Amalgamated Bank Has $3.03 Million Stake in ESAB Corporation (NYSE:ESAB)

Amalgamated Bank decreased its holdings in shares of ESAB Corporation (NYSE:ESAB) by 3.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,019 shares of the company’s stock after selling 1,022 shares during the quarter. Amalgamated Bank’s holdings in ESAB were worth $3,031,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD increased its stake in shares of ESAB by 3.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company’s stock valued at $904,118,000 after buying an additional 225,345 shares during the period. Vanguard Group Inc. increased its stake in shares of ESAB by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 5,546,104 shares of the company’s stock valued at $665,200,000 after buying an additional 20,741 shares during the period. JPMorgan Chase & Co. increased its stake in shares of ESAB by 15.9% in the fourth quarter. JPMorgan Chase & Co. now owns 2,202,568 shares of the company’s stock valued at $264,176,000 after buying an additional 302,453 shares during the period. Invesco Ltd. increased its stake in shares of ESAB by 17.9% in the fourth quarter. Invesco Ltd. now owns 2,097,624 shares of the company’s stock valued at $251,589,000 after buying an additional 318,018 shares during the period. Finally, Neuberger Berman Group LLC increased its stake in shares of ESAB by 1.7% in the fourth quarter. Neuberger Berman Group LLC now owns 1,888,685 shares of the company’s stock valued at $226,529,000 after buying an additional 31,248 shares during the period. Institutional investors and hedge funds own 91.13% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on ESAB. UBS Group raised ESAB from a “neutral” rating to a “buy” rating and upped their price objective for the company from $123.00 to $147.00 in a research note on Tuesday, April 1st. Robert W. Baird set a $143.00 price objective on ESAB in a research note on Friday, May 2nd. JPMorgan Chase & Co. upped their price objective on ESAB from $133.00 to $140.00 and gave the company an “overweight” rating in a research note on Tuesday, March 18th. Evercore ISI increased their target price 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, Stifel Nicolaus increased their target price on shares of ESAB from $109.00 to $126.00 and gave the company a “hold” rating in a research report on Friday, May 2nd. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $137.22.

Insider Activity at ESAB

In other news, Director Rhonda L. Jordan sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 11th. The shares were sold at an average price of $126.42, for a total transaction of $189,630.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Olivier Biebuyck sold 1,417 shares of the firm’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $131.15, for a total transaction of $185,839.55. Following the sale, the insider directly owned 14,989 shares of the company’s stock, valued at approximately $1,965,807.35. This trade represents a 8.64% decrease in their position. The disclosure for this sale can be found here. Company insiders own 7.30% of the company’s stock.

ESAB Stock Performance

NYSE:ESAB opened at $125.45 on Friday. The company has a market capitalization of $7.60 billion, a PE ratio of 28.25, a P/E/G ratio of 3.06 and a beta of 1.26. The company has a 50 day simple moving average of $123.59 and a two-hundred day simple moving average of $121.29. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.24 and a current ratio of 1.91. ESAB Corporation has a fifty-two week low of $88.54 and a fifty-two week high of $135.97.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Thursday, May 1st. The company reported $1.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.18 by $0.07. The firm had revenue of $678.14 million for the quarter, compared to analysts’ expectations of $633.66 million. ESAB had a return on equity of 16.98% and a net margin of 9.98%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.20 EPS. Research analysts anticipate that ESAB Corporation will post 5.16 earnings per share for the current year.

ESAB Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 18th. Stockholders of record on Thursday, July 3rd will be given a dividend of $0.10 per share. This is an increase from ESAB’s previous quarterly dividend of $0.08. The ex-dividend date is Thursday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.32%. ESAB’s dividend payout ratio (DPR) is 9.01%.

ESAB Company 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.