Envestnet Asset Management Inc. Has $12.54 Million Stock Holdings in ESAB Corporation (NYSE:ESAB)

Envestnet Asset Management Inc. boosted its position in ESAB Corporation (NYSE:ESAB) by 24.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 107,604 shares of the company’s stock after acquiring an additional 20,816 shares during the period. Envestnet Asset Management Inc. owned 0.18% of ESAB worth $12,536,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ESAB. First Horizon Advisors Inc. grew its position in shares of ESAB by 204.8% in the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company’s stock valued at $37,000 after purchasing an additional 215 shares in the last quarter. Kapitalo Investimentos Ltda bought a new stake in ESAB during the fourth quarter worth about $47,000. Farther Finance Advisors LLC lifted its stake in ESAB by 1,128.9% during the first quarter. Farther Finance Advisors LLC now owns 467 shares of the company’s stock worth $56,000 after purchasing an additional 429 shares during the last quarter. UMB Bank n.a. lifted its stake in ESAB by 323.8% during the first quarter. UMB Bank n.a. now owns 534 shares of the company’s stock worth $62,000 after purchasing an additional 408 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in ESAB by 15.6% during the fourth quarter. Quadrant Capital Group LLC now owns 682 shares of the company’s stock worth $82,000 after purchasing an additional 92 shares during the last quarter. Institutional investors own 91.13% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Evercore ISI boosted their price target on ESAB from $120.00 to $125.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. UBS Group upgraded ESAB from a “neutral” rating to a “buy” rating and increased their price target for the stock from $123.00 to $147.00 in a research note on Tuesday, April 1st. Robert W. Baird set a $143.00 price objective on ESAB in a research report on Friday, May 2nd. Finally, Stifel Nicolaus increased their price target on shares of ESAB from $109.00 to $126.00 and gave the company a “hold” rating in a report on Friday, May 2nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ESAB presently has a consensus rating of “Moderate Buy” and a consensus target price of $137.22.

ESAB Price Performance

Shares of ESAB stock opened at $130.10 on Friday. The firm has a market cap of $7.89 billion, a P/E ratio of 29.30, a P/E/G ratio of 3.17 and a beta of 1.26. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.91 and a quick ratio of 1.24. ESAB Corporation has a 1-year low of $88.54 and a 1-year high of $135.97. The firm has a fifty day moving average of $124.57 and a two-hundred day moving average of $121.67.

ESAB (NYSE:ESAB) last released its earnings results on Thursday, May 1st. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.18 by $0.07. The firm had revenue of $678.14 million for the quarter, compared to analysts’ expectations of $633.66 million. ESAB had a net margin of 9.98% and a return on equity of 16.98%. ESAB’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter last year, the company earned $1.20 EPS. As a group, research analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current fiscal year.

ESAB Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a dividend of $0.10 per share. The ex-dividend date of this dividend was Thursday, July 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.31%. This is an increase from ESAB’s previous quarterly dividend of $0.08. ESAB’s payout ratio is currently 9.01%.

Insiders Place Their Bets

In other ESAB news, insider Olivier Biebuyck sold 1,417 shares of the business’s stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $131.15, for a total transaction of $185,839.55. Following the completion of the sale, the insider directly owned 14,989 shares of the company’s stock, valued at approximately $1,965,807.35. The trade was a 8.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Rhonda L. Jordan sold 1,500 shares of the business’s stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $126.42, for a total value of $189,630.00. The disclosure for this sale can be found here. 7.30% of the stock is owned by insiders.

About ESAB

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.