Retirement Systems of Alabama Has $6.62 Million Stock Position in ESAB Co. (NYSE:ESAB)

Retirement Systems of Alabama lessened its holdings in ESAB Co. (NYSE:ESAB) by 1.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 70,103 shares of the company’s stock after selling 1,041 shares during the period. Retirement Systems of Alabama owned about 0.12% of ESAB worth $6,620,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in ESAB. Brown Advisory Inc. purchased a new stake in shares of ESAB in the fourth quarter valued at about $1,011,000. Trexquant Investment LP lifted its position in shares of ESAB by 82.1% during the 4th quarter. Trexquant Investment LP now owns 53,457 shares of the company’s stock worth $4,630,000 after buying an additional 24,099 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of ESAB in the 1st quarter worth approximately $3,913,000. Allspring Global Investments Holdings LLC grew its holdings in shares of ESAB by 6.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company’s stock valued at $44,549,000 after acquiring an additional 23,825 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of ESAB by 37.7% during the first quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock valued at $12,836,000 after acquiring an additional 31,780 shares during the last quarter. Institutional investors own 91.13% of the company’s stock.

ESAB Price Performance

Shares of NYSE:ESAB opened at $103.71 on Monday. The company has a 50-day moving average price of $96.81 and a two-hundred day moving average price of $100.66. ESAB Co. has a twelve month low of $61.43 and a twelve month high of $114.77. The company has a quick ratio of 1.01, a current ratio of 1.65 and a debt-to-equity ratio of 0.59. The firm has a market capitalization of $6.27 billion, a PE ratio of 27.15, a P/E/G ratio of 1.71 and a beta of 1.42.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Friday, August 2nd. The company reported $1.32 earnings per share for the quarter, beating analysts’ consensus estimates of $1.27 by $0.05. The business had revenue of $707.10 million during the quarter, compared to analyst estimates of $686.75 million. ESAB had a net margin of 8.39% and a return on equity of 17.59%. ESAB’s revenue was down 1.8% compared to the same quarter last year. During the same period in the previous year, the business earned $1.21 EPS. Equities analysts forecast that ESAB Co. will post 4.9 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. JPMorgan Chase & Co. reduced their price objective on ESAB from $125.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, August 5th. Bank of America increased their price target on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Evercore ISI lowered their price objective on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. Oppenheimer assumed coverage on shares of ESAB in a research report on Thursday, June 20th. They set an “outperform” rating and a $115.00 target price for the company. Finally, Stifel Nicolaus decreased their price target on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research note on Thursday, July 18th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $108.57.

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.