Evercore ISI Upgrades ESAB (NYSE:ESAB) to Inline

ESAB (NYSE:ESAB) was upgraded by stock analysts at Evercore ISI from an “underperform” rating to an “inline” rating in a report issued on Monday, MarketBeat Ratings reports. The firm currently has a $120.00 price objective on the stock, down from their prior price objective of $122.00. Evercore ISI’s price target suggests a potential downside of 2.89% from the company’s previous close.

Several other analysts have also commented on ESAB. JPMorgan Chase & Co. cut their target price on shares of ESAB from $135.00 to $133.00 and set an “overweight” rating for the company in a research note on Friday, February 21st. Stifel Nicolaus cut their price objective on ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a research report on Friday, February 21st. Jefferies Financial Group began coverage on ESAB in a research note on Thursday, December 12th. They set a “buy” rating and a $160.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a research report on Friday, November 8th. Finally, Loop Capital upped their target price on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a report on Wednesday, October 30th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, ESAB has an average rating of “Moderate Buy” and a consensus target price of $133.14.

ESAB Stock Up 1.7 %

ESAB opened at $123.58 on Monday. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.25 and a current ratio of 1.82. The company has a market capitalization of $7.48 billion, a PE ratio of 28.61, a P/E/G ratio of 2.01 and a beta of 1.36. The stock’s fifty day moving average is $122.28 and its 200-day moving average is $116.30. ESAB has a one year low of $88.54 and a one year high of $135.97.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.15 by $0.13. ESAB had a net margin of 9.66% and a return on equity of 17.43%. The firm had revenue of $633.20 million for the quarter, compared to analysts’ expectations of $636.43 million. On average, equities analysts predict that ESAB will post 5.16 EPS for the current fiscal year.

Institutional Trading of ESAB

Several hedge funds and other institutional investors have recently modified their holdings of ESAB. Michels Family Financial LLC acquired a new position in ESAB during the fourth quarter valued at $723,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in ESAB by 13.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 167,009 shares of the company’s stock valued at $20,031,000 after acquiring an additional 20,430 shares in the last quarter. Vident Advisory LLC acquired a new position in shares of ESAB in the 4th quarter valued at about $404,000. Teza Capital Management LLC acquired a new position in shares of ESAB in the 4th quarter valued at about $671,000. Finally, State of Wyoming lifted its position in shares of ESAB by 69.6% in the fourth quarter. State of Wyoming now owns 2,625 shares of the company’s stock worth $315,000 after purchasing an additional 1,077 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

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.