Allspring Global Investments Holdings LLC Lowers Position in ESAB Corporation $ESAB

Allspring Global Investments Holdings LLC cut its stake in shares of ESAB Corporation (NYSE:ESAB) by 9.8% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 362,406 shares of the company’s stock after selling 39,440 shares during the period. Allspring Global Investments Holdings LLC owned about 0.60% of ESAB worth $44,967,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of ESAB. Caitong International Asset Management Co. Ltd purchased a new position in ESAB during the first quarter valued at $33,000. First Horizon Advisors Inc. lifted its position in ESAB by 204.8% during the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company’s stock valued at $37,000 after purchasing an additional 215 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of ESAB by 706.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company’s stock valued at $42,000 after purchasing an additional 318 shares during the period. Farther Finance Advisors LLC raised its position in shares of ESAB by 1,128.9% during the 1st quarter. Farther Finance Advisors LLC now owns 467 shares of the company’s stock valued at $56,000 after purchasing an additional 429 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of ESAB by 37.7% during the 1st quarter. GAMMA Investing LLC now owns 756 shares of the company’s stock valued at $88,000 after purchasing an additional 207 shares during the period. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other ESAB news, Director Rhonda L. Jordan sold 4,067 shares of the business’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the business’s stock in a transaction that occurred on Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 7.30% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Loop Capital upgraded shares of ESAB from a “hold” rating to a “buy” rating and raised their price objective for the company from $130.00 to $140.00 in a research report on Friday, August 22nd. Oppenheimer lowered their price objective on ESAB from $144.00 to $142.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Stifel Nicolaus upgraded ESAB from a “hold” rating to a “buy” rating and set a $141.00 price objective on the stock in a research report on Thursday, August 7th. JPMorgan Chase & Co. boosted their price objective on ESAB from $125.00 to $138.00 and gave the company an “overweight” rating in a research report on Tuesday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of ESAB in a research report on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $142.89.

ESAB Trading Up 3.9%

Shares of ESAB stock opened at $120.30 on Wednesday. ESAB Corporation has a 12-month low of $100.17 and a 12-month high of $135.97. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. The stock’s 50-day moving average price is $113.46 and its 200-day moving average price is $119.51. The stock has a market capitalization of $7.30 billion, a price-to-earnings ratio of 28.78, a price-to-earnings-growth ratio of 2.54 and a beta of 1.23.

ESAB (NYSE:ESAB) last issued its earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.34 by $0.02. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The firm had revenue of $715.59 million for the quarter, compared to analysts’ expectations of $670.80 million. During the same period in the previous year, the firm posted $1.32 earnings per share. The business’s revenue was up 1.3% compared to the same quarter last year. Equities research analysts predict that ESAB Corporation will post 5.16 EPS for the current fiscal year.

ESAB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.3%. The ex-dividend date of this dividend is Friday, October 3rd. ESAB’s payout ratio is 9.57%.

About ESAB

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.