Neuberger Berman Group LLC Has $215.18 Million Stock Holdings in ESAB Corporation (NYSE:ESAB)

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 trimmed its holdings in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 2.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund 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 filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in ESAB. Envestnet Asset Management Inc. boosted its stake in shares of ESAB by 19.1% during the 4th quarter. Envestnet Asset Management Inc. now owns 86,788 shares of the company's stock worth $10,409,000 after acquiring an additional 13,897 shares in the last quarter. Bank of Montreal Can lifted its stake in shares of ESAB by 62.1% during the 4th quarter. Bank of Montreal Can now owns 9,532 shares of the company's stock worth $1,143,000 after purchasing an additional 3,653 shares during the period. Raymond James Financial Inc. purchased a new position in shares of ESAB in the 4th quarter worth $52,281,000. Sterling Capital Management LLC raised its position 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 buying an additional 1,223 shares during the period. Finally, Townsquare Capital LLC increased its holdings in ESAB by 31.3% in the 4th quarter. Townsquare Capital LLC now owns 2,506 shares of the company's stock valued at $301,000 after purchasing an additional 597 shares in the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the company. Oppenheimer lowered their target price on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 target price on the stock in a report 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 report on Thursday, August 7th. Evercore ISI lifted their price target on ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Finally, Robert W. Baird set a $143.00 target price on ESAB in a report on Friday, May 2nd. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $137.88.

Insider Buying and Selling at ESAB

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the stock in a transaction 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 sale, the insider directly owned 14,989 shares in the company, valued at approximately $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Over the last quarter, insiders sold 7,007 shares of company stock worth $841,630. Company insiders own 7.30% of the company's stock.

ESAB Trading Down 1.1%

NYSE ESAB traded down $1.24 during trading hours 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 stock has a fifty day moving average of $123.65 and a 200 day moving average of $122.04. ESAB Corporation has a twelve month low of $93.15 and a twelve month high of $135.97. The firm has a market capitalization of $6.70 billion, a P/E ratio of 21.73, a PEG ratio of 2.67 and a beta of 1.27. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50.

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. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The business had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. During the same period in the prior year, the business posted $1.32 earnings per share. ESAB's revenue was up 1.3% compared to the same quarter last year. Equities research analysts forecast that ESAB Corporation will post 5.16 earnings per share for the current fiscal 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.