DAVENPORT & Co LLC Acquires 13,786 Shares of ESAB Co. (NYSE:ESAB)

DAVENPORT & Co LLC increased its position in ESAB Co. (NYSE:ESABFree Report) by 1.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 769,580 shares of the company’s stock after buying an additional 13,786 shares during the period. DAVENPORT & Co LLC’s holdings in ESAB were worth $67,128,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Huntington National Bank lifted its position in shares of ESAB by 55.5% in the third quarter. Huntington National Bank now owns 647 shares of the company’s stock worth $45,000 after buying an additional 231 shares in the last quarter. Quantbot Technologies LP purchased a new stake in ESAB during the second quarter valued at approximately $46,000. Bessemer Group Inc. purchased a new stake in ESAB during the second quarter valued at approximately $54,000. Raleigh Capital Management Inc. raised its position in ESAB by 23.4% during the third quarter. Raleigh Capital Management Inc. now owns 811 shares of the company’s stock valued at $57,000 after purchasing an additional 154 shares during the period. Finally, Advisor Group Holdings Inc. raised its position in ESAB by 39.4% during the fourth quarter. Advisor Group Holdings Inc. now owns 1,448 shares of the company’s stock valued at $69,000 after purchasing an additional 409 shares during the period. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at ESAB

In other ESAB news, Director Didier P. Teirlinck sold 2,512 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $99.00, for a total transaction of $248,688.00. Following the sale, the director now owns 33,863 shares of the company’s stock, valued at approximately $3,352,437. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other ESAB news, Director Christopher M. Hix sold 7,465 shares of the stock in a transaction on Monday, March 4th. The stock was sold at an average price of $99.28, for a total transaction of $741,125.20. Following the sale, the director now owns 33,863 shares of the company’s stock, valued at approximately $3,361,918.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Didier P. Teirlinck sold 2,512 shares of the stock in a transaction on Friday, March 1st. The shares were sold at an average price of $99.00, for a total value of $248,688.00. Following the sale, the director now directly owns 33,863 shares in the company, valued at approximately $3,352,437. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,833 shares of company stock valued at $1,074,985. 7.00% of the stock is currently owned by corporate insiders.

ESAB Trading Down 0.2 %

NYSE:ESAB traded down $0.24 during midday trading on Tuesday, hitting $110.29. The stock had a trading volume of 461,886 shares, compared to its average volume of 237,406. ESAB Co. has a one year low of $54.49 and a one year high of $111.25. The company has a market capitalization of $6.65 billion, a price-to-earnings ratio of 32.82, a PEG ratio of 2.26 and a beta of 1.54. The stock has a 50-day moving average of $96.92 and a 200 day moving average of $84.04. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.

ESAB (NYSE:ESABGet Free Report) last announced its quarterly earnings data on Thursday, February 29th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.08. ESAB had a return on equity of 17.57% and a net margin of 7.40%. The company had revenue of $689.40 million for the quarter, compared to analysts’ expectations of $644.51 million. During the same quarter in the prior year, the firm earned $1.05 earnings per share. ESAB’s revenue was up 3.8% compared to the same quarter last year. As a group, sell-side analysts forecast that ESAB Co. will post 4.82 EPS for the current year.

ESAB Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, April 12th. Shareholders of record on Friday, March 29th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.22%. ESAB’s dividend payout ratio (DPR) is presently 7.14%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ESAB. JPMorgan Chase & Co. upgraded ESAB from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $111.00 to $125.00 in a research report on Monday, March 18th. Evercore ISI upped their price objective on ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a research report on Tuesday, March 5th. Robert W. Baird increased their price target on ESAB from $83.00 to $95.00 and gave the stock an “outperform” rating in a report on Wednesday, December 6th. Finally, Stifel Nicolaus increased their price target on ESAB from $106.00 to $114.00 and gave the stock a “buy” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, ESAB has a consensus rating of “Moderate Buy” and a consensus price target of $93.75.

Get Our Latest Research Report on ESAB

ESAB Profile

(Free Report)

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.

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Institutional Ownership by Quarter for ESAB (NYSE:ESAB)

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