Nuveen LLC Purchases New Shares in ESAB Corporation $ESAB

Key Points

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Nuveen LLC acquired a new position in shares of ESAB Corporation (NYSE:ESAB - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 210,393 shares of the company's stock, valued at approximately $24,511,000. Nuveen LLC owned about 0.35% of ESAB at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ESAB. Bank of New York Mellon Corp raised its holdings in shares of ESAB by 101.5% in the first quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company's stock valued at $102,605,000 after purchasing an additional 443,574 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of ESAB by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company's stock valued at $904,118,000 after purchasing an additional 225,345 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ESAB by 8.4% in the first quarter. JPMorgan Chase & Co. now owns 2,387,626 shares of the company's stock valued at $278,158,000 after purchasing an additional 185,058 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of ESAB by 15,942.6% in the first quarter. GAMMA Investing LLC now owns 88,074 shares of the company's stock valued at $10,261,000 after purchasing an additional 87,525 shares during the last quarter. Finally, Northern Trust Corp grew its position in ESAB by 15.7% during the fourth quarter. Northern Trust Corp now owns 541,561 shares of the company's stock valued at $64,955,000 after buying an additional 73,405 shares during the period. Hedge funds and other institutional investors own 91.13% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. Robert W. Baird set a $143.00 price target on shares of ESAB in a research report on Friday, May 2nd. Loop Capital upgraded shares of ESAB from a "hold" rating to a "buy" rating and increased their price target for the company from $130.00 to $140.00 in a research report on Friday. Stifel Nicolaus upgraded shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target for the company in a research report on Thursday, August 7th. Oppenheimer reduced their price target on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Finally, JPMorgan Chase & Co. reduced their price target on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Six analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $140.38.

Insider Activity at ESAB

In other news, insider Olivier Biebuyck sold 1,440 shares of the firm'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 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the firm's stock in a transaction that occurred 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. Insiders sold 7,007 shares of company stock worth $841,630 in the last 90 days. Company insiders own 7.30% of the company's stock.

ESAB Price Performance

Shares of ESAB stock traded up $5.25 during trading hours on Friday, reaching $117.18. The stock had a trading volume of 230,361 shares, compared to its average volume of 324,301. The stock's fifty day simple moving average is $122.52 and its 200 day simple moving average is $121.75. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. ESAB Corporation has a 12 month low of $93.15 and a 12 month high of $135.97. The firm has a market capitalization of $7.11 billion, a PE ratio of 28.03, a PEG ratio of 2.69 and a beta of 1.27.

ESAB (NYSE:ESAB - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.02. The business had revenue of $715.59 million for the quarter, compared to the consensus estimate of $670.80 million. ESAB had a net margin of 9.36% and a return on equity of 16.32%. ESAB's quarterly revenue was up 1.3% on a year-over-year basis. During the same period last year, the firm posted $1.32 earnings per share. On average, equities research analysts predict 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.