ESAB Corporation $ESAB Shares Sold by HighTower Advisors LLC

HighTower Advisors LLC decreased its holdings in shares of ESAB Corporation (NYSE:ESAB) by 11.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,031 shares of the company’s stock after selling 504 shares during the period. HighTower Advisors LLC’s holdings in ESAB were worth $470,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in ESAB. First Horizon Advisors Inc. boosted its stake in shares of ESAB by 204.8% during the first quarter. First Horizon Advisors Inc. now owns 320 shares of the company’s stock worth $37,000 after buying an additional 215 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of ESAB by 706.7% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 363 shares of the company’s stock worth $42,000 after buying an additional 318 shares during the period. Farther Finance Advisors LLC boosted its stake in shares of 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 buying an additional 429 shares during the period. UMB Bank n.a. boosted its stake in shares of 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 buying an additional 408 shares during the period. Finally, GAMMA Investing LLC boosted its stake in shares of ESAB by 37.7% during the first quarter. GAMMA Investing LLC now owns 756 shares of the company’s stock worth $88,000 after buying an additional 207 shares during the period. Institutional investors and hedge funds own 91.13% of the company’s stock.

Wall Street Analyst Weigh In

ESAB has been the subject of a number of recent analyst reports. Loop Capital upgraded shares of ESAB from a “hold” rating to a “buy” rating and raised their price objective for the company from $130.00 to $140.00 in a research report on Friday, August 22nd. Oppenheimer reduced their price objective on shares of ESAB from $144.00 to $142.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Stifel Nicolaus upgraded shares of ESAB from a “hold” rating to a “buy” rating and set a $141.00 price objective for the company in a research report on Thursday, August 7th. Evercore ISI lifted their price target 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, Zacks Research downgraded shares of ESAB from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Six equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, ESAB has a consensus rating of “Moderate Buy” and an average target price of $140.38.

ESAB Stock Down 1.2%

ESAB stock opened at $115.44 on Friday. The stock has a market capitalization of $7.01 billion, a P/E ratio of 27.62, a PEG ratio of 2.53 and a beta of 1.27. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. ESAB Corporation has a one year low of $93.15 and a one year high of $135.97. The company has a 50 day moving average price of $122.15 and a two-hundred day moving average price of $121.49.

ESAB (NYSE:ESAB) last released its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping the consensus estimate of $1.34 by $0.02. The firm had revenue of $715.59 million during the quarter, compared to analysts’ expectations of $670.80 million. ESAB had a net margin of 9.36% and a return on equity of 16.32%. ESAB’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.32 EPS. As a group, sell-side analysts expect that ESAB Corporation will post 5.16 EPS for the current year.

Insider Activity at ESAB

In other ESAB news, 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 value of $192,225.60. Following the completion of the sale, the insider directly owned 14,989 shares of the company’s stock, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of ESAB stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Insiders sold a total of 7,007 shares of company stock valued at $841,630 over the last ninety days. 7.30% of the stock is 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.