Two Sigma Investments LP Sells 68,687 Shares of ESAB Co. (NYSE:ESAB)

Two Sigma Investments LP lessened its stake in shares of ESAB Co. (NYSE:ESAB - Free Report) by 56.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 51,930 shares of the company's stock after selling 68,687 shares during the quarter. Two Sigma Investments LP owned about 0.09% of ESAB worth $6,228,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in ESAB. Norges Bank acquired a new stake in shares of ESAB in the 4th quarter worth about $81,199,000. Raymond James Financial Inc. acquired a new stake in shares of ESAB in the 4th quarter worth about $52,281,000. TimesSquare Capital Management LLC raised its holdings in shares of ESAB by 104.3% in the 4th quarter. TimesSquare Capital Management LLC now owns 839,685 shares of the company's stock worth $100,712,000 after acquiring an additional 428,770 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of ESAB by 21.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,900,115 shares of the company's stock worth $202,001,000 after acquiring an additional 337,983 shares during the last quarter. Finally, Invesco Ltd. raised its holdings in shares of ESAB by 17.9% in the 4th quarter. Invesco Ltd. now owns 2,097,624 shares of the company's stock worth $251,589,000 after acquiring an additional 318,018 shares during the last quarter. Institutional investors own 91.13% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on ESAB. Stifel Nicolaus upped their target price on shares of ESAB from $109.00 to $126.00 and gave the stock a "hold" rating in a report on Friday, May 2nd. Robert W. Baird set a $143.00 price objective on shares of ESAB in a research note on Friday, May 2nd. JPMorgan Chase & Co. increased their price objective on shares of ESAB from $133.00 to $140.00 and gave the company an "overweight" rating in a research note on Tuesday, March 18th. UBS Group upgraded shares of ESAB from a "neutral" rating to a "buy" rating and increased their price objective for the company from $123.00 to $147.00 in a research note on Tuesday, April 1st. Finally, Evercore ISI increased their price objective on shares of ESAB from $120.00 to $125.00 and gave the company an "in-line" rating in a research note on Monday, May 19th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $137.22.

Insider Buying and Selling

In related news, insider Olivier Biebuyck sold 1,417 shares of the firm's stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $131.15, for a total value of $185,839.55. Following the completion of the transaction, the insider now directly owns 14,989 shares of the company's stock, valued at approximately $1,965,807.35. This trade represents a 8.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 7.30% of the stock is owned by insiders.

ESAB Stock Performance

Shares of ESAB stock traded down $0.97 during trading hours on Friday, hitting $122.83. 251,964 shares of the company were exchanged, compared to its average volume of 278,149. The firm has a fifty day simple moving average of $119.64 and a 200 day simple moving average of $122.16. The company has a current ratio of 1.82, a quick ratio of 1.25 and a debt-to-equity ratio of 0.59. ESAB Co. has a 52-week low of $88.54 and a 52-week high of $135.97. The stock has a market capitalization of $7.45 billion, a price-to-earnings ratio of 28.43, a P/E/G ratio of 2.01 and a beta of 1.36.

ESAB (NYSE:ESAB - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.18 by $0.07. ESAB had a net margin of 9.66% and a return on equity of 17.43%. The company had revenue of $678.14 million during the quarter, compared to analyst estimates of $633.66 million. During the same quarter last year, the business posted $1.20 EPS. ESAB's quarterly revenue was down 1.7% compared to the same quarter last year. Research analysts predict that ESAB Co. will post 5.16 earnings per share for the current fiscal year.

ESAB Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.33%. This is a positive change from ESAB's previous quarterly dividend of $0.08. ESAB's dividend payout ratio (DPR) is presently 9.01%.

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.