ESAB Co. (NYSE:ESAB) Shares Acquired by Edgestream Partners L.P.

Edgestream Partners L.P. increased its stake in shares of ESAB Co. (NYSE:ESABFree Report) by 17.6% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 75,523 shares of the company’s stock after purchasing an additional 11,284 shares during the period. ESAB accounts for approximately 0.4% of Edgestream Partners L.P.’s investment portfolio, making the stock its 28th biggest position. Edgestream Partners L.P.’s holdings in ESAB were worth $8,029,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC raised its holdings in shares of ESAB by 7.3% during the second quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock valued at $40,827,000 after acquiring an additional 29,453 shares during the last quarter. Van ECK Associates Corp raised its stake in ESAB by 40.0% in the 3rd quarter. Van ECK Associates Corp now owns 31,712 shares of the company’s stock valued at $3,536,000 after purchasing an additional 9,062 shares during the last quarter. Envestnet Asset Management Inc. raised its stake in ESAB by 8.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 71,700 shares of the company’s stock valued at $6,771,000 after purchasing an additional 5,771 shares during the last quarter. Fifth Third Bancorp lifted its holdings in ESAB by 181.7% in the 2nd quarter. Fifth Third Bancorp now owns 1,259 shares of the company’s stock valued at $119,000 after purchasing an additional 812 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in ESAB by 4.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 490,532 shares of the company’s stock worth $46,321,000 after purchasing an additional 21,025 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Shyam Kambeyanda sold 59,120 shares of the stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now owns 53,902 shares of the company’s stock, valued at approximately $6,627,789.92. This trade represents a 52.31 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Kevin J. Johnson sold 5,044 shares of the company’s stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total value of $630,500.00. Following the transaction, the chief financial officer now owns 11,433 shares in the company, valued at $1,429,125. This trade represents a 30.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,418 shares of company stock valued at $8,431,773 over the last 90 days. 7.00% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ESAB shares. Loop Capital increased their target price on shares of ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Bank of America boosted their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus cut ESAB from a “buy” rating to a “hold” rating and cut their price target for the company from $138.00 to $130.00 in a report on Monday, November 18th. Finally, Oppenheimer reiterated an “outperform” rating and set a $144.00 price objective (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $124.14.

Read Our Latest Research Report on ESAB

ESAB Stock Up 0.6 %

Shares of NYSE ESAB opened at $129.08 on Friday. ESAB Co. has a 1 year low of $76.08 and a 1 year high of $135.97. The company has a market capitalization of $7.80 billion, a P/E ratio of 30.23, a P/E/G ratio of 2.24 and a beta of 1.37. The company has a 50 day simple moving average of $116.95 and a 200-day simple moving average of $105.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25.

ESAB (NYSE:ESABGet Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The company had revenue of $673.00 million during the quarter, compared to analysts’ expectations of $620.50 million. During the same quarter last year, the firm earned $1.08 earnings per share. The firm’s quarterly revenue was down 1.2% compared to the same quarter last year. On average, equities research analysts predict that ESAB Co. will post 4.94 earnings per share for the current year.

ESAB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.08 dividend. The ex-dividend date was Friday, September 27th. This represents a $0.32 dividend on an annualized basis and a yield of 0.25%. ESAB’s payout ratio is currently 7.49%.

About ESAB

(Free Report)

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.

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Institutional Ownership by Quarter for ESAB (NYSE:ESAB)

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