Cetera Investment Advisers Has $2.76 Million Stock Position in ESAB Corporation (NYSE:ESAB)

Cetera Investment Advisers lifted its holdings in shares of ESAB Corporation (NYSE:ESAB) by 57.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,666 shares of the company’s stock after purchasing an additional 8,610 shares during the quarter. Cetera Investment Advisers’ holdings in ESAB were worth $2,757,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. First Horizon Advisors Inc. boosted its holdings in ESAB by 204.8% in the 1st quarter. First Horizon Advisors Inc. now owns 320 shares of the company’s stock valued at $37,000 after purchasing an additional 215 shares during the period. Kapitalo Investimentos Ltda bought a new position in shares of ESAB during the 4th quarter worth about $47,000. Farther Finance Advisors LLC lifted its holdings in shares of ESAB by 1,128.9% during the 1st quarter. Farther Finance Advisors LLC now owns 467 shares of the company’s stock worth $56,000 after acquiring an additional 429 shares during the period. UMB Bank n.a. increased its position in shares of ESAB by 323.8% during the 1st quarter. UMB Bank n.a. now owns 534 shares of the company’s stock worth $62,000 after purchasing an additional 408 shares in the last quarter. Finally, Quadrant Capital Group LLC increased its position in shares of ESAB by 15.6% during the 4th quarter. Quadrant Capital Group LLC now owns 682 shares of the company’s stock worth $82,000 after purchasing an additional 92 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

ESAB Stock Down 17.1%

ESAB stock opened at $109.42 on Thursday. The company’s 50 day simple moving average is $125.33 and its 200 day simple moving average is $122.62. ESAB Corporation has a fifty-two week low of $92.86 and a fifty-two week high of $135.97. The firm has a market capitalization of $6.63 billion, a price-to-earnings ratio of 24.64, a PEG ratio of 3.19 and a beta of 1.27. 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 (NYSE:ESAB) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.34 by $0.02. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The business had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. During the same quarter last year, the firm earned $1.32 EPS. ESAB’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts anticipate that ESAB Corporation will post 5.16 EPS for the current year.

ESAB Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 18th. Shareholders of record on Thursday, July 3rd were paid a $0.10 dividend. The ex-dividend date of this dividend was Thursday, July 3rd. This is an increase from ESAB’s previous quarterly dividend of $0.08. This represents a $0.40 dividend on an annualized basis and a yield of 0.4%. ESAB’s payout ratio is presently 9.01%.

Insider Buying and Selling

In other ESAB news, Director Rhonda L. Jordan sold 1,500 shares of ESAB stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total value of $189,630.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of ESAB stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total transaction of $192,225.60. Following the completion of the transaction, the insider directly owned 14,989 shares in the company, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 4,357 shares of company stock worth $567,695. Insiders own 7.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ESAB. Stifel Nicolaus increased their target price on shares of ESAB from $126.00 to $141.00 and gave the stock a “hold” rating in a research report on Monday, July 21st. Evercore ISI raised their price objective on shares of ESAB from $120.00 to $125.00 and gave the company an “in-line” rating in a research report on Monday, May 19th. Finally, Robert W. Baird set a $143.00 price target on shares of ESAB in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $140.00.

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.