ESAB’s (ESAB) Outperform Rating Reaffirmed at Oppenheimer

ESAB (NYSE:ESAB)‘s stock had its “outperform” rating reiterated by analysts at Oppenheimer in a research report issued on Wednesday, Benzinga reports. They currently have a $138.00 target price on the stock, up from their previous target price of $122.00. Oppenheimer’s price objective points to a potential upside of 9.49% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Bank of America boosted their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. raised their target price on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Stifel Nicolaus decreased their price target on ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Finally, Evercore ISI decreased their target price on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research report on Monday, August 19th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $118.83.

ESAB Stock Performance

NYSE:ESAB traded up $0.51 during mid-day trading on Wednesday, hitting $126.04. The stock had a trading volume of 88,694 shares, compared to its average volume of 247,579. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.21 and a current ratio of 1.86. ESAB has a twelve month low of $62.57 and a twelve month high of $126.51. The company’s 50 day simple moving average is $104.72 and its 200 day simple moving average is $101.75. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of 29.52, a PEG ratio of 1.93 and a beta of 1.42.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The firm had revenue of $673.00 million during the quarter, compared to analysts’ expectations of $620.50 million. During the same period in the previous year, the business posted $1.08 earnings per share. The company’s revenue for the quarter was down 1.2% compared to the same quarter last year. On average, equities research analysts forecast that ESAB will post 4.83 earnings per share for the current year.

Hedge Funds Weigh In On ESAB

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ESAB. Susquehanna Fundamental Investments LLC bought a new position in shares of ESAB during the 1st quarter valued at about $3,913,000. Allspring Global Investments Holdings LLC increased its stake in shares of ESAB by 6.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company’s stock worth $44,549,000 after acquiring an additional 23,825 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in shares of ESAB by 37.7% during the first quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock valued at $12,836,000 after purchasing an additional 31,780 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in ESAB by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock worth $710,316,000 after acquiring an additional 653,377 shares in the last quarter. Finally, Edgestream Partners L.P. grew its position in ESAB by 44.3% during the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock valued at $6,066,000 after purchasing an additional 19,721 shares during the last quarter. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

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.