Sumitomo Life Insurance Co. Buys Shares of 4,169 Lincoln Electric Holdings, Inc. $LECO

Key Points

• Sumitomo Life Insurance bought 4,169 shares of Lincoln Electric worth approximately $1.1 million in the second quarter. Institutional investors collectively own 79.61% of the company.
• Analyst sentiment is favorable, with a consensus rating of “Moderate Buy” and an average price target of $307.22; recent targets range as high as $340.
• Lincoln Electric exceeded quarterly earnings and revenue estimates, reporting $2.93 in EPS and $1.22 billion in revenue, while revenue rose 12% year over year. The company also declared a quarterly dividend of $0.79 per share, equating to a 1.1% yield.

Sumitomo Life Insurance Co. bought a new position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) in the second quarter, according to its most recent disclosure with the SEC. The firm bought 4,169 shares of the industrial products company's stock, valued at approximately $1,107,000.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. NewEdge Advisors LLC raised its stake in Lincoln Electric by 8.6% during the first quarter. NewEdge Advisors LLC now owns 2,477 shares of the industrial products company's stock worth $468,000 after purchasing an additional 197 shares during the period. Jones Financial Companies Lllp boosted its holdings in Lincoln Electric by 553.4% in the 1st quarter. Jones Financial Companies Lllp now owns 1,137 shares of the industrial products company's stock valued at $215,000 after purchasing an additional 963 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Lincoln Electric by 8.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 362,561 shares of the industrial products company's stock valued at $68,582,000 after buying an additional 29,505 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in shares of Lincoln Electric by 8.7% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 137,540 shares of the industrial products company's stock valued at $26,017,000 after buying an additional 10,961 shares during the period. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Lincoln Electric by 980.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 281 shares of the industrial products company's stock worth $53,000 after buying an additional 255 shares during the last quarter. Institutional investors and hedge funds own 79.61% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Morgan Stanley raised shares of Lincoln Electric from an "underweight" rating to an "equal weight" rating and lifted their price target for the company from $257.00 to $283.00 in a research report on Monday, August 10th. Barclays increased their price objective on Lincoln Electric from $280.00 to $300.00 and gave the stock an "overweight" rating in a research report on Tuesday, May 5th. DA Davidson started coverage on Lincoln Electric in a research note on Tuesday, June 16th. They set a "buy" rating and a $320.00 target price for the company. Wall Street Zen upgraded Lincoln Electric from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Finally, UBS Group assumed coverage on Lincoln Electric in a research note on Monday, August 10th. They issued a "buy" rating and a $340.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $307.22.

Insider Buying and Selling

In other Lincoln Electric news, EVP Michael J. Whitehead sold 845 shares of Lincoln Electric stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the completion of the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $2,560,954.39. The trade was a 8.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.68% of the stock is owned by company insiders.

Lincoln Electric Stock Up 1.8%

Shares of NASDAQ LECO opened at $281.82 on Friday. The company has a quick ratio of 1.20, a current ratio of 1.98 and a debt-to-equity ratio of 0.74. The business's 50 day moving average is $266.06 and its two-hundred day moving average is $265.97. Lincoln Electric Holdings, Inc. has a 52-week low of $216.22 and a 52-week high of $310.00. The firm has a market cap of $15.36 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 1.66 and a beta of 1.20.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.93 EPS for the quarter, topping the consensus estimate of $2.81 by $0.12. Lincoln Electric had a return on equity of 39.23% and a net margin of 12.35%.The business had revenue of $1.22 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business posted $2.60 earnings per share. The company's quarterly revenue was up 12.0% on a year-over-year basis. Research analysts predict that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current year.

Lincoln Electric Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date is Wednesday, September 30th. Lincoln Electric's dividend payout ratio (DPR) is 31.57%.

About Lincoln Electric

Lincoln Electric Holdings, Inc NASDAQ: LECO is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company's portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.

Founded in 1895 by John C.

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