American Century Companies Inc. reduced its stake in ESAB Co. (NYSE:ESAB – Free Report) by 56.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 380,339 shares of the company’s stock after selling 490,346 shares during the period. American Century Companies Inc. owned 0.63% of ESAB worth $22,467,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Ridgewood Investments LLC purchased a new position in ESAB in the first quarter valued at approximately $58,000. Quantbot Technologies LP acquired a new stake in shares of ESAB in the second quarter valued at approximately $46,000. Advisor Group Holdings Inc. boosted its holdings in shares of ESAB by 39.4% in the fourth quarter. Advisor Group Holdings Inc. now owns 1,448 shares of the company’s stock valued at $69,000 after acquiring an additional 409 shares during the period. UBS Group AG acquired a new stake in shares of ESAB in the second quarter valued at approximately $95,000. Finally, FNY Investment Advisers LLC acquired a new stake in shares of ESAB in the first quarter valued at approximately $153,000. 91.56% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several equities research analysts have recently weighed in on ESAB shares. Loop Capital increased their price objective on ESAB from $70.00 to $73.00 and gave the company a “hold” rating in a report on Wednesday, August 2nd. JPMorgan Chase & Co. increased their price objective on ESAB from $74.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, August 2nd. CL King began coverage on ESAB in a report on Tuesday, May 16th. They issued a “buy” rating and a $76.00 price objective for the company. Evercore ISI began coverage on ESAB in a report on Friday, July 14th. They set an “in-line” rating and a $75.00 price target for the company. Finally, Stifel Nicolaus increased their price target on ESAB from $75.00 to $88.00 and gave the stock a “buy” rating in a report on Wednesday, July 19th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $76.43.
ESAB Trading Up 0.7 %
Shares of ESAB stock opened at $72.14 on Thursday. ESAB Co. has a fifty-two week low of $32.12 and a fifty-two week high of $73.36. The stock has a market cap of $4.35 billion, a P/E ratio of 20.91, a P/E/G ratio of 3.57 and a beta of 1.38. The business has a fifty day simple moving average of $68.54 and a 200-day simple moving average of $62.75. The company has a quick ratio of 1.01, a current ratio of 1.73 and a debt-to-equity ratio of 0.75.
ESAB (NYSE:ESAB – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.16. The firm had revenue of $720.40 million during the quarter, compared to analysts’ expectations of $665.13 million. ESAB had a return on equity of 18.25% and a net margin of 7.83%. The firm’s quarterly revenue was up 9.0% compared to the same quarter last year. During the same quarter last year, the business posted $1.08 EPS. On average, analysts forecast that ESAB Co. will post 4.22 earnings per share for the current fiscal year.
Insider Buying and Selling
In other ESAB news, Director Christopher M. Hix sold 7,500 shares of the firm’s stock in a transaction dated Friday, June 9th. The stock was 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In other ESAB news, CFO Kevin J. Johnson sold 636 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $71.74, for a total value of $45,626.64. Following the sale, the chief financial officer now directly owns 8,015 shares of the company’s stock, valued at approximately $574,996.10. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Christopher M. Hix sold 7,500 shares of the business’s stock in a transaction dated Friday, June 9th. The stock was sold at an average price of $64.50, for a total value of $483,750.00. Following the sale, the director now 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. 7.00% of the stock is currently owned by company insiders.
About ESAB
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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