ESAB Corporation $ESAB Position Trimmed by Teza Capital Management LLC

Key Points

• Teza Capital Management LLC reduced its holdings in ESAB Corporation by 63.5%, now owning only 2,041 shares worth approximately $238,000.
• Several large investors, including JPMorgan Chase & Co. and Champlain Investment Partners LLC, increased their stakes in ESAB, reflecting a growing interest from institutional investors.
• Analysts have varied opinions on ESAB, with a consensus rating of "Moderate Buy" and an average price target of $141.44, following recent upgrades and downgrades.

Teza Capital Management LLC lowered its stake in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 63.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,041 shares of the company's stock after selling 3,551 shares during the quarter. Teza Capital Management LLC's holdings in ESAB were worth $238,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of ESAB during the first quarter worth approximately $33,000. First Horizon Advisors Inc. grew its position 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 buying an additional 215 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of ESAB by 706.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock worth $42,000 after buying an additional 318 shares in the last quarter. Farther Finance Advisors LLC grew its position in shares of ESAB by 1,128.9% during the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company's stock worth $56,000 after buying an additional 429 shares in the last quarter. Finally, UMB Bank n.a. grew its position in shares of ESAB by 323.8% during the first quarter. UMB Bank n.a. now owns 534 shares of the company's stock worth $62,000 after buying an additional 408 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company's stock.

ESAB Price Performance

ESAB stock traded up $0.65 during midday trading on Monday, hitting $110.93. The company's stock had a trading volume of 92,564 shares, compared to its average volume of 327,303. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50. The stock's 50-day moving average price is $120.72 and its 200-day moving average price is $120.71. ESAB Corporation has a 12 month low of $99.36 and a 12 month high of $135.97. The company has a market capitalization of $6.73 billion, a PE ratio of 26.55, a price-to-earnings-growth ratio of 2.43 and a beta of 1.26.

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

ESAB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 17th. Shareholders of record on Friday, October 3rd will be given a $0.10 dividend. The ex-dividend date is Friday, October 3rd. This represents a $0.40 annualized dividend and a yield of 0.4%. ESAB's payout ratio is 9.57%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ESAB. Stifel Nicolaus raised shares of ESAB from a "hold" rating to a "buy" rating and set a $141.00 price target for the company in a research report on Thursday, August 7th. Oppenheimer decreased their price objective on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. JPMorgan Chase & Co. decreased their price objective on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating for the company in a report on Thursday, August 7th. Zacks Research downgraded shares of ESAB from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Finally, Loop Capital raised shares of ESAB from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $130.00 to $140.00 in a report on Friday, August 22nd. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, ESAB has an average rating of "Moderate Buy" and an average price target of $141.44.

Insider Activity

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the business's stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider directly owned 14,989 shares in the company, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the business's stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. 7.30% of the stock is currently owned by insiders.

ESAB 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.