Diamond Hill Capital Management Inc. boosted its stake in ESAB Corporation (NYSE:ESAB – Free Report) by 110.1% in the fourth quarter, Holdings Channel reports. The fund owned 354,397 shares of the company’s stock after buying an additional 185,729 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in ESAB were worth $39,593,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. FNY Investment Advisers LLC purchased a new position in ESAB in the 3rd quarter worth approximately $30,000. Northwestern Mutual Wealth Management Co. boosted its holdings in ESAB by 109.4% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 333 shares of the company’s stock worth $40,000 after acquiring an additional 174 shares during the period. Global Retirement Partners LLC boosted its holdings in ESAB by 3,023.1% in the 4th quarter. Global Retirement Partners LLC now owns 406 shares of the company’s stock worth $45,000 after acquiring an additional 393 shares during the period. AlphaQuest LLC purchased a new position in ESAB in the 3rd quarter worth approximately $58,000. Finally, Hantz Financial Services Inc. boosted its holdings in ESAB by 59.5% in the 3rd quarter. Hantz Financial Services Inc. now owns 681 shares of the company’s stock worth $76,000 after acquiring an additional 254 shares during the period. Hedge funds and other institutional investors own 91.13% of the company’s stock.
Insider Activity
In related news, CEO Shyam Kambeyanda sold 59,404 shares of the company’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $123.79, for a total transaction of $7,353,621.16. Following the sale, the chief executive officer directly owned 99,864 shares of the company’s stock, valued at approximately $12,362,164.56. This represents a 37.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 7.20% of the company’s stock.
ESAB Stock Performance
ESAB (NYSE:ESAB – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The firm had revenue of $745.60 million for the quarter, compared to analyst estimates of $706.74 million. ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business’s revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.25 earnings per share. As a group, equities research analysts predict that ESAB Corporation will post 5.81 EPS for the current 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 given a dividend of $0.12 per share. The ex-dividend date of this dividend is Thursday, July 2nd. This represents a $0.48 annualized dividend and a dividend yield of 0.5%. This is an increase from ESAB’s previous quarterly dividend of $0.10. ESAB’s dividend payout ratio is currently 11.83%.
Analysts Set New Price Targets
A number of research firms have weighed in on ESAB. Weiss Ratings cut ESAB from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, April 27th. Stifel Nicolaus set a $141.00 target price on ESAB in a research note on Friday, May 8th. Jefferies Financial Group reiterated a “buy” rating and set a $130.00 target price (down from $150.00) on shares of ESAB in a research note on Tuesday, March 31st. DA Davidson reduced their target price on ESAB from $146.00 to $142.00 and set a “buy” rating for the company in a research note on Thursday, April 16th. Finally, Wall Street Zen cut ESAB from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $139.88.
View Our Latest Report on ESAB
ESAB Company 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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