Envestnet Asset Management Inc. Sells 94,349 Shares of ESAB Corporation $ESAB

Envestnet Asset Management Inc. cut its position in shares of ESAB Corporation (NYSE:ESAB) by 79.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 25,075 shares of the company’s stock after selling 94,349 shares during the period. Envestnet Asset Management Inc.’s holdings in ESAB were worth $2,802,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hantz Financial Services Inc. raised its holdings in shares of ESAB by 59.5% in the third quarter. Hantz Financial Services Inc. now owns 681 shares of the company’s stock valued at $76,000 after acquiring an additional 254 shares in the last quarter. Van Berkom & Associates Inc. raised its holdings in shares of ESAB by 28.6% in the 3rd quarter. Van Berkom & Associates Inc. now owns 716,405 shares of the company’s stock valued at $80,051,000 after purchasing an additional 159,539 shares in the last quarter. State of Wyoming raised its holdings in shares of ESAB by 22.6% in the 3rd quarter. State of Wyoming now owns 4,373 shares of the company’s stock valued at $489,000 after purchasing an additional 805 shares in the last quarter. AlphaQuest LLC purchased a new stake in shares of ESAB in the 3rd quarter worth approximately $58,000. Finally, Arizona State Retirement System boosted its stake in shares of ESAB by 1.4% during the third quarter. Arizona State Retirement System now owns 17,041 shares of the company’s stock valued at $1,904,000 after purchasing an additional 234 shares in the last quarter. Institutional investors own 91.13% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Roth Mkm reissued a “buy” rating and issued a $146.00 price objective (down from $150.00) on shares of ESAB in a research note on Tuesday, February 3rd. Stifel Nicolaus lifted their price target on ESAB from $144.00 to $158.00 and gave the company a “buy” rating in a report on Monday. Oppenheimer boosted their price target on ESAB from $142.00 to $148.00 and gave the stock an “outperform” rating in a research report on Friday, January 23rd. Weiss Ratings downgraded ESAB from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 20th. Finally, Wall Street Zen lowered shares of ESAB from a “buy” rating to a “hold” rating in a research report on Sunday, December 28th. Six equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $145.25.

Insiders Place Their Bets

In other ESAB news, CEO Shyam Kambeyanda sold 59,404 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $123.79, for a total transaction of $7,353,621.16. Following the completion of the transaction, the chief executive officer directly owned 99,864 shares of the company’s stock, valued at approximately $12,362,164.56. This trade represents a 37.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 7.30% of the company’s stock.

ESAB Price Performance

Shares of ESAB opened at $124.69 on Thursday. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.90 and a quick ratio of 1.24. The company’s fifty day moving average price is $121.48 and its 200-day moving average price is $116.48. ESAB Corporation has a 1-year low of $100.17 and a 1-year high of $137.42. The firm has a market capitalization of $7.57 billion, a PE ratio of 33.70, a price-to-earnings-growth ratio of 2.31 and a beta of 1.24.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Friday, February 20th. The company reported $1.35 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.01. The company had revenue of $720.99 million during the quarter, compared to analysts’ expectations of $687.80 million. ESAB had a return on equity of 15.38% and a net margin of 7.98%.The firm’s revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.28 EPS. On average, equities research analysts predict that ESAB Corporation will post 5.16 EPS for the current year.

ESAB Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 16th. Investors of record on Wednesday, December 31st were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.3%. The ex-dividend date was Wednesday, December 31st. ESAB’s dividend payout ratio is 10.81%.

ESAB Company Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company’s products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.