Northern Trust Corp Purchases 3,368 Shares of ESAB Corporation $ESAB

Key Points

• Northern Trust Corp increased its stake in **ESAB Corporation** by 0.6%, owning 544,929 shares worth approximately $63.48 million as of the latest reporting period.
• A mix of institutional investors have recently established or adjusted their positions in ESAB, with over **91%** of the company's stock now owned by institutional investors.
• ESAB's recent earnings report indicated a profit of **$1.36** per share, surpassing analysts' expectations and reflecting an **1.3% year-over-year revenue increase** to $715.59 million.

Northern Trust Corp lifted its position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 0.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 544,929 shares of the company's stock after purchasing an additional 3,368 shares during the quarter. Northern Trust Corp owned approximately 0.90% of ESAB worth $63,484,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. State of Michigan Retirement System lifted its position in shares of ESAB by 0.7% during the 1st quarter. State of Michigan Retirement System now owns 13,602 shares of the company's stock worth $1,585,000 after buying an additional 100 shares during the period. Louisiana State Employees Retirement System lifted its position in shares of ESAB by 0.6% during the 1st quarter. Louisiana State Employees Retirement System now owns 15,900 shares of the company's stock worth $1,852,000 after buying an additional 100 shares during the period. ProShare Advisors LLC lifted its position in shares of ESAB by 7.3% during the 4th quarter. ProShare Advisors LLC now owns 2,658 shares of the company's stock worth $319,000 after buying an additional 181 shares during the period. GAMMA Investing LLC lifted its position in shares of ESAB by 37.7% during the 1st quarter. GAMMA Investing LLC now owns 756 shares of the company's stock worth $88,000 after buying an additional 207 shares during the period. Finally, First Horizon Advisors Inc. lifted its position in shares of ESAB by 204.8% during the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after buying an additional 215 shares during the period. Institutional investors and hedge funds own 91.13% of the company's stock.

Insider Transactions at ESAB

In related news, insider Olivier Biebuyck sold 1,440 shares of the company's stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the sale, the insider owned 14,989 shares in the company, valued at approximately $2,000,881.61. This represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Rhonda L. Jordan sold 4,067 shares of the 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 disclosure for this sale can be found here. Insiders sold 7,007 shares of company stock valued at $841,630 in the last quarter. 7.30% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on ESAB shares. Evercore ISI raised their target price on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Stifel Nicolaus upgraded ESAB from a "hold" rating to a "buy" rating and set a $141.00 price objective for the company in a research report on Thursday, August 7th. Loop Capital upgraded ESAB from a "hold" rating to a "buy" rating and lifted their price objective for the company from $130.00 to $140.00 in a research report on Friday, August 22nd. Robert W. Baird set a $143.00 price objective on ESAB in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. cut their price objective on ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Six investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, ESAB has a consensus rating of "Moderate Buy" and an average price target of $140.38.

ESAB Trading Down 0.6%

NYSE ESAB traded down $0.71 on Thursday, reaching $116.79. The company had a trading volume of 435,133 shares, compared to its average volume of 560,608. The stock's 50 day moving average is $122.15 and its 200-day moving average is $121.55. The stock has a market cap of $7.09 billion, a price-to-earnings ratio of 27.94, a PEG ratio of 2.57 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 Corporation has a 52 week low of $93.15 and a 52 week high of $135.97.

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