State Treasurer State of Michigan decreased its stake in shares of Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 8.6% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,300 shares of the industrial products company’s stock after selling 2,200 shares during the quarter. State Treasurer State of Michigan’s holdings in Lincoln Electric Holdings were worth $2,136,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in LECO. BlueMountain Capital Management LLC bought a new stake in Lincoln Electric Holdings during the 2nd quarter valued at about $179,000. Global X Management Co. LLC increased its position in Lincoln Electric Holdings by 220.0% during the 2nd quarter. Global X Management Co. LLC now owns 2,096 shares of the industrial products company’s stock valued at $193,000 after purchasing an additional 1,441 shares during the period. Puzo Michael J purchased a new position in Lincoln Electric Holdings during the 2nd quarter valued at about $203,000. CIBC Asset Management Inc purchased a new position in Lincoln Electric Holdings during the 2nd quarter valued at about $204,000. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Lincoln Electric Holdings during the 2nd quarter valued at about $219,000. Institutional investors own 60.60% of the company’s stock.
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A number of research firms have commented on LECO. Zacks Investment Research downgraded shares of Lincoln Electric Holdings from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank Of Canada reissued a “hold” rating on shares of Lincoln Electric Holdings in a research report on Monday. Oppenheimer Holdings, Inc. reissued a “hold” rating on shares of Lincoln Electric Holdings in a research report on Monday. Stifel Nicolaus cut their target price on shares of Lincoln Electric Holdings from $100.00 to $92.00 and set a “hold” rating on the stock in a research report on Monday. Finally, FBR & Co reissued a “buy” rating and set a $115.00 target price (up previously from $105.00) on shares of Lincoln Electric Holdings in a research report on Friday, October 27th. Twelve research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Lincoln Electric Holdings presently has a consensus rating of “Hold” and a consensus target price of $96.43.
In related news, VP Michele R. Kuhrt sold 3,080 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The shares were sold at an average price of $88.55, for a total value of $272,734.00. Following the sale, the vice president now owns 14,449 shares of the company’s stock, valued at $1,279,458.95. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 3.27% of the stock is owned by company insiders.
Lincoln Electric Holdings (NASDAQ:LECO) last issued its earnings results on Friday, October 27th. The industrial products company reported $0.93 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.94 by ($0.01). The firm had revenue of $669.50 million during the quarter, compared to analyst estimates of $658.48 million. Lincoln Electric Holdings had a net margin of 11.34% and a return on equity of 28.97%. The firm’s revenue was up 17.9% compared to the same quarter last year. During the same period last year, the business earned $0.89 EPS.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 12th. Investors of record on Friday, December 29th will be issued a $0.39 dividend. This is a boost from Lincoln Electric Holdings’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $1.56 annualized dividend and a yield of 1.71%. Lincoln Electric Holdings’s dividend payout ratio (DPR) is 33.65%.
About Lincoln Electric Holdings
Lincoln Electric Holdings, Inc is a manufacturer of welding, cutting and brazing products. The Company operates through three segments: Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia.
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