2,905 Shares in ESAB Corporation $ESAB Acquired by Perbak Capital Partners LLP

Key Points

• Perbak Capital Partners LLP has taken a new position in ESAB Corporation, purchasing 2,905 shares valued at approximately $338,000 in the first quarter.
• ESAB Corporation reported earnings of $1.36 per share in its latest quarterly results, exceeding analyst expectations and showing a 1.3% year-over-year revenue increase.
• Research firms have recently adjusted their price targets for ESAB, with Loop Capital raising its target from $130 to $140 and Stifel Nicolaus setting a target of $141, reflecting a consensus rating of "Moderate Buy."

Perbak Capital Partners LLP purchased a new stake in ESAB Corporation (NYSE:ESAB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 2,905 shares of the company's stock, valued at approximately $338,000.

Several other hedge funds have also added to or reduced their stakes in the company. State of Michigan Retirement System grew 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 grew 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 grew 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 grew 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. grew 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 during the period. Institutional investors own 91.13% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ESAB. Oppenheimer decreased their price objective on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. JPMorgan Chase & Co. decreased their target price on ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a research report on Thursday, August 7th. Loop Capital upgraded ESAB from a "hold" rating to a "buy" rating and boosted their target price for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Stifel Nicolaus upgraded ESAB from a "hold" rating to a "buy" rating and set a $141.00 target price for the company in a research report on Thursday, August 7th. Finally, Zacks Research cut ESAB from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 18th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $141.44.

ESAB Stock Up 1.3%

ESAB stock traded up $1.52 during mid-day trading on Friday, reaching $117.94. The company's stock had a trading volume of 236,855 shares, compared to its average volume of 418,595. The business's 50 day simple moving average is $121.78 and its 200 day simple moving average is $121.06. 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 12 month low of $93.15 and a 12 month high of $135.97. The company has a market capitalization of $7.16 billion, a price-to-earnings ratio of 28.22, a price-to-earnings-growth ratio of 2.56 and a beta of 1.26.

ESAB (NYSE:ESAB - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. The business had revenue of $715.59 million for 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 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. As a group, research analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total transaction of $192,225.60. Following the transaction, the insider directly owned 14,989 shares of the company's stock, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the business'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 value of $459,774.35. The disclosure for this sale can be found here. Insiders have sold a total of 7,007 shares of company stock worth $841,630 over the last three months. 7.30% of the stock is owned by insiders.

ESAB Company 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.