Pinebridge Investments L.P. Has $1.69 Million Position in ESAB Co. (NYSE:ESAB)

Pinebridge Investments L.P. lessened its position in ESAB Co. (NYSE:ESAB - Free Report) by 33.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 14,058 shares of the company's stock after selling 6,929 shares during the period. Pinebridge Investments L.P.'s holdings in ESAB were worth $1,686,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its position in shares of ESAB by 3.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company's stock worth $904,118,000 after purchasing an additional 225,345 shares during the period. Hsbc Holdings PLC acquired a new stake in ESAB during the 4th quarter worth approximately $1,446,000. Tower Research Capital LLC TRC lifted its stake in ESAB by 149.2% in the fourth quarter. Tower Research Capital LLC TRC now owns 5,972 shares of the company's stock valued at $716,000 after buying an additional 3,576 shares in the last quarter. MetLife Investment Management LLC boosted its holdings in shares of ESAB by 9.1% in the fourth quarter. MetLife Investment Management LLC now owns 32,025 shares of the company's stock valued at $3,841,000 after buying an additional 2,666 shares during the period. Finally, Champlain Investment Partners LLC increased its position in shares of ESAB by 25.6% during the fourth quarter. Champlain Investment Partners LLC now owns 1,358,204 shares of the company's stock worth $162,903,000 after acquiring an additional 276,565 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ESAB has been the subject of a number of research analyst reports. UBS Group raised shares of ESAB from a "neutral" rating to a "buy" rating and upped their target price for the stock from $123.00 to $147.00 in a research note on Tuesday, April 1st. Stifel Nicolaus boosted their price target on ESAB from $109.00 to $126.00 and gave the company a "hold" rating in a report on Friday. JPMorgan Chase & Co. increased their price objective on ESAB from $133.00 to $140.00 and gave the stock an "overweight" rating in a report on Tuesday, March 18th. Finally, Evercore ISI upgraded ESAB from an "underperform" rating to an "inline" rating and cut their target price for the company from $122.00 to $120.00 in a research note on Monday, February 24th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, ESAB has a consensus rating of "Moderate Buy" and a consensus target price of $135.88.

ESAB Stock Up 4.9 %

Shares of NYSE:ESAB traded up $5.76 during trading on Friday, hitting $123.99. 335,687 shares of the company were exchanged, compared to its average volume of 279,240. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of 28.70, a P/E/G ratio of 2.01 and a beta of 1.37. 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 fifty-two week low of $88.54 and a fifty-two week high of $135.97. The firm has a fifty day moving average price of $117.88 and a two-hundred day moving average price of $121.58.

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

ESAB Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 17th. Shareholders of record on Friday, April 4th were given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, April 4th. ESAB's dividend payout ratio (DPR) is presently 7.41%.

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.