Voya Investment Management LLC Buys 3,407 Shares of ESAB Corporation $ESAB

Key Points

• Voya Investment Management LLC increased its holdings in ESAB Corporation by 22.6% in the first quarter, owning 18,451 shares valued at $2.15 million after adding 3,407 shares during that period.
• Analysts have a generally positive outlook on ESAB, with seven rating it as a buy and a consensus price target of $141.44, while recent reports indicate mixed ratings and price target adjustments from firms like Stifel Nicolaus and JPMorgan Chase.
• ESAB announced a quarterly dividend of $0.10 per share, payable on October 17, reflecting an annualized yield of 0.4% with a dividend payout ratio of 9.57%.

Voya Investment Management LLC lifted its holdings in shares of ESAB Corporation (NYSE:ESAB - Free Report) by 22.6% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 18,451 shares of the company's stock after purchasing an additional 3,407 shares during the period. Voya Investment Management LLC's holdings in ESAB were worth $2,150,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently made changes to their positions in ESAB. Caitong International Asset Management Co. Ltd purchased a new stake in shares of ESAB during the 1st quarter valued at approximately $33,000. First Horizon Advisors Inc. grew its stake in shares of ESAB by 204.8% in the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company's stock worth $37,000 after acquiring an additional 215 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in ESAB by 706.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company's stock valued at $42,000 after buying an additional 318 shares during the period. Farther Finance Advisors LLC lifted its holdings in shares of ESAB by 1,128.9% in 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. raised its stake in ESAB by 323.8% during the first quarter. UMB Bank n.a. now owns 534 shares of the company's stock valued at $62,000 after purchasing an additional 408 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Stock Performance

NYSE:ESAB traded up $0.13 during mid-day trading on Monday, hitting $110.58. 734,989 shares of the company's stock traded hands, compared to its average volume of 433,637. The firm has a 50 day moving average of $118.67 and a two-hundred day moving average of $120.22. 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 12 month low of $100.17 and a 12 month high of $135.97. The firm has a market capitalization of $6.71 billion, a price-to-earnings ratio of 21.49, a price-to-earnings-growth ratio of 2.43 and a beta of 1.26.

ESAB (NYSE:ESAB - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.34 by $0.02. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The firm had revenue of $715.59 million during the quarter, compared to analysts' expectations of $670.80 million. During the same period last year, the firm posted $1.32 EPS. The business's revenue was up 1.3% on a year-over-year basis. On average, equities analysts forecast that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Dividend Announcement

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

Insider Transactions at ESAB

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

Analysts Set New Price Targets

Several research firms have commented on ESAB. Roth Capital started coverage on shares of ESAB in a research report on Friday, September 5th. They set a "buy" rating and a $150.00 price target for the company. JPMorgan Chase & Co. cut their price target on shares of ESAB from $137.00 to $125.00 and set an "overweight" rating on the stock in a research note on Thursday, August 7th. Oppenheimer decreased their price objective on ESAB from $144.00 to $142.00 and set an "outperform" rating for the company in a report on Thursday, August 7th. Stifel Nicolaus upgraded 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. Finally, Loop Capital raised ESAB from a "hold" rating to a "buy" rating and raised their price target for the stock from $130.00 to $140.00 in a research note on Friday, August 22nd. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $141.44.

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.