Truist Financial Corp Decreases Stock Holdings in Lincoln Electric Holdings, Inc. $LECO

Key Points

• Truist Financial Corp cut its stake in Lincoln Electric by 48% in the fourth quarter, selling 10,055 shares and ending with 10,892 shares worth about $2.61 million.
• Lincoln Electric posted stronger-than-expected quarterly results, with EPS of $2.50 versus estimates of $2.42 and revenue of $1.12 billion, up 11.7% year over year.
• The company also announced a quarterly dividend of $0.79 per share, payable July 15, which annualizes to $3.16 per share for a yield of about 1.2%.

Truist Financial Corp trimmed its position in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report) by 48.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,892 shares of the industrial products company's stock after selling 10,055 shares during the quarter. Truist Financial Corp's holdings in Lincoln Electric were worth $2,610,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Mcdonald Partners LLC lifted its position in shares of Lincoln Electric by 103.8% during the fourth quarter. Mcdonald Partners LLC now owns 3,664 shares of the industrial products company's stock valued at $878,000 after buying an additional 1,866 shares during the last quarter. VELA Investment Management LLC lifted its position in shares of Lincoln Electric by 7.9% during the fourth quarter. VELA Investment Management LLC now owns 37,840 shares of the industrial products company's stock valued at $9,068,000 after buying an additional 2,765 shares during the last quarter. Benjamin Edwards Inc. lifted its position in shares of Lincoln Electric by 5.6% during the fourth quarter. Benjamin Edwards Inc. now owns 2,631 shares of the industrial products company's stock valued at $630,000 after buying an additional 139 shares during the last quarter. Horizon Investments LLC lifted its position in shares of Lincoln Electric by 16.3% during the fourth quarter. Horizon Investments LLC now owns 25,054 shares of the industrial products company's stock valued at $6,004,000 after buying an additional 3,514 shares during the last quarter. Finally, New York State Teachers Retirement System lifted its position in shares of Lincoln Electric by 7.8% during the fourth quarter. New York State Teachers Retirement System now owns 64,631 shares of the industrial products company's stock valued at $15,488,000 after buying an additional 4,655 shares during the last quarter. 79.61% of the stock is owned by hedge funds and other institutional investors.

Lincoln Electric Stock Down 1.9%

NASDAQ:LECO opened at $266.13 on Wednesday. The company has a market cap of $14.58 billion, a PE ratio of 27.46, a P/E/G ratio of 1.67 and a beta of 1.24. Lincoln Electric Holdings, Inc. has a twelve month low of $188.65 and a twelve month high of $310.00. The company has a current ratio of 1.83, a quick ratio of 1.15 and a debt-to-equity ratio of 0.76. The company's 50 day moving average is $259.77 and its two-hundred day moving average is $255.05.

Lincoln Electric (NASDAQ:LECO - Get Free Report) last released its earnings results on Thursday, April 30th. The industrial products company reported $2.50 earnings per share for the quarter, topping the consensus estimate of $2.42 by $0.08. Lincoln Electric had a net margin of 12.38% and a return on equity of 39.33%. The company had revenue of $1.12 billion for the quarter, compared to the consensus estimate of $1.07 billion. During the same quarter in the previous year, the firm earned $2.16 EPS. Lincoln Electric's revenue was up 11.7% compared to the same quarter last year. Analysts anticipate that Lincoln Electric Holdings, Inc. will post 10.81 EPS for the current year.

Lincoln Electric Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $3.16 dividend on an annualized basis and a yield of 1.2%. Lincoln Electric's dividend payout ratio (DPR) is currently 32.61%.

Analyst Ratings Changes

Several analysts have commented on the stock. Robert W. Baird set a $330.00 price target on shares of Lincoln Electric in a research report on Friday, February 13th. Weiss Ratings raised shares of Lincoln Electric from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Thursday, April 16th. Jefferies Financial Group reissued a "hold" rating and set a $280.00 target price (down from $350.00) on shares of Lincoln Electric in a research report on Tuesday, March 31st. Morgan Stanley reissued an "underweight" rating and set a $250.00 target price on shares of Lincoln Electric in a research report on Monday, May 4th. Finally, Roth Mkm reissued a "buy" rating and set a $297.00 target price (up from $285.00) on shares of Lincoln Electric in a research report on Tuesday, February 3rd. Four analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Lincoln Electric presently has an average rating of "Hold" and an average price target of $296.00.

Lincoln Electric Profile

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.

Want to see what other hedge funds are holding LECO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lincoln Electric Holdings, Inc. (NASDAQ:LECO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.