Norges Bank Acquires Shares of 1,732,412 Lincoln Electric Holdings, Inc. $LECO

Key Points

• Norges Bank disclosed a new position in Lincoln Electric, buying 1.73 million shares worth about $415.2 million and ending with roughly 3.15% ownership of the company.
• Lincoln Electric reported better-than-expected quarterly results, with EPS of $2.50 versus $2.42 expected and revenue of $1.12 billion, up 11.7% from a year earlier.
• The company also announced a quarterly dividend of $0.79 per share, while analysts currently maintain a Hold consensus rating with a $296 average price target.

Norges Bank purchased a new position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 1,732,412 shares of the industrial products company's stock, valued at approximately $415,155,000. Norges Bank owned approximately 3.15% of Lincoln Electric at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LECO. NewEdge Advisors LLC lifted its position in shares of Lincoln Electric by 8.6% in the first quarter. NewEdge Advisors LLC now owns 2,477 shares of the industrial products company's stock worth $468,000 after purchasing an additional 197 shares in the last quarter. Jones Financial Companies Lllp lifted its position in shares of Lincoln Electric by 553.4% in the first quarter. Jones Financial Companies Lllp now owns 1,137 shares of the industrial products company's stock worth $215,000 after purchasing an additional 963 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Lincoln Electric by 8.9% in the first quarter. Goldman Sachs Group Inc. now owns 362,561 shares of the industrial products company's stock worth $68,582,000 after purchasing an additional 29,505 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Lincoln Electric by 8.7% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 137,540 shares of the industrial products company's stock worth $26,017,000 after purchasing an additional 10,961 shares in the last quarter. Finally, Geneos Wealth Management Inc. lifted its position in shares of Lincoln Electric by 980.8% in the first quarter. Geneos Wealth Management Inc. now owns 281 shares of the industrial products company's stock worth $53,000 after purchasing an additional 255 shares in the last quarter. 79.61% of the stock is owned by hedge funds and other institutional investors.

Lincoln Electric Trading Down 2.4%

Shares of LECO stock opened at $252.17 on Tuesday. Lincoln Electric Holdings, Inc. has a 12 month low of $188.65 and a 12 month high of $310.00. The company has a quick ratio of 1.15, a current ratio of 1.83 and a debt-to-equity ratio of 0.76. The business's 50 day moving average is $258.02 and its two-hundred day moving average is $257.76. The company has a market cap of $13.82 billion, a PE ratio of 26.02, a price-to-earnings-growth ratio of 1.59 and a beta of 1.21.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The industrial products company reported $2.50 EPS for the quarter, beating the consensus estimate of $2.42 by $0.08. Lincoln Electric had a return on equity of 39.33% and a net margin of 12.38%.The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter last year, the company posted $2.16 earnings per share. The company's revenue for the quarter was up 11.7% compared to the same quarter last year. Equities analysts predict that Lincoln Electric Holdings, Inc. will post 10.81 EPS for the current year.

Lincoln Electric Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 1.3%. The ex-dividend date is Tuesday, June 30th. Lincoln Electric's dividend payout ratio (DPR) is 32.61%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on LECO shares. Stifel Nicolaus set a $275.00 price target on shares of Lincoln Electric in a research report on Friday, May 1st. Roth Mkm reissued a "buy" rating and issued a $297.00 price target (up from $285.00) on shares of Lincoln Electric in a research report on Tuesday, February 3rd. Weiss Ratings raised shares of Lincoln Electric from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 16th. Morgan Stanley reissued an "underweight" rating and issued a $250.00 price target on shares of Lincoln Electric in a research report on Monday, May 4th. Finally, Barclays increased their price objective on Lincoln Electric from $280.00 to $300.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Four investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Lincoln Electric currently has a consensus rating of "Hold" and a consensus target price of $296.00.

Lincoln Electric Company Profile

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

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