Atria Investments Inc Acquires 2,093 Shares of ESAB Co. (NYSE:ESAB)

Atria Investments Inc boosted its stake in ESAB Co. (NYSE:ESAB) by 41.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 7,132 shares of the company’s stock after purchasing an additional 2,093 shares during the quarter. Atria Investments Inc’s holdings in ESAB were worth $758,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD increased its position 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 buying an additional 653,377 shares during the period. Allspring Global Investments Holdings LLC raised its position in shares of ESAB by 7.3% in the 2nd quarter. Allspring Global Investments Holdings LLC now owns 432,356 shares of the company’s stock worth $40,827,000 after acquiring an additional 29,453 shares in the last quarter. Edgestream Partners L.P. lifted its stake in shares of ESAB by 44.3% in the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock valued at $6,066,000 after purchasing an additional 19,721 shares during the period. Van ECK Associates Corp boosted its position in shares of ESAB by 40.0% during the third quarter. Van ECK Associates Corp now owns 31,712 shares of the company’s stock valued at $3,536,000 after purchasing an additional 9,062 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in ESAB by 8.8% in the second quarter. Envestnet Asset Management Inc. now owns 71,700 shares of the company’s stock worth $6,771,000 after purchasing an additional 5,771 shares during the period. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ESAB

In other news, Director Rhonda L. Jordan sold 4,254 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total transaction of $531,877.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Shyam Kambeyanda sold 59,120 shares of ESAB stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 53,902 shares of the company’s stock, valued at $6,627,789.92. The trade was a 52.31 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,418 shares of company stock worth $8,431,773. Company insiders own 7.00% of the company’s stock.

ESAB Trading Down 1.4 %

Shares of NYSE ESAB opened at $122.35 on Tuesday. The firm’s 50 day moving average price is $111.78 and its 200-day moving average price is $103.73. ESAB Co. has a 52-week low of $76.08 and a 52-week high of $135.97. 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 company has a market cap of $7.40 billion, a PE ratio of 28.65, a P/E/G ratio of 2.17 and a beta of 1.37.

ESAB (NYSE:ESAB) last issued its earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.12 by $0.13. The business had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The company’s revenue was down 1.2% compared to the same quarter last year. During the same period last year, the business posted $1.08 EPS. On average, equities research analysts expect that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is 7.49%.

Analyst Ratings Changes

Several equities analysts have commented on the company. JPMorgan Chase & Co. raised their price objective on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and boosted their price objective for the stock from $102.00 to $122.00 in a research note on Wednesday, November 13th. Bank of America upped their price objective on shares of ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Stifel Nicolaus lowered shares of ESAB from a “buy” rating to a “hold” rating and lowered their target price for the company from $138.00 to $130.00 in a report on Monday. Finally, Loop Capital upped their price target on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, ESAB presently has an average rating of “Hold” and an average target price of $124.14.

ESAB 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.