ESAB (NYSE:ESAB) Raised to Inline at Evercore ISI

ESAB (NYSE:ESAB) was upgraded by equities research analysts at Evercore ISI from an “underperform” rating to an “inline” rating in a research report issued on Monday, Marketbeat Ratings reports. The firm presently has a $120.00 price objective on the stock, down from their previous price objective of $122.00. Evercore ISI’s target price would suggest a potential downside of 0.06% from the company’s current price.

Several other equities research analysts have also recently weighed in on ESAB. JPMorgan Chase & Co. decreased their price objective on shares of ESAB from $135.00 to $133.00 and set an “overweight” rating for the company in a research report on Friday. Loop Capital boosted their price objective on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Stifel Nicolaus reduced their price target on shares of ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a report on Friday. Oppenheimer reissued an “outperform” rating and set a $144.00 price objective (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. Finally, Jefferies Financial Group began coverage on ESAB in a research report on Thursday, December 12th. They issued a “buy” rating and a $160.00 target price for the company. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $133.14.

ESAB Stock Performance

NYSE ESAB opened at $120.07 on Monday. The company has a market capitalization of $7.26 billion, a price-to-earnings ratio of 27.79, a PEG ratio of 2.01 and a beta of 1.36. ESAB has a twelve month low of $88.54 and a twelve month high of $135.97. The stock has a fifty day simple moving average of $122.57 and a 200 day simple moving average of $115.91. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.59.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Thursday, February 20th. The company reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.15 by $0.13. The company had revenue of $633.20 million for the quarter, compared to analyst estimates of $636.43 million. ESAB had a return on equity of 17.43% and a net margin of 9.66%. Sell-side analysts expect that ESAB will post 5.16 EPS for the current year.

Institutional Trading of ESAB

A number of hedge funds have recently bought and sold shares of the business. Michels Family Financial LLC bought a new stake in shares of ESAB during the 4th quarter worth $723,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of ESAB by 13.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,009 shares of the company’s stock valued at $20,031,000 after buying an additional 20,430 shares during the last quarter. Vident Advisory LLC bought a new position in shares of ESAB during the 4th quarter worth $404,000. Teza Capital Management LLC purchased a new stake in ESAB in the 4th quarter worth about $671,000. Finally, State of Wyoming increased its holdings in ESAB by 69.6% in the 4th quarter. State of Wyoming now owns 2,625 shares of the company’s stock worth $315,000 after acquiring an additional 1,077 shares during the last quarter. 91.13% of the stock is currently owned by institutional investors.

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.