Teza Capital Management LLC Sells 3,551 Shares of ESAB Corporation $ESAB

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 position in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 63.5% in the 1st quarter, according to its most recent disclosure with the Securities & 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 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of ESAB. Jane Street Group LLC increased its holdings in shares of ESAB by 138.8% in the fourth quarter. Jane Street Group LLC now owns 29,786 shares of the company's stock valued at $3,573,000 after buying an additional 17,315 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of ESAB in the fourth quarter valued at $2,970,000. Bank of America Corp DE increased its holdings in shares of ESAB by 7.5% in the fourth quarter. Bank of America Corp DE now owns 116,856 shares of the company's stock valued at $14,016,000 after buying an additional 8,113 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of ESAB by 83.1% in the fourth quarter. Captrust Financial Advisors now owns 9,077 shares of the company's stock valued at $1,089,000 after buying an additional 4,119 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of ESAB by 22.2% in the fourth quarter. Cetera Investment Advisers now owns 15,056 shares of the company's stock valued at $1,806,000 after buying an additional 2,735 shares in the last quarter. Institutional investors own 91.13% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. Zacks Research cut ESAB from a "strong-buy" rating to a "hold" rating in a report on Monday, August 18th. Roth Capital assumed coverage on ESAB in a report on Friday, September 5th. They issued a "buy" rating and a $150.00 price target on the stock. Evercore ISI upped their price target on ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a report on Monday, May 19th. Loop Capital raised shares of ESAB from a "hold" rating to a "buy" rating and boosted their target price for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Finally, Oppenheimer cut their target price on shares of ESAB from $144.00 to $142.00 and set an "outperform" rating on the stock in a research note on Thursday, August 7th. Seven research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company's stock. According to data from MarketBeat, ESAB currently has a consensus rating of "Moderate Buy" and a consensus target price of $141.44.

Insiders Place Their Bets

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

ESAB Stock Down 2.3%

NYSE:ESAB traded down $2.62 during trading hours on Friday, hitting $110.46. 457,160 shares of the stock traded hands, compared to its average volume of 393,307. The firm has a 50 day moving average price of $120.72 and a 200 day moving average price of $120.73. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. ESAB Corporation has a fifty-two week low of $97.88 and a fifty-two week high of $135.97. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 26.43, a PEG ratio of 2.49 and a beta of 1.26.

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

ESAB Dividend Announcement

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

About ESAB

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.