PNC Financial Services Group Inc. lessened its stake in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) by 54.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 9,756 shares of the industrial products company's stock after selling 11,443 shares during the period. PNC Financial Services Group Inc.'s holdings in Lincoln Electric were worth $1,845,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Lincoln Electric by 75.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 3,811 shares of the industrial products company's stock valued at $721,000 after buying an additional 1,633 shares in the last quarter. Fifth Third Bancorp boosted its holdings in shares of Lincoln Electric by 17.2% in the 1st quarter. Fifth Third Bancorp now owns 2,035 shares of the industrial products company's stock valued at $385,000 after buying an additional 298 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its holdings in shares of Lincoln Electric by 7.2% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 6,609 shares of the industrial products company's stock valued at $1,250,000 after buying an additional 442 shares in the last quarter. Choreo LLC bought a new stake in shares of Lincoln Electric in the 1st quarter valued at about $211,000. Finally, Assetmark Inc. boosted its holdings in shares of Lincoln Electric by 3.5% in the 1st quarter. Assetmark Inc. now owns 8,148 shares of the industrial products company's stock valued at $1,541,000 after buying an additional 273 shares in the last quarter. Hedge funds and other institutional investors own 79.61% of the company's stock.
Lincoln Electric Stock Performance
Shares of Lincoln Electric stock traded down $2.21 during midday trading on Thursday, hitting $243.24. The company had a trading volume of 78,923 shares, compared to its average volume of 350,219. The stock has a market cap of $13.42 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.71 and a beta of 1.21. The company has a quick ratio of 1.08, a current ratio of 1.68 and a debt-to-equity ratio of 0.83. The company has a fifty day simple moving average of $219.08 and a 200 day simple moving average of $201.36. Lincoln Electric Holdings, Inc. has a 12-month low of $161.11 and a 12-month high of $246.83.
Lincoln Electric (NASDAQ:LECO - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The industrial products company reported $2.60 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.32 by $0.28. Lincoln Electric had a net margin of 12.27% and a return on equity of 39.79%. The company had revenue of $1.09 billion during the quarter, compared to analyst estimates of $1.04 billion. During the same period last year, the firm posted $2.34 EPS. Lincoln Electric's revenue for the quarter was up 6.6% compared to the same quarter last year. As a group, analysts predict that Lincoln Electric Holdings, Inc. will post 9.36 earnings per share for the current fiscal year.
Lincoln Electric Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Tuesday, September 30th. This represents a $3.00 dividend on an annualized basis and a yield of 1.2%. Lincoln Electric's dividend payout ratio (DPR) is currently 33.71%.
Wall Street Analyst Weigh In
LECO has been the topic of a number of recent analyst reports. Wall Street Zen upgraded shares of Lincoln Electric from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Stifel Nicolaus raised their price target on shares of Lincoln Electric from $236.00 to $250.00 and gave the company a "hold" rating in a report on Friday, August 1st. Morgan Stanley increased their price objective on shares of Lincoln Electric from $179.00 to $180.00 and gave the company an "underweight" rating in a research report on Tuesday, May 6th. KeyCorp increased their price objective on shares of Lincoln Electric from $250.00 to $280.00 and gave the company an "overweight" rating in a research report on Friday, August 1st. Finally, Robert W. Baird decreased their price objective on shares of Lincoln Electric from $242.00 to $212.00 and set an "outperform" rating for the company in a research report on Thursday, May 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Lincoln Electric presently has a consensus rating of "Moderate Buy" and an average target price of $231.40.
Check Out Our Latest Research Report on LECO
Insider Transactions at Lincoln Electric
In other Lincoln Electric news, EVP Gabriel Bruno sold 7,305 shares of the firm's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $242.42, for a total transaction of $1,770,878.10. Following the completion of the transaction, the executive vice president directly owned 29,927 shares of the company's stock, valued at approximately $7,254,903.34. This trade represents a 19.62% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.63% of the company's stock.
Lincoln Electric Profile
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Free Report)
Lincoln Electric Holdings, Inc, through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products worldwide. The company operates through three segments: Americas Welding, International Welding, and The Harris Products Group. It offers brazing and soldering filler metals, arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, and specialty gas regulators, and education solutions, as well as a portfolio of automated solutions for joining, cutting, material handling, module assembly, and end of line testing, as well as involved in brazing and soldering alloys, and in the retail business in the United States.
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