Van ECK Associates Corp lifted its stake in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO – Free Report) by 3.4% during the 2nd quarter, Holdings Channel reports. The fund owned 60,051 shares of the industrial products company’s stock after buying an additional 1,961 shares during the quarter. Van ECK Associates Corp’s holdings in Lincoln Electric were worth $15,944,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Hsbc Holdings PLC grew its holdings in shares of Lincoln Electric by 126.9% in the second quarter. Hsbc Holdings PLC now owns 17,021 shares of the industrial products company’s stock valued at $4,500,000 after purchasing an additional 9,518 shares during the period. Archer Investment Corp purchased a new position in Lincoln Electric during the second quarter worth about $247,000. Glenview Trust Co acquired a new position in Lincoln Electric in the 2nd quarter valued at about $223,000. Empowered Funds LLC purchased a new stake in shares of Lincoln Electric in the 2nd quarter valued at approximately $1,561,000. Finally, United Capital Financial Advisors LLC acquired a new stake in shares of Lincoln Electric during the 2nd quarter worth approximately $250,000. Hedge funds and other institutional investors own 79.61% of the company’s stock.
Analyst Ratings Changes
A number of research firms recently commented on LECO. Weiss Ratings upgraded Lincoln Electric from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, July 10th. Wall Street Zen raised Lincoln Electric from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Morgan Stanley upgraded Lincoln Electric from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $257.00 to $283.00 in a research report on Monday, August 10th. Barclays upped their price target on Lincoln Electric from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Tuesday, May 5th. Finally, DA Davidson assumed coverage on Lincoln Electric in a research report on Tuesday, June 16th. They set a “buy” rating and a $320.00 price objective for the company. One equities research 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 stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $307.22.
Lincoln Electric Stock Performance
NASDAQ:LECO opened at $281.23 on Tuesday. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.20 and a current ratio of 1.98. The stock has a market capitalization of $15.33 billion, a P/E ratio of 28.09, a PEG ratio of 1.71 and a beta of 1.20. The company has a 50 day moving average price of $267.50 and a 200 day moving average price of $265.79. Lincoln Electric Holdings, Inc. has a fifty-two week low of $216.22 and a fifty-two week high of $310.00.
Lincoln Electric (NASDAQ:LECO – Get Free Report) last posted its 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. 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 firm’s revenue for the quarter was up 12.0% on a year-over-year basis. During the same quarter last year, the firm earned $2.60 EPS. Equities research analysts forecast that Lincoln Electric Holdings, Inc. will post 11.13 EPS for the current year.
Lincoln Electric Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 1.1%. Lincoln Electric’s payout ratio is presently 31.57%.
Insider Activity
In related news, EVP Michael J. Whitehead sold 845 shares of the business’s stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $274.81, for a total value of $232,214.45. Following the sale, the executive vice president owned 9,319 shares in the company, valued at approximately $2,560,954.39. The trade was a 8.31% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.68% of the company’s stock.
About Lincoln Electric
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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