ESAB Co. (NYSE:ESAB) Holdings Lowered by Hanlon Investment Management Inc.

Hanlon Investment Management Inc. trimmed its stake in shares of ESAB Co. (NYSE:ESAB) by 9.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,881 shares of the company’s stock after selling 536 shares during the period. Hanlon Investment Management Inc.’s holdings in ESAB were worth $519,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of ESAB. Price T Rowe Associates Inc. MD lifted its holdings in shares of ESAB by 11.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock valued at $710,316,000 after purchasing an additional 653,377 shares during the last quarter. Champlain Investment Partners LLC purchased a new stake in ESAB in the 1st quarter worth about $33,811,000. International Assets Investment Management LLC purchased a new stake in ESAB in the 3rd quarter worth about $15,110,000. Acadian Asset Management LLC lifted its stake in ESAB by 2,277.5% in the 1st quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock worth $10,359,000 after acquiring an additional 89,826 shares in the last quarter. Finally, Cubist Systematic Strategies LLC purchased a new stake in ESAB in the 2nd quarter worth about $8,277,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on ESAB. Loop Capital increased their price objective on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Bank of America increased their price objective on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, September 30th. Oppenheimer reaffirmed an “outperform” rating and set a $138.00 price target (up from $122.00) on shares of ESAB in a research note on Wednesday, October 30th. Finally, Evercore ISI cut their price target on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $119.00.

ESAB Stock Performance

Shares of NYSE ESAB opened at $122.51 on Tuesday. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.25 and a current ratio of 1.92. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 28.69, a P/E/G ratio of 2.11 and a beta of 1.37. The business’s 50-day simple moving average is $106.45 and its 200-day simple moving average is $102.22. ESAB Co. has a 52 week low of $73.35 and a 52 week high of $127.33.

ESAB (NYSE:ESAB) last issued its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.13. The business had revenue of $673.00 million for the quarter, compared to analyst estimates of $620.50 million. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. As a group, equities research analysts expect that ESAB Co. will post 4.93 earnings per share for the current fiscal year.

ESAB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s dividend payout ratio is 7.49%.

Insider Activity

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total value of $7,269,395.20. Following the sale, the chief executive officer now owns 53,902 shares of the company’s stock, valued at $6,627,789.92. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other ESAB news, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Shyam Kambeyanda sold 59,120 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total value of $7,269,395.20. Following the completion of the sale, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,418 shares of company stock valued at $8,431,773. Insiders own 7.20% of the company’s stock.

ESAB Company Profile

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. Its comprehensive range of welding consumables includes electrodes, cored and solid wires, and fluxes using a range of specialty and other materials; and cutting consumables comprising electrodes, nozzles, shields, and tips.