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.41% of ESAB worth $28,841,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. EverSource Wealth Advisors LLC increased its stake in ESAB by 70.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $26,000 after buying an additional 90 shares during the period. First Horizon Advisors Inc. increased its position in shares of ESAB by 204.8% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after purchasing an additional 215 shares during the last quarter. Kapitalo Investimentos Ltda bought a new stake in shares of ESAB in the 4th quarter worth about $47,000. Farther Finance Advisors LLC boosted its holdings in shares of ESAB by 1,128.9% in the 1st quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock valued at $56,000 after buying an additional 429 shares during the period. Finally, UMB Bank n.a. boosted its holdings in shares of ESAB by 323.8% in the 1st quarter. UMB Bank n.a. now owns 534 shares of the company's stock valued at $62,000 after buying an additional 408 shares during the period. Institutional investors and hedge funds own 91.13% of the company's stock.

ESAB Stock Up 0.4%

ESAB stock traded up $0.47 during trading hours on Friday, hitting $130.10. The company's stock had a trading volume of 241,426 shares, compared to its average volume of 277,051. The company has a quick ratio of 1.24, a current ratio of 1.91 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $7.89 billion, a PE ratio of 29.30, a price-to-earnings-growth ratio of 3.17 and a beta of 1.26. ESAB Corporation has a 12 month low of $88.54 and a 12 month high of $135.97. The stock has a 50 day moving average price of $124.57 and a two-hundred day moving average price of $121.67.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.07. The business had revenue of $678.14 million during the quarter, compared to the consensus estimate of $633.66 million. ESAB had a net margin of 9.98% and a return on equity of 16.98%. ESAB's quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.20 EPS. On average, equities research analysts expect that ESAB Corporation will post 5.16 earnings per share for the current year.

ESAB Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd were paid a $0.10 dividend. This is a boost from ESAB's previous quarterly dividend of $0.08. The ex-dividend date was Thursday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.31%. ESAB's dividend payout ratio is currently 9.01%.

Analysts Set New Price Targets

Several research analysts have recently commented on ESAB shares. Stifel Nicolaus lifted their price target on shares of ESAB from $109.00 to $126.00 and gave the company a "hold" rating in a report on Friday, May 2nd. UBS Group raised shares of ESAB from a "neutral" rating to a "buy" rating and boosted their target price for the company from $123.00 to $147.00 in a research note on Tuesday, April 1st. Robert W. Baird set a $143.00 target price on shares of ESAB in a research note on Friday, May 2nd. Finally, Evercore ISI boosted their target price on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $137.22.

Insiders Place Their Bets

In related news, Director Rhonda L. Jordan sold 1,500 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total transaction of $189,630.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivier Biebuyck sold 1,417 shares of the stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $131.15, for a total transaction of $185,839.55. Following the sale, the insider owned 14,989 shares of the company's stock, valued at $1,965,807.35. This trade represents a 8.64% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 7.30% of the company's stock.

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.