Retirement Systems of Alabama Sells 589 Shares of ESAB Co. (NYSE:ESAB)

Posted by on Jul 28th, 2023

Retirement Systems of Alabama decreased its holdings in shares of ESAB Co. (NYSE:ESAB – Free Report) by 0.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,508 shares of the company’s stock after selling 589 shares during the period. Retirement Systems of Alabama owned 0.11% of ESAB worth $3,988,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. JPMorgan Chase & Co. bought a new position in ESAB in the second quarter worth approximately $2,920,000. UBS Group AG bought a new position in ESAB in the second quarter worth approximately $95,000. Credit Suisse AG bought a new position in ESAB in the second quarter worth approximately $1,942,000. Northern Trust Corp bought a new position in ESAB in the second quarter worth approximately $16,005,000. Finally, Renaissance Technologies LLC purchased a new stake in shares of ESAB in the second quarter worth approximately $683,000. Institutional investors own 92.14% of the company’s stock.

Wall Street Analyst Weigh In

ESAB has been the subject of several analyst reports. CL King initiated coverage on ESAB in a research note on Tuesday, May 16th. They issued a “buy” rating and a $76.00 price objective for the company. Evercore ISI initiated coverage on ESAB in a research note on Friday, July 14th. They issued an “in-line” rating and a $75.00 price objective for the company. Robert W. Baird reissued an “outperform” rating and issued a $70.00 price objective on shares of ESAB in a research note on Friday, June 30th. JPMorgan Chase & Co. downgraded ESAB from an “overweight” rating to a “neutral” rating and increased their price objective for the stock from $70.00 to $74.00 in a research note on Tuesday, July 18th. Finally, Stifel Nicolaus increased their price target on ESAB from $75.00 to $88.00 and gave the company a “buy” rating in a research report on Wednesday, July 19th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.33.

Insider Transactions at ESAB

In other news, Director Christopher M. Hix sold 7,500 shares of the firm’s stock in a transaction on Friday, June 9th. The stock was sold at an average price of $64.50, for a total value of $483,750.00. Following the completion of the transaction, the director now directly owns 33,863 shares of the company’s stock, valued at $2,184,163.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Patrick W. Allender sold 1,964 shares of ESAB stock in a transaction on Friday, May 5th. The stock was sold at an average price of $60.35, for a total transaction of $118,527.40. Following the completion of the sale, the director now owns 2,168 shares of the company’s stock, valued at $130,838.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Christopher M. Hix sold 7,500 shares of ESAB stock in a transaction on Friday, June 9th. The shares were sold at an average price of $64.50, for a total value of $483,750.00. Following the sale, the director now directly owns 33,863 shares of the company’s stock, valued at approximately $2,184,163.50. The disclosure for this sale can be found here. Corporate insiders own 7.00% of the company’s stock.

ESAB Stock Performance

Shares of ESAB opened at $67.55 on Friday. The company has a current ratio of 1.68, a quick ratio of 0.97 and a debt-to-equity ratio of 0.83. The stock has a 50 day moving average of $64.74 and a 200 day moving average of $60.33. ESAB Co. has a 12 month low of $32.12 and a 12 month high of $70.64. The company has a market capitalization of $4.07 billion, a price-to-earnings ratio of 20.53, a PEG ratio of 3.61 and a beta of 1.39.

ESAB (NYSE:ESAB – Get Free Report) last released its earnings results on Tuesday, May 2nd. The company reported $1.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.11. ESAB had a return on equity of 18.50% and a net margin of 7.61%. The business had revenue of $684.00 million during the quarter, compared to the consensus estimate of $622.26 million. During the same period last year, the business posted $1.17 earnings per share. The business’s revenue for the quarter was up 5.6% on a year-over-year basis. As a group, sell-side analysts forecast that ESAB Co. will post 4 earnings per share for the current year.

ESAB Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were issued a $0.06 dividend. This is a positive change from ESAB’s previous quarterly dividend of $0.05. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date was Thursday, June 29th. ESAB’s dividend payout ratio (DPR) is presently 7.29%.

ESAB Profile

(Free Report)

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, and automated welding; and 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.

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Institutional Ownership by Quarter for ESAB (NYSE:ESAB)

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