Mitchell P. Rales Purchases 500,000 Shares of ESAB Co. (NYSE:ESAB) Stock

ESAB Co. (NYSE:ESABGet Rating) Director Mitchell P. Rales acquired 500,000 shares of ESAB stock in a transaction dated Wednesday, November 16th. The stock was acquired at an average cost of $40.00 per share, with a total value of $20,000,000.00. Following the completion of the transaction, the director now directly owns 1,414,098 shares of the company’s stock, valued at approximately $56,563,920. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

ESAB Price Performance

ESAB stock opened at $45.70 on Friday. The company has a current ratio of 1.62, a quick ratio of 0.89 and a debt-to-equity ratio of 0.91. The stock has a fifty day moving average price of $37.21 and a two-hundred day moving average price of $42.09. ESAB Co. has a 52-week low of $32.12 and a 52-week high of $58.08.

ESAB Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Stockholders of record on Friday, September 30th were paid a $0.05 dividend. The ex-dividend date was Thursday, September 29th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.44%.

Wall Street Analyst Weigh In

ESAB has been the subject of several research reports. JPMorgan Chase & Co. started coverage on ESAB in a research report on Thursday, August 18th. They issued an “overweight” rating and a $55.00 price objective for the company. Stifel Nicolaus reduced their target price on ESAB from $48.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, October 11th. Finally, Robert W. Baird began coverage on ESAB in a research report on Monday, September 12th. They issued an “outperform” rating and a $53.00 target price for the company.

Institutional Trading of ESAB

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD acquired a new stake in shares of ESAB in the second quarter valued at $265,710,000. Cooke & Bieler LP increased its position in ESAB by 22.2% in the third quarter. Cooke & Bieler LP now owns 4,345,528 shares of the company’s stock worth $144,967,000 after purchasing an additional 789,494 shares during the period. BlackRock Inc. increased its position in ESAB by 1.9% in the third quarter. BlackRock Inc. now owns 3,851,288 shares of the company’s stock worth $128,480,000 after purchasing an additional 70,560 shares during the period. Diamond Hill Capital Management Inc. increased its position in ESAB by 24.0% in the third quarter. Diamond Hill Capital Management Inc. now owns 2,988,199 shares of the company’s stock worth $99,686,000 after purchasing an additional 578,482 shares during the period. Finally, State Street Corp acquired a new stake in ESAB in the second quarter worth about $54,191,000. 82.46% of the stock is currently owned by institutional investors and hedge funds.

About ESAB

(Get Rating)

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, and automated welding, as well as 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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