Van ECK Associates Corp boosted its position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO – Free Report) by 3.4% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,051 shares of the industrial products company’s stock after buying an additional 1,961 shares during the period. Van ECK Associates Corp owned approximately 0.11% of Lincoln Electric worth $15,944,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. boosted its holdings in Lincoln Electric by 40.5% during the second quarter. BlackRock Inc. now owns 18,561,962 shares of the industrial products company’s stock worth $656,165,000 after purchasing an additional 5,354,141 shares during the last quarter. Diamant Asset Management Inc. grew its holdings in Lincoln Electric by 24,685.8% during 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 during the period. Norges Bank bought a new position in Lincoln Electric during the fourth quarter worth about $415,155,000. Hsbc Holdings PLC purchased a new stake in shares of Lincoln Electric during the second quarter worth $52,700,000. Finally, Geode Capital Management LLC increased its position in shares of Lincoln Electric by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 1,306,641 shares of the industrial products company’s stock valued at $313,175,000 after buying an additional 6,070 shares during the period. 79.61% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of equities analysts have recently commented on LECO shares. DA Davidson started coverage on shares of Lincoln Electric in a report on Tuesday, June 16th. They issued a “buy” rating and a $320.00 price target on the stock. UBS Group began coverage on Lincoln Electric in a report on Monday, August 10th. They set a “buy” rating and a $340.00 price target on the stock. Wall Street Zen raised shares of Lincoln Electric from a “hold” rating to a “buy” rating in a research note on Sunday. Morgan Stanley raised shares of Lincoln Electric from an “underweight” rating to an “equal weight” rating and lifted their price target for the company from $257.00 to $283.00 in a research report on Monday, August 10th. Finally, Weiss Ratings raised shares of Lincoln Electric from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 10th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $307.22.
Lincoln Electric Trading Up 1.0%
LECO traded up $2.60 on Monday, hitting $259.80. The company had a trading volume of 124,872 shares, compared to its average volume of 387,812. 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. Lincoln Electric Holdings, Inc. has a 12-month low of $216.22 and a 12-month high of $310.00. The business’s fifty day simple moving average is $268.47 and its 200 day simple moving average is $263.38. 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 released its quarterly earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share for the quarter, beating the consensus estimate of $2.81 by $0.12. Lincoln Electric had a return on equity of 39.23% and a net margin of 12.35%.The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the firm posted $2.60 EPS. Lincoln Electric’s quarterly revenue was up 12.0% compared to the same quarter last year. Equities research analysts expect that Lincoln Electric Holdings, Inc. will post 11.16 EPS for the current year.
Lincoln Electric Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Wednesday, September 30th. Lincoln Electric’s dividend payout ratio (DPR) is currently 31.57%.
About Lincoln Electric
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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