Renaissance Technologies LLC Buys 46,787 Shares of ESAB Corporation $ESAB

Key Points

• Renaissance Technologies increased its ESAB stake by 55.5% in the first quarter, purchasing 46,787 additional shares for a total holding of 131,087 shares valued at approximately $12.7 million. Institutional investors own 91.13% of the company.
• ESAB reported quarterly revenue of $745.6 million, up 10% year over year and above analyst expectations, though earnings per share of $1.31 narrowly missed estimates. The company also raised its quarterly dividend to $0.12 per share, or $0.48 annually.
• Analysts maintain a generally positive outlook, with eight Buy ratings and two Holds, producing a “Moderate Buy” consensus and an average price target of $138.38 versus the stock’s reported price of $86.67.

Renaissance Technologies LLC boosted its stake in ESAB Corporation (NYSE:ESAB - Free Report) by 55.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 131,087 shares of the company's stock after buying an additional 46,787 shares during the period. Renaissance Technologies LLC owned 0.22% of ESAB worth $12,671,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Royal Bank of Canada raised its position in shares of ESAB by 29.4% in the 1st quarter. Royal Bank of Canada now owns 51,867 shares of the company's stock worth $6,042,000 after acquiring an additional 11,772 shares in the last quarter. Millennium Management LLC bought a new stake in shares of ESAB during the first quarter valued at approximately $10,616,000. Goldman Sachs Group Inc. grew its stake in ESAB by 25.9% in the first quarter. Goldman Sachs Group Inc. now owns 458,339 shares of the company's stock worth $53,396,000 after purchasing an additional 94,335 shares during the period. Northwestern Mutual Wealth Management Co. raised its holdings in ESAB by 109.4% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company's stock worth $40,000 after purchasing an additional 174 shares in the last quarter. Finally, EverSource Wealth Advisors LLC raised its holdings in ESAB by 183.4% in the second quarter. EverSource Wealth Advisors LLC now owns 972 shares of the company's stock worth $117,000 after purchasing an additional 629 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Trading Up 1.3%

NYSE ESAB opened at $86.67 on Friday. ESAB Corporation has a 12 month low of $82.18 and a 12 month high of $137.42. The company has a current ratio of 2.97, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91. The stock's fifty day moving average price is $91.83 and its 200-day moving average price is $103.23. The stock has a market cap of $5.28 billion, a P/E ratio of 25.64, a P/E/G ratio of 1.61 and a beta of 1.17.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). ESAB had a return on equity of 15.04% and a net margin of 7.11%.The company had revenue of $745.60 million during the quarter, compared to analysts' expectations of $706.74 million. During the same period in the prior year, the firm earned $1.25 EPS. ESAB's revenue for the quarter was up 10.0% compared to the same quarter last year. As a group, equities analysts forecast that ESAB Corporation will post 5.72 EPS for the current fiscal year.

ESAB Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, July 17th. Shareholders of record on Friday, July 3rd were issued a $0.12 dividend. This represents a $0.48 annualized dividend and a yield of 0.6%. This is a boost from ESAB's previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, July 2nd. ESAB's dividend payout ratio is presently 14.20%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ESAB. DA Davidson assumed coverage on shares of ESAB in a report on Monday, June 15th. They set a "buy" rating and a $130.00 target price on the stock. Oppenheimer lowered their price target on shares of ESAB from $140.00 to $135.00 and set an "outperform" rating for the company in a research report on Tuesday, July 21st. Weiss Ratings restated a "hold (c)" rating on shares of ESAB in a report on Friday, July 24th. Roth Capital raised their target price on shares of ESAB from $142.00 to $151.00 and gave the company a "buy" rating in a research note on Tuesday, July 7th. Finally, Stifel Nicolaus lowered their target price on shares of ESAB from $141.00 to $137.00 and set a "buy" rating for the company in a report on Monday, July 20th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $138.38.

ESAB Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company's products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.

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