ESAB Corporation (NYSE:ESAB) Given Consensus Recommendation of “Moderate Buy” by Brokerages

ESAB Corporation (NYSE:ESAB) has been given an average rating of “Moderate Buy” by the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average 12 month price objective among analysts that have issued a report on the stock in the last year is $140.3750.

A number of analysts have commented on ESAB shares. Oppenheimer decreased their target price on ESAB from $144.00 to $142.00 and set an “outperform” rating on the stock in a research report on Thursday, August 7th. Loop Capital upgraded ESAB from a “hold” rating to a “buy” rating and boosted their target price for the stock from $130.00 to $140.00 in a research report on Friday, August 22nd. Stifel Nicolaus upgraded ESAB from a “hold” rating to a “buy” rating and set a $141.00 target price on the stock in a research report on Thursday, August 7th. Robert W. Baird set a $143.00 target price on ESAB in a research report on Friday, May 2nd. Finally, JPMorgan Chase & Co. reduced their price objective on ESAB from $137.00 to $125.00 and set an “overweight” rating on the stock in a research report on Thursday, August 7th.

Insider Buying and Selling at ESAB

In other news, Director Rhonda L. Jordan sold 4,067 shares of the company’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total value of $459,774.35. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Olivier Biebuyck sold 1,440 shares of the company’s stock in a transaction 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 owned 14,989 shares in the company, valued at $2,000,881.61. This represents a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 7,007 shares of company stock worth $841,630 over the last 90 days. Company insiders own 7.30% of the company’s stock.

Institutional Trading of ESAB

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Thrivent Financial for Lutherans lifted its position in shares of ESAB by 0.7% in the second quarter. Thrivent Financial for Lutherans now owns 13,417 shares of the company’s stock valued at $1,617,000 after acquiring an additional 95 shares in the last quarter. State of Wyoming lifted its position in ESAB by 105.8% during the second quarter. State of Wyoming now owns 3,568 shares of the company’s stock worth $430,000 after buying an additional 1,834 shares during the period. Kestra Investment Management LLC lifted its position in ESAB by 11.2% during the second quarter. Kestra Investment Management LLC now owns 9,537 shares of the company’s stock worth $1,150,000 after buying an additional 963 shares during the period. MML Investors Services LLC lifted its position in ESAB by 19.9% during the second quarter. MML Investors Services LLC now owns 8,297 shares of the company’s stock worth $1,000,000 after buying an additional 1,377 shares during the period. Finally, Lazard Asset Management LLC lifted its position in ESAB by 3.1% during the second quarter. Lazard Asset Management LLC now owns 5,386 shares of the company’s stock worth $649,000 after buying an additional 162 shares during the period. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

ESAB Stock Up 1.9%

ESAB opened at $117.52 on Wednesday. The business’s fifty day moving average is $122.18 and its two-hundred day moving average is $121.62. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95. The company has a market cap of $7.13 billion, a price-to-earnings ratio of 28.11, a PEG ratio of 2.76 and a beta of 1.27. ESAB has a one year low of $93.15 and a one year high of $135.97.

ESAB (NYSE:ESAB) last posted its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $715.59 million for the quarter, compared to the consensus estimate of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%.ESAB’s quarterly revenue was up 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.32 earnings per share. Analysts anticipate that ESAB will post 5.16 EPS for the current fiscal year.

About ESAB

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.