Oppenheimer Cuts ESAB (NYSE:ESAB) Price Target to $135.00

Key Points

• Oppenheimer cut its price target on ESAB from $140 to $135 while keeping an outperform rating, implying about 57% upside from the current share price.
• Other analysts remain generally positive: the stock has a Moderate Buy consensus with a $138.38 average target, and eight analysts rate it a Buy versus two Holds.
• ESAB’s latest results showed revenue growth of 10% year over year to $745.6 million, though EPS of $1.31 slightly missed estimates by $0.01.

ESAB (NYSE:ESAB - Get Free Report) had its price target dropped by Oppenheimer from $140.00 to $135.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "outperform" rating on the stock. Oppenheimer's price target would indicate a potential upside of 56.99% from the stock's current price.

Several other research analysts have also commented on the company. JPMorgan Chase & Co. dropped their price target on ESAB from $148.00 to $135.00 and set an "overweight" rating for the company in a research report on Friday, April 10th. DA Davidson started coverage on ESAB in a research report on Monday, June 15th. They set a "buy" rating and a $130.00 price objective on the stock. Weiss Ratings cut ESAB from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, April 27th. Roth Capital boosted their target price on ESAB from $142.00 to $151.00 and gave the company a "buy" rating in a research report on Tuesday, July 7th. Finally, Stifel Nicolaus decreased their price target on ESAB from $141.00 to $137.00 and set a "buy" rating on the stock in a report on Monday. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $138.38.

ESAB Price Performance

ESAB traded up $3.00 during trading hours on Tuesday, hitting $85.99. The company's stock had a trading volume of 168,575 shares, compared to its average volume of 627,549. The stock has a market cap of $5.24 billion, a price-to-earnings ratio of 25.45, a P/E/G ratio of 1.65 and a beta of 1.17. The business's 50-day moving average price is $92.57 and its 200-day moving average price is $104.98. The company has a current ratio of 2.97, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91. ESAB has a 12 month low of $82.18 and a 12 month high of $137.42.

ESAB (NYSE:ESAB - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.31 EPS for the quarter, missing the consensus estimate of $1.32 by ($0.01). ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business had revenue of $745.60 million for the quarter, compared to the consensus estimate of $706.74 million. During the same quarter last year, the business earned $1.25 EPS. ESAB's revenue for the quarter was up 10.0% compared to the same quarter last year. Sell-side analysts expect that ESAB will post 5.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ESAB

Several hedge funds have recently bought and sold shares of ESAB. Royal Bank of Canada boosted its stake in shares of ESAB by 29.4% during the first quarter. Royal Bank of Canada now owns 51,867 shares of the company's stock valued at $6,042,000 after purchasing an additional 11,772 shares during the period. Millennium Management LLC purchased a new stake in ESAB in the 1st quarter valued at about $10,616,000. Goldman Sachs Group Inc. grew its stake in ESAB by 25.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 458,339 shares of the company's stock worth $53,396,000 after acquiring an additional 94,335 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its position in shares of ESAB by 109.4% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company's stock worth $40,000 after acquiring an additional 174 shares during the period. Finally, EverSource Wealth Advisors LLC raised its stake in shares of ESAB by 183.4% during the second quarter. EverSource Wealth Advisors LLC now owns 972 shares of the company's stock valued at $117,000 after acquiring an additional 629 shares in the last quarter. Institutional investors own 91.13% of the company's stock.

ESAB Company Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company's products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.

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