ESAB Co. (NYSE:ESAB) Shares Sold by Tower Research Capital LLC TRC

Tower Research Capital LLC TRC trimmed its stake in ESAB Co. (NYSE:ESAB) by 17.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,766 shares of the company’s stock after selling 365 shares during the quarter. Tower Research Capital LLC TRC’s holdings in ESAB were worth $104,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ESAB. T. Rowe Price Investment Management Inc. grew its holdings in shares of ESAB by 29.1% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,517,838 shares of the company’s stock worth $399,657,000 after acquiring an additional 1,920,386 shares during the last quarter. Alliancebernstein L.P. boosted its position in shares of ESAB by 2,239.3% in the fourth quarter. Alliancebernstein L.P. now owns 1,569,713 shares of the company’s stock worth $73,651,000 after buying an additional 1,502,611 shares during the period. State Street Corp acquired a new stake in ESAB during the second quarter valued at $54,191,000. Neuberger Berman Group LLC boosted its position in ESAB by 2,477.7% during the fourth quarter. Neuberger Berman Group LLC now owns 437,247 shares of the company’s stock valued at $20,516,000 after purchasing an additional 420,284 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its position in ESAB by 34.2% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,577,328 shares of the company’s stock valued at $74,008,000 after purchasing an additional 401,818 shares during the last quarter. 91.56% of the stock is currently owned by institutional investors and hedge funds.

ESAB Trading Up 1.1 %

ESAB stock opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 1.01 and a current ratio of 1.73. The business’s 50-day simple moving average is $68.89 and its 200-day simple moving average is $62.94. The firm has a market capitalization of $4.40 billion, a PE ratio of 21.16, a PEG ratio of 3.57 and a beta of 1.38. ESAB Co. has a 52 week low of $32.12 and a 52 week high of $73.36.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.16. ESAB had a return on equity of 18.25% and a net margin of 7.83%. The business had revenue of $720.40 million for the quarter, compared to analyst estimates of $665.13 million. During the same period in the previous year, the company posted $1.08 earnings per share. The firm’s revenue for the quarter was up 9.0% on a year-over-year basis. Equities research analysts forecast that ESAB Co. will post 4.22 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on ESAB shares. Stifel Nicolaus lifted their price objective on ESAB from $75.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 19th. JPMorgan Chase & Co. lifted their price objective on ESAB from $74.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, August 2nd. Robert W. Baird raised their target price on ESAB from $75.00 to $85.00 and gave the company an “outperform” rating in a report on Wednesday, August 2nd. CL King initiated coverage on ESAB in a report on Tuesday, May 16th. They set a “buy” rating and a $76.00 target price on the stock. Finally, Evercore ISI initiated coverage on ESAB in a report on Friday, July 14th. They set an “in-line” rating and a $75.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $76.43.

Insider Activity at ESAB

In related 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 transaction of $483,750.00. Following the transaction, the director now directly owns 33,863 shares in the company, valued at $2,184,163.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related 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 transaction of $483,750.00. Following the transaction, the director now directly owns 33,863 shares in the company, valued at $2,184,163.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kevin J. Johnson sold 636 shares of ESAB 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 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.

About ESAB

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.