NewEdge Advisors LLC Invests $300,000 in ESAB Co. (NYSE:ESAB)

NewEdge Advisors LLC purchased a new stake in shares of ESAB Co. (NYSE:ESAB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,500 shares of the company's stock, valued at approximately $300,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ESAB. EverSource Wealth Advisors LLC increased its holdings in shares of ESAB by 70.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company's stock worth $26,000 after purchasing an additional 90 shares during the period. Quadrant Capital Group LLC lifted its position in shares of ESAB by 15.6% in the 4th quarter. Quadrant Capital Group LLC now owns 682 shares of the company's stock worth $82,000 after acquiring an additional 92 shares during the period. Louisiana State Employees Retirement System grew its holdings in shares of ESAB by 0.6% during the 4th quarter. Louisiana State Employees Retirement System now owns 15,800 shares of the company's stock worth $1,895,000 after purchasing an additional 100 shares in the last quarter. Arizona State Retirement System increased its position in shares of ESAB by 0.8% during the fourth quarter. Arizona State Retirement System now owns 16,664 shares of the company's stock valued at $1,999,000 after purchasing an additional 135 shares during the period. Finally, GAMMA Investing LLC raised its stake in shares of ESAB by 33.9% in the fourth quarter. GAMMA Investing LLC now owns 549 shares of the company's stock valued at $66,000 after purchasing an additional 139 shares in the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Price Performance

NYSE ESAB traded down $0.21 during trading hours on Tuesday, reaching $122.42. 250,838 shares of the company's stock were exchanged, compared to its average volume of 279,667. The firm has a fifty day moving average of $117.80 and a 200-day moving average of $121.71. 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 one year low of $88.54 and a one year high of $135.97. The stock has a market cap of $7.42 billion, a PE ratio of 28.34, a price-to-earnings-growth ratio of 2.01 and a beta of 1.36.

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

ESAB Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, April 4th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, April 4th. ESAB's dividend payout ratio is presently 7.21%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ESAB. Evercore ISI raised shares of ESAB from an "underperform" rating to an "inline" rating and lowered their price target for the company from $122.00 to $120.00 in a report on Monday, February 24th. JPMorgan Chase & Co. upped their target price 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 raised shares of ESAB from a "neutral" rating to a "buy" rating and increased their price target for the stock from $123.00 to $147.00 in a research report on Tuesday, April 1st. Robert W. Baird set a $143.00 price objective on ESAB in a report on Friday. Finally, Stifel Nicolaus increased their target price on ESAB from $109.00 to $126.00 and gave the stock a "hold" rating in a report on Friday. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $136.67.

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.