ESAB Co. (NYSE:ESAB) Shares Bought by New York State Teachers Retirement System

New York State Teachers Retirement System raised its holdings in shares of ESAB Co. (NYSE:ESAB) by 22.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,247 shares of the company’s stock after acquiring an additional 4,281 shares during the period. New York State Teachers Retirement System’s holdings in ESAB were worth $2,014,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Oak Thistle LLC acquired a new stake in ESAB during the 4th quarter valued at approximately $918,000. Envestnet Asset Management Inc. lifted its stake in ESAB by 202.7% during the 3rd quarter. Envestnet Asset Management Inc. now owns 68,758 shares of the company’s stock valued at $4,828,000 after acquiring an additional 46,046 shares during the period. Trexquant Investment LP acquired a new stake in ESAB during the 3rd quarter valued at approximately $2,062,000. Rhumbline Advisers lifted its stake in ESAB by 3.7% during the 3rd quarter. Rhumbline Advisers now owns 169,383 shares of the company’s stock valued at $11,894,000 after acquiring an additional 6,086 shares during the period. Finally, TriaGen Wealth Management LLC acquired a new stake in ESAB during the 4th quarter valued at approximately $219,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Christopher M. Hix sold 7,465 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $99.28, for a total transaction of $741,125.20. Following the completion of the sale, the director now owns 33,863 shares of the company’s stock, valued at $3,361,918.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Christopher M. Hix sold 7,465 shares of the company’s stock in a transaction on Monday, March 4th. The shares were sold at an average price of $99.28, for a total transaction of $741,125.20. Following the completion of the sale, the director now owns 33,863 shares of the company’s stock, valued at $3,361,918.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Didier P. Teirlinck sold 2,512 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $99.00, for a total transaction of $248,688.00. Following the sale, the director now directly owns 33,863 shares of the company’s stock, valued at approximately $3,352,437. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,833 shares of company stock valued at $1,074,985. 7.20% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have commented on ESAB. JPMorgan Chase & Co. upgraded shares of ESAB from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $111.00 to $125.00 in a research note on Monday, March 18th. Evercore ISI lifted their target price on shares of ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a report on Tuesday, March 5th. Finally, Stifel Nicolaus lifted their target price on shares of ESAB from $106.00 to $114.00 and gave the company a “buy” rating in a report on Friday, March 1st. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $93.75.

ESAB Price Performance

Shares of NYSE ESAB opened at $107.58 on Wednesday. The firm has a market cap of $6.50 billion, a PE ratio of 32.02, a PEG ratio of 2.20 and a beta of 1.54. The firm has a fifty day moving average of $101.59 and a 200 day moving average of $86.87. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.98 and a current ratio of 1.61. ESAB Co. has a one year low of $55.37 and a one year high of $114.77.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Thursday, February 29th. The company reported $1.13 EPS for the quarter, topping the consensus estimate of $1.05 by $0.08. The company had revenue of $689.40 million during the quarter, compared to analyst estimates of $644.51 million. ESAB had a net margin of 7.40% and a return on equity of 17.57%. The firm’s revenue was up 3.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.05 EPS. As a group, research analysts predict that ESAB Co. will post 4.82 EPS for the current fiscal year.

ESAB Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Friday, March 29th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.22%. The ex-dividend date of this dividend was Wednesday, March 27th. ESAB’s payout ratio is presently 7.14%.

ESAB Company Profile

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.