Mitsubishi UFJ Trust & Banking Corp Sells 50,626 Shares of ESAB Corporation $ESAB

Key Points

• Mitsubishi UFJ Trust & Banking cut its ESAB holding by 41.3%, selling 50,626 shares and leaving it with 72,005 shares worth about $8.04 million.
• CEO Shyam Kambeyanda sold 59,404 shares on Feb. 23 at an average $123.79 for roughly $7.35 million, reducing his stake by 37.3% to 99,864 shares.
• Analysts have trimmed price targets but the stock retains a consensus "Moderate Buy" with an average target of $137.89, well above the recent share price near $97.86.

Mitsubishi UFJ Trust & Banking Corp decreased its position in ESAB Corporation (NYSE:ESAB - Free Report) by 41.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,005 shares of the company's stock after selling 50,626 shares during the period. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.12% of ESAB worth $8,044,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Durable Capital Partners LP grew its holdings in shares of ESAB by 40.5% during the third quarter. Durable Capital Partners LP now owns 1,945,854 shares of the company's stock valued at $217,430,000 after buying an additional 560,678 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in ESAB by 0.9% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,145,744 shares of the company's stock worth $128,014,000 after acquiring an additional 10,765 shares during the last quarter. Cooke & Bieler LP raised its holdings in ESAB by 64.3% in the 3rd quarter. Cooke & Bieler LP now owns 996,533 shares of the company's stock worth $111,353,000 after acquiring an additional 390,104 shares during the last quarter. Royce & Associates LP lifted its position in ESAB by 27.6% in the 3rd quarter. Royce & Associates LP now owns 785,506 shares of the company's stock valued at $87,772,000 after acquiring an additional 169,958 shares in the last quarter. Finally, Van Berkom & Associates Inc. boosted its stake in ESAB by 28.6% during the 3rd quarter. Van Berkom & Associates Inc. now owns 716,405 shares of the company's stock valued at $80,051,000 after purchasing an additional 159,539 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at ESAB

In other news, CEO Shyam Kambeyanda sold 59,404 shares of the stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $123.79, for a total value of $7,353,621.16. Following the transaction, the chief executive officer owned 99,864 shares in the company, valued at $12,362,164.56. This represents a 37.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 7.20% of the stock is owned by insiders.

Wall Street Analyst Weigh In

ESAB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. reduced their target price on ESAB from $148.00 to $135.00 and set an "overweight" rating for the company in a report on Friday, April 10th. DA Davidson dropped their price objective on ESAB from $146.00 to $142.00 and set a "buy" rating on the stock in a research report on Thursday, April 16th. Oppenheimer reiterated an "outperform" rating and issued a $140.00 price objective on shares of ESAB in a report on Tuesday, April 14th. Stifel Nicolaus decreased their target price on ESAB from $158.00 to $138.00 and set a "buy" rating for the company in a research report on Wednesday, April 8th. Finally, Jefferies Financial Group restated a "buy" rating and set a $130.00 target price (down from $150.00) on shares of ESAB in a research note on Tuesday, March 31st. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to MarketBeat, ESAB presently has a consensus rating of "Moderate Buy" and an average target price of $137.89.

ESAB Price Performance

NYSE ESAB opened at $97.86 on Friday. The stock has a market capitalization of $5.96 billion, a price-to-earnings ratio of 26.45, a PEG ratio of 1.82 and a beta of 1.24. ESAB Corporation has a 1-year low of $89.41 and a 1-year high of $137.42. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.17. The business's fifty day moving average price is $104.65 and its 200-day moving average price is $113.09.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings data on Friday, February 20th. The company reported $1.35 EPS for the quarter, topping the consensus estimate of $1.34 by $0.01. ESAB had a return on equity of 15.38% and a net margin of 7.98%.The company had revenue of $687.00 million during the quarter, compared to analyst estimates of $687.80 million. During the same quarter in the previous year, the company posted $1.28 earnings per share. ESAB's revenue was up 7.5% compared to the same quarter last year. On average, equities analysts predict that ESAB Corporation will post 5.82 earnings per share for the current year.

ESAB Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 17th. Stockholders of record on Thursday, April 2nd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, April 2nd. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. ESAB's dividend payout ratio is presently 10.81%.

ESAB Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company's products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.