Hsbc Holdings PLC purchased a new position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO – Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 1,492,506 shares of the industrial products company’s stock, valued at approximately $52,700,000.
Other hedge funds and other institutional investors have also made changes to their positions in the company. BlackRock Inc. purchased a new stake in shares of Lincoln Electric during the 2nd quarter worth approximately $656,165,000. Diamant Asset Management Inc. grew its holdings in shares of Lincoln Electric by 24,685.8% in the first quarter. Diamant Asset Management Inc. now owns 3,839,568 shares of the industrial products company’s stock valued at $956,360,000 after purchasing an additional 3,824,077 shares in the last quarter. Norges Bank bought a new stake in Lincoln Electric in the fourth quarter worth $415,155,000. Algebris UK Ltd. bought a new stake in Lincoln Electric in the second quarter worth $44,811,000. Finally, Advisors Capital Management LLC purchased a new stake in Lincoln Electric during the second quarter valued at $21,914,000. Institutional investors own 79.61% of the company’s stock.
Insider Activity
In other news, EVP Michael J. Whitehead sold 845 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total transaction of $232,214.45. Following the transaction, the executive vice president owned 9,319 shares of the company’s stock, valued at approximately $2,560,954.39. This represents a 8.31% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.68% of the stock is owned by company insiders.
Lincoln Electric Trading Up 3.6%
Lincoln Electric (NASDAQ:LECO – Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.93 EPS for the quarter, topping analysts’ consensus estimates of $2.81 by $0.12. The firm had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The firm’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.60 EPS. As a group, analysts expect that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current year.
Lincoln Electric Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 1.1%. The ex-dividend date is Wednesday, September 30th. Lincoln Electric’s payout ratio is 31.57%.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on LECO shares. DA Davidson initiated coverage on shares of Lincoln Electric in a research note on Tuesday, June 16th. They issued a “buy” rating and a $320.00 price objective for the company. Weiss Ratings upgraded shares of Lincoln Electric from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, July 10th. Wall Street Zen raised shares of Lincoln Electric from a “hold” rating to a “buy” rating in a report on Saturday, August 8th. Morgan Stanley upgraded Lincoln Electric from an “underweight” rating to an “equal weight” rating and lifted their price target for the stock from $257.00 to $283.00 in a research report on Monday, August 10th. Finally, Stifel Nicolaus set a $275.00 price objective on Lincoln Electric in a research note on Friday, May 1st. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $307.22.
View Our Latest Research Report on LECO
Lincoln Electric Company Profile
Lincoln Electric Holdings, Inc (NASDAQ: LECO) is a global manufacturer and distributor of welding products, robotic welding systems, plasma and oxyfuel cutting equipment, and surface treatment systems. The company’s portfolio encompasses welding consumables such as electrodes and wires, as well as power sources, torches, and automated welding cells. Lincoln Electric also offers software solutions and training services designed to optimize productivity and quality in fabrication and manufacturing operations.
Founded in 1895 by John C.
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