Amalgamated Bank Buys 1,478 Shares of ESAB Co. (NYSE:ESAB)

Amalgamated Bank grew its stake in shares of ESAB Co. (NYSE:ESAB) by 3.7% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 41,909 shares of the company’s stock after buying an additional 1,478 shares during the period. Amalgamated Bank’s holdings in ESAB were worth $3,630,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Huntington National Bank lifted its stake in ESAB by 55.5% during the third quarter. Huntington National Bank now owns 647 shares of the company’s stock worth $45,000 after purchasing an additional 231 shares during the last quarter. Raleigh Capital Management Inc. lifted its position in ESAB by 23.4% in the 3rd quarter. Raleigh Capital Management Inc. now owns 811 shares of the company’s stock worth $57,000 after buying an additional 154 shares during the last quarter. Covestor Ltd boosted its stake in ESAB by 28,250.0% in the third quarter. Covestor Ltd now owns 1,134 shares of the company’s stock worth $79,000 after buying an additional 1,130 shares in the last quarter. Asset Management One Co. Ltd. bought a new position in ESAB during the fourth quarter valued at approximately $106,000. Finally, Arlington Trust Co LLC raised its stake in shares of ESAB by 6,586.4% during the fourth quarter. Arlington Trust Co LLC now owns 1,471 shares of the company’s stock worth $127,000 after acquiring an additional 1,449 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Stock Performance

ESAB stock opened at $109.05 on Friday. ESAB Co. has a 1-year low of $57.53 and a 1-year high of $114.77. The firm has a market cap of $6.59 billion, a P/E ratio of 28.55, a P/E/G ratio of 2.10 and a beta of 1.55. The company has a current ratio of 1.65, a quick ratio of 1.01 and a debt-to-equity ratio of 0.59. The firm has a 50-day moving average of $106.19 and a 200-day moving average of $91.09.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Wednesday, May 1st. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.09. ESAB had a return on equity of 17.59% and a net margin of 8.39%. The business had revenue of $690.00 million during the quarter, compared to analysts’ expectations of $653.93 million. During the same quarter last year, the business posted $1.04 EPS. The business’s revenue was up .9% on a year-over-year basis. Sell-side analysts expect that ESAB Co. will post 4.91 EPS for the current year.

ESAB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date was Wednesday, March 27th. ESAB’s payout ratio is currently 6.28%.

Analyst Upgrades and Downgrades

ESAB has been the subject of a number of research reports. JPMorgan Chase & Co. raised shares of ESAB from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $111.00 to $125.00 in a research note on Monday, March 18th. Stifel Nicolaus raised their price objective on ESAB from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Evercore ISI boosted their target price on ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a research note on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, ESAB presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.75.

Insiders Place Their Bets

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

ESAB 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.