Legal & General Group Plc bought a new stake in Lincoln Electric Holdings, Inc. (NASDAQ:LECO – Free Report) in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm bought 436,731 shares of the industrial products company’s stock, valued at approximately $15,438,000. Legal & General Group Plc owned 0.80% of Lincoln Electric at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in shares of Lincoln Electric by 40.5% in the 2nd quarter. BlackRock Inc. now owns 18,561,962 shares of the industrial products company’s stock worth $656,165,000 after buying an additional 5,354,141 shares during the last quarter. New York State Teachers Retirement System lifted its holdings in shares of Lincoln Electric by 7.8% in the fourth quarter. New York State Teachers Retirement System now owns 64,631 shares of the industrial products company’s stock worth $15,488,000 after buying an additional 4,655 shares in the last quarter. K.J. Harrison & Partners Inc bought a new position in shares of Lincoln Electric in the fourth quarter worth $1,677,000. Norges Bank purchased a new stake in Lincoln Electric in the fourth quarter valued at approximately $415,155,000. Finally, California State Teachers Retirement System lifted its stake in Lincoln Electric by 23.2% in the first quarter. California State Teachers Retirement System now owns 64,257 shares of the industrial products company’s stock worth $16,005,000 after acquiring an additional 12,093 shares during the period. Institutional investors own 79.61% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have weighed in on LECO. Weiss Ratings upgraded shares of Lincoln Electric from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 10th. Morgan Stanley raised shares of Lincoln Electric from an “underweight” rating to an “equal weight” rating and upped their target price for the company from $257.00 to $283.00 in a report on Monday, August 10th. DA Davidson initiated coverage on shares of Lincoln Electric in a research note on Tuesday, June 16th. They set a “buy” rating and a $320.00 target price on the stock. UBS Group initiated coverage on Lincoln Electric in a research note on Monday, August 10th. They issued a “buy” rating and a $340.00 price objective for the company. Finally, Wall Street Zen raised shares of Lincoln Electric from a “hold” rating to a “buy” rating in a report on Sunday. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $307.22.
Lincoln Electric Stock Up 1.0%
NASDAQ LECO traded up $2.60 on Monday, hitting $259.80. 124,872 shares of the stock were exchanged, compared to its average volume of 387,812. Lincoln Electric Holdings, Inc. has a fifty-two week low of $216.22 and a fifty-two week high of $310.00. The company has a 50-day moving average price of $268.47 and a 200-day moving average price of $263.38. The company has a market cap of $14.16 billion, a PE ratio of 25.93, a PEG ratio of 1.54 and a beta of 1.21. The company has a quick ratio of 1.20, a current ratio of 1.98 and a debt-to-equity ratio of 0.74.
Lincoln Electric (NASDAQ:LECO – Get Free Report) last issued its 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 the consensus estimate of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The company’s revenue was up 12.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.60 earnings per share. Sell-side analysts anticipate that Lincoln Electric Holdings, Inc. will post 11.16 EPS for the current fiscal year.
Lincoln Electric Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be issued a $0.79 dividend. The ex-dividend date is Wednesday, September 30th. This represents a $3.16 annualized dividend and a dividend yield of 1.2%. Lincoln Electric’s dividend payout ratio is presently 31.57%.
Lincoln Electric Company Profile
Lincoln Electric Holdings, Inc (NASDAQ: LECO) is a Cleveland, Ohio-based manufacturer of welding, cutting and automation products. Founded in 1895 by John C. Lincoln, the company serves industrial, construction, energy, transportation and other end markets that use fabrication and joining technologies.
Its product portfolio includes arc-welding machines, welding consumables such as electrodes and wire, plasma and oxyfuel cutting equipment, robotic welding systems, and related automation solutions.
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