Norges Bank bought a new stake in shares of ESAB Corporation (NYSE:ESAB – Free Report) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 767,028 shares of the company’s stock, valued at approximately $85,692,000.
A number of other large investors also recently modified their holdings of the company. Diamond Hill Capital Management Inc. raised its stake in ESAB by 8.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 168,668 shares of the company’s stock worth $18,847,000 after purchasing an additional 12,894 shares during the period. Oppenheimer & Co. Inc. purchased a new position in ESAB during the third quarter worth approximately $1,126,000. Confluence Investment Management LLC purchased a new position in ESAB during the fourth quarter worth approximately $998,000. Defender Capital LLC. purchased a new position in ESAB during the fourth quarter worth approximately $3,977,000. Finally, Teacher Retirement System of Texas raised its stake in ESAB by 33.9% during the fourth quarter. Teacher Retirement System of Texas now owns 177,428 shares of the company’s stock worth $19,822,000 after purchasing an additional 44,877 shares during the period. Hedge funds and other institutional investors own 91.13% of the company’s stock.
Wall Street Analysts Forecast Growth
ESAB has been the topic of a number of recent analyst reports. DA Davidson cut their price target on shares of ESAB from $146.00 to $142.00 and set a “buy” rating on the stock in a research note on Thursday, April 16th. Roth Mkm set a $142.00 target price on shares of ESAB in a research note on Thursday, April 16th. JPMorgan Chase & Co. cut their target price on shares of ESAB from $148.00 to $135.00 and set an “overweight” rating on the stock in a research note on Friday, April 10th. Jefferies Financial Group reissued a “buy” rating and issued a $130.00 target price (down from $150.00) on shares of ESAB in a research note on Tuesday, March 31st. Finally, Weiss Ratings downgraded shares of ESAB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $139.88.
ESAB Stock Performance
Shares of NYSE:ESAB opened at $88.19 on Friday. The company has a market cap of $5.37 billion, a P/E ratio of 26.09, a PEG ratio of 1.62 and a beta of 1.19. The business’s 50-day simple moving average is $96.50 and its 200 day simple moving average is $108.91. ESAB Corporation has a one year low of $83.17 and a one year high of $137.42. The company has a debt-to-equity ratio of 0.91, a quick ratio of 2.26 and a current ratio of 2.97.
ESAB (NYSE:ESAB – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The firm had revenue of $745.60 million for the quarter, compared to analysts’ expectations of $706.74 million. ESAB had a net margin of 7.11% and a return on equity of 15.04%. The company’s revenue for the quarter was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.25 EPS. On average, sell-side analysts forecast that ESAB Corporation will post 5.81 earnings per share for the current fiscal year.
ESAB Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, July 3rd will be paid a dividend of $0.12 per share. This is a positive change from ESAB’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.48 annualized dividend and a yield of 0.5%. ESAB’s payout ratio is presently 11.83%.
ESAB 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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