ESAB Co. (NYSE:ESAB) Given Consensus Recommendation of “Hold” by Brokerages

ESAB Co. (NYSE:ESAB) has earned an average recommendation of “Hold” from the seven analysts that are covering the company, Marketbeat reports. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $76.43.

ESAB has been the subject of several recent analyst reports. Evercore ISI began coverage on shares of ESAB in a research note on Friday, July 14th. They set an “in-line” rating and a $75.00 price objective for the company. Stifel Nicolaus raised their price objective on ESAB from $75.00 to $88.00 and gave the stock a “buy” rating in a research report on Wednesday, July 19th. CL King started coverage on ESAB in a research report on Tuesday, May 16th. They set a “buy” rating and a $76.00 target price on the stock. Robert W. Baird raised their price target on ESAB from $75.00 to $85.00 and gave the stock an “outperform” rating in a report on Wednesday, August 2nd. Finally, JPMorgan Chase & Co. upped their price objective on shares of ESAB from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd.

ESAB Stock Up 1.2 %

Shares of NYSE ESAB opened at $73.01 on Friday. ESAB has a 12-month low of $32.12 and a 12-month high of $73.36. The stock’s fifty day simple moving average is $68.89 and its two-hundred day simple moving average is $62.91. The stock has a market capitalization of $4.40 billion, a PE ratio of 21.16, a price-to-earnings-growth ratio of 3.57 and a beta of 1.38. The company has a current ratio of 1.73, a quick ratio of 1.01 and a debt-to-equity ratio of 0.75.

ESAB (NYSE:ESAB) last issued its quarterly earnings data on Tuesday, August 1st. The company reported $1.21 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.16. The company had revenue of $720.40 million for the quarter, compared to the consensus estimate of $665.13 million. ESAB had a return on equity of 18.25% and a net margin of 7.83%. The firm’s revenue for the quarter was up 9.0% compared to the same quarter last year. During the same quarter last year, the company earned $1.08 earnings per share. As a group, analysts expect that ESAB will post 4.22 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Kevin J. Johnson sold 636 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $71.74, for a total value of $45,626.64. Following the transaction, the chief financial officer now owns 8,015 shares in the company, valued at approximately $574,996.10. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Christopher M. Hix sold 7,500 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $64.50, for a total value of $483,750.00. Following the completion of the transaction, the director now owns 33,863 shares of the company’s stock, valued at approximately $2,184,163.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin J. Johnson sold 636 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $71.74, for a total value of $45,626.64. Following the sale, the chief financial officer now directly owns 8,015 shares in the company, valued at $574,996.10. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company’s stock.

Institutional Investors Weigh In On ESAB

Several hedge funds have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System boosted its holdings in ESAB by 1.3% during the fourth quarter. State Board of Administration of Florida Retirement System now owns 37,618 shares of the company’s stock worth $1,765,000 after buying an additional 470 shares in the last quarter. Victory Capital Management Inc. grew its position in shares of ESAB by 88.7% during the 4th quarter. Victory Capital Management Inc. now owns 776,697 shares of the company’s stock valued at $40,980,000 after acquiring an additional 365,109 shares during the period. Granite Investment Partners LLC purchased a new position in shares of ESAB in the 1st quarter valued at about $18,580,000. New York State Common Retirement Fund raised its holdings in ESAB by 76.8% in the 1st quarter. New York State Common Retirement Fund now owns 85,272 shares of the company’s stock worth $5,037,000 after purchasing an additional 37,030 shares during the period. Finally, California Public Employees Retirement System boosted its position in ESAB by 1.8% during the fourth quarter. California Public Employees Retirement System now owns 102,967 shares of the company’s stock worth $4,831,000 after purchasing an additional 1,858 shares in the last quarter. Hedge funds and other institutional investors own 91.56% of the company’s stock.

ESAB Company Profile

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