Strs Ohio Invests $7.12 Million in ESAB Corporation $ESAB

Key Points

• Strs Ohio invested approximately $7.12 million in shares of ESAB Corporation, acquiring a total of 61,075 shares during the first quarter.
• Insider trading activity included Director Rhonda L. Jordan selling 4,067 shares at an average price of $113.05, indicating significant insider movements within the company.
• The company recently declared a quarterly dividend of $0.10 per share, highlighting a dividend yield of 0.4% and a low payout ratio of 9.57%.

Strs Ohio bought a new position in shares of ESAB Corporation (NYSE:ESAB - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 61,075 shares of the company's stock, valued at approximately $7,115,000. Strs Ohio owned approximately 0.10% of ESAB at the end of the most recent quarter.

A number of other large investors have also modified their holdings of the business. Durable Capital Partners LP purchased a new position in ESAB in the 1st quarter valued at approximately $114,067,000. Champlain Investment Partners LLC increased its stake in ESAB by 42.0% in the 1st quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company's stock valued at $224,740,000 after purchasing an additional 570,895 shares in the last quarter. Bank of New York Mellon Corp increased its stake in ESAB by 101.5% in the 1st 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 in the last quarter. Driehaus Capital Management LLC purchased a new position in ESAB in the 1st quarter valued at approximately $36,415,000. Finally, Interval Partners LP purchased a new position in ESAB in the 1st quarter valued at approximately $30,769,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ESAB

In other news, Director Rhonda L. Jordan sold 4,067 shares of the firm's stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Olivier Biebuyck sold 1,440 shares of the firm's stock in a transaction on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider owned 14,989 shares in the company, valued at $2,000,881.61. This trade represents a 8.76% decrease in their position. The disclosure for this sale can be found here. 7.30% of the stock is owned by company insiders.

ESAB Stock Performance

ESAB stock opened at $110.46 on Monday. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. The stock has a fifty day moving average of $120.72 and a two-hundred day moving average of $120.71. The company has a market capitalization of $6.70 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 2.43 and a beta of 1.26. ESAB Corporation has a fifty-two week low of $97.88 and a fifty-two week high of $135.97.

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

ESAB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Friday, October 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.4%. ESAB's dividend payout ratio (DPR) is 9.57%.

Analyst Ratings Changes

Several research firms recently weighed in on ESAB. Roth Capital began coverage on ESAB in a research note on Friday, September 5th. They issued a "buy" rating and a $150.00 price objective for the company. Loop Capital raised ESAB from a "hold" rating to a "buy" rating and raised their price objective for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Oppenheimer dropped 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. Stifel Nicolaus raised ESAB from a "hold" rating to a "buy" rating and set a $141.00 price objective for the company in a research note on Thursday, August 7th. Finally, Evercore ISI raised their price target on ESAB from $120.00 to $125.00 and gave the stock an "in-line" rating in a research report on Monday, May 19th. Seven investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, ESAB currently has an average rating of "Moderate Buy" and an average price target of $141.44.

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.

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