Evercore ISI Lowers ESAB (NYSE:ESAB) Price Target to $102.00

ESAB (NYSE:ESAB) had its target price reduced by research analysts at Evercore ISI from $107.00 to $102.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “in-line” rating on the stock. Evercore ISI’s target price would indicate a potential upside of 3.43% from the company’s current price.

Several other research analysts also recently issued reports on ESAB. JPMorgan Chase & Co. lowered their price objective on shares of ESAB from $125.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday, August 5th. Stifel Nicolaus lowered their price objective on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. Oppenheimer began coverage on shares of ESAB in a research report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price objective on the stock. Finally, Bank of America raised their price objective on shares of ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $108.57.

ESAB Trading Down 2.2 %

Shares of NYSE:ESAB opened at $98.62 on Monday. ESAB has a 52 week low of $61.43 and a 52 week high of $114.77. The company’s 50 day moving average is $96.44 and its two-hundred day moving average is $100.38. The company has a current ratio of 1.65, a quick ratio of 1.01 and a debt-to-equity ratio of 0.59. The company has a market cap of $5.96 billion, a PE ratio of 25.82, a P/E/G ratio of 1.71 and a beta of 1.42.

ESAB (NYSE:ESAB) last posted its earnings results on Friday, August 2nd. The company reported $1.32 EPS for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The firm had revenue of $707.10 million for the quarter, compared to the consensus estimate of $686.75 million. ESAB had a net margin of 8.39% and a return on equity of 17.59%. The company’s revenue was down 1.8% on a year-over-year basis. During the same period last year, the firm posted $1.21 EPS. Equities analysts predict that ESAB will post 4.9 earnings per share for the current fiscal year.

Institutional Trading of ESAB

Several hedge funds have recently made changes to their positions in ESAB. Brown Advisory Inc. purchased a new stake in ESAB during the fourth quarter worth about $1,011,000. Wedge Capital Management L L P NC boosted its holdings in ESAB by 5.2% during the fourth quarter. Wedge Capital Management L L P NC now owns 154,032 shares of the company’s stock worth $13,342,000 after buying an additional 7,682 shares in the last quarter. Trexquant Investment LP boosted its holdings in ESAB by 82.1% during the fourth quarter. Trexquant Investment LP now owns 53,457 shares of the company’s stock worth $4,630,000 after buying an additional 24,099 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new stake in ESAB during the first quarter worth about $3,913,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in ESAB by 6.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company’s stock worth $44,549,000 after buying an additional 23,825 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

ESAB Company 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.