ESAB Corporation (NYSE:ESAB) Stake Lowered by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC has reduced its stake in ESAB Corporation by 2.2% during the first quarter, now holding 1,847,074 shares valued at approximately $215.18 million.
• Several institutional investors have increased their positions in ESAB, with Bessemer Group Inc. boosting its stake by 3.5% and Farther Finance Advisors LLC raising its stake by an impressive 1,128.9%.
• ESAB's stock has received a mixed set of ratings from analysts, with an average target price of $137.88 and some firms adjusting their price targets downward.

Neuberger Berman Group LLC lowered its holdings in ESAB Corporation (NYSE:ESAB - Free Report) by 2.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,847,074 shares of the company's stock after selling 41,611 shares during the period. Neuberger Berman Group LLC owned 3.05% of ESAB worth $215,184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in ESAB in the first quarter valued at $33,000. First Horizon Advisors Inc. lifted its stake in shares of ESAB by 204.8% during the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after purchasing an additional 215 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of ESAB by 706.7% during the first 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. Kapitalo Investimentos Ltda acquired a new position in shares of ESAB during the fourth quarter worth about $47,000. Finally, Farther Finance Advisors LLC lifted its stake in shares of ESAB by 1,128.9% during the first 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. Institutional investors and hedge funds own 91.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the company. Robert W. Baird set a $143.00 price objective on ESAB in a research note on Friday, May 2nd. Oppenheimer reduced their price objective on ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. JPMorgan Chase & Co. cut their price target on ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Stifel Nicolaus upgraded ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target on the stock in a research note on Thursday, August 7th. Finally, Evercore ISI boosted their price target on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research note on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $137.88.

Insider Activity

In related news, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total value of $459,774.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider directly owned 14,989 shares of the company's stock, valued at $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,007 shares of company stock valued at $841,630. 7.30% of the stock is owned by corporate insiders.

ESAB Stock Down 1.1%

Shares of NYSE:ESAB traded down $1.24 during trading on Friday, hitting $110.44. The company's stock had a trading volume of 280,704 shares, compared to its average volume of 458,804. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. ESAB Corporation has a fifty-two week low of $93.15 and a fifty-two week high of $135.97. The stock's 50-day moving average price is $123.65 and its two-hundred day moving average price is $122.05. The company has a market capitalization of $6.70 billion, a PE ratio of 26.42, a PEG ratio of 2.64 and a beta of 1.27.

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

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.