Lincoln Electric (NASDAQ:LECO) Stock Price Down 6.7% – Here’s What Happened

Lincoln Electric Holdings, Inc. (NASDAQ:LECO)’s stock price traded down 6.7% during trading on Thursday . The company traded as low as $252.16 and last traded at $253.2520. Approximately 112,823 shares changed hands during trading, a decline of 70% from the average session volume of 379,869 shares. The stock had previously closed at $271.52.

Analysts Set New Price Targets

A number of equities analysts have weighed in on LECO shares. Weiss Ratings raised shares of Lincoln Electric from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, July 10th. UBS Group assumed coverage on shares of Lincoln Electric in a research note on Monday, August 10th. They set a “buy” rating and a $340.00 price target on the stock. Wall Street Zen lowered shares of Lincoln Electric from a “buy” rating to a “hold” rating in a report on Saturday. DA Davidson began coverage on shares of Lincoln Electric in a research report on Tuesday, June 16th. They issued a “buy” rating and a $320.00 price objective for the company. Finally, Morgan Stanley raised Lincoln Electric from an “underweight” rating to an “equal weight” rating and upped their price objective for the stock from $257.00 to $283.00 in a report on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $307.22.

Lincoln Electric Price Performance

The company has a current ratio of 1.98, a quick ratio of 1.20 and a debt-to-equity ratio of 0.74. The stock has a market capitalization of $13.79 billion, a P/E ratio of 25.28, a PEG ratio of 1.50 and a beta of 1.21. The company has a fifty day simple moving average of $268.26 and a two-hundred day simple moving average of $264.60.

Lincoln Electric (NASDAQ:LECO) last issued its earnings results on Thursday, July 30th. The industrial products company reported $2.93 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.81 by $0.12. The company had revenue of $1.22 billion for the quarter, compared to analyst estimates of $1.17 billion. Lincoln Electric had a net margin of 12.35% and a return on equity of 39.23%. The company’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. Sell-side analysts expect that Lincoln Electric Holdings, Inc. will post 11.16 EPS for the current fiscal year.

Lincoln Electric Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.79 per share. The ex-dividend date is Wednesday, September 30th. This represents a $3.16 annualized dividend and a dividend yield of 1.2%. Lincoln Electric’s payout ratio is presently 31.57%.

Insider Buying and Selling at Lincoln Electric

In other news, EVP Michael Whitehead sold 845 shares of the 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 transaction, the executive vice president owned 9,319 shares of the company’s stock, valued at $2,560,954.39. This represents a 8.31% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.68% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Lincoln Electric

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Earned Wealth Advisors LLC boosted its holdings in Lincoln Electric by 3.8% during the first quarter. Earned Wealth Advisors LLC now owns 1,177 shares of the industrial products company’s stock worth $293,000 after buying an additional 43 shares during the last quarter. Hilltop Holdings Inc. increased its stake in shares of Lincoln Electric by 2.5% in the 4th quarter. Hilltop Holdings Inc. now owns 1,832 shares of the industrial products company’s stock valued at $439,000 after acquiring an additional 45 shares during the last quarter. Parallel Advisors LLC raised its position in shares of Lincoln Electric by 9.4% in the 1st quarter. Parallel Advisors LLC now owns 606 shares of the industrial products company’s stock valued at $151,000 after acquiring an additional 52 shares during the period. Sumitomo Life Insurance Co. raised its position in shares of Lincoln Electric by 1.2% in the 4th quarter. Sumitomo Life Insurance Co. now owns 4,314 shares of the industrial products company’s stock valued at $1,034,000 after acquiring an additional 52 shares during the period. Finally, Jackson Thornton Wealth Management LLC boosted its stake in Lincoln Electric by 4.6% during the 1st quarter. Jackson Thornton Wealth Management LLC now owns 1,241 shares of the industrial products company’s stock worth $318,000 after acquiring an additional 55 shares during the last quarter. Institutional investors own 79.61% of the company’s stock.

Lincoln Electric Company Profile

Lincoln Electric Holdings, Inc (NASDAQ: LECO) is a Cleveland, Ohio-based manufacturer of welding, cutting and automation products. Founded in 1895 by John C. Lincoln, the company serves industrial, construction, energy, transportation and other end markets that use fabrication and joining technologies.

Its product portfolio includes arc-welding machines, welding consumables such as electrodes and wire, plasma and oxyfuel cutting equipment, robotic welding systems, and related automation solutions.