ESAB (NYSE:ESAB) Downgraded to “Underperform” Rating by Evercore ISI

Evercore ISI cut shares of ESAB (NYSE:ESAB) from an in-line rating to an underperform rating in a research note issued to investors on Wednesday, MarketBeat Ratings reports. They currently have $122.00 price objective on the stock, up from their previous price objective of $102.00.

Other research analysts have also recently issued reports about the stock. Stifel Nicolaus lowered their price target on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. Oppenheimer reissued an “outperform” rating and set a $144.00 price target (up from $138.00) on shares of ESAB in a report on Friday, November 8th. Bank of America boosted their price target on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Finally, Loop Capital upped their price target on shares of ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $122.71.

ESAB Stock Down 2.3 %

ESAB stock opened at $128.93 on Wednesday. The company has a market cap of $7.79 billion, a price-to-earnings ratio of 30.19, a P/E/G ratio of 2.31 and a beta of 1.37. ESAB has a twelve month low of $76.08 and a twelve month high of $135.97. The business has a 50 day moving average price of $110.55 and a two-hundred day moving average price of $103.45. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

ESAB (NYSE:ESAB) last announced its quarterly earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The firm had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. During the same quarter in the previous year, the business earned $1.08 earnings per share. The business’s revenue was down 1.2% compared to the same quarter last year. Analysts anticipate that ESAB will post 4.94 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Friday, September 27th were given a dividend of $0.08 per share. The ex-dividend date was Friday, September 27th. This represents a $0.32 annualized dividend and a yield of 0.25%. ESAB’s dividend payout ratio is currently 7.49%.

Insider Buying and Selling at ESAB

In other news, CFO Kevin J. Johnson sold 5,044 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $630,500.00. Following the sale, the chief financial officer now directly owns 11,433 shares in the company, valued at approximately $1,429,125. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Shyam Kambeyanda sold 59,120 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total value of $7,269,395.20. Following the completion of the transaction, the chief executive officer now owns 53,902 shares of the company’s stock, valued at $6,627,789.92. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Kevin J. Johnson sold 5,044 shares of ESAB stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total transaction of $630,500.00. Following the sale, the chief financial officer now owns 11,433 shares in the company, valued at approximately $1,429,125. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 68,418 shares of company stock valued at $8,431,773. 7.00% of the stock is currently owned by corporate insiders.

Institutional Trading of ESAB

Several institutional investors have recently added to or reduced their stakes in ESAB. Burns Matteson Capital Management LLC boosted its position in shares of ESAB by 7.1% during the 2nd quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock valued at $203,000 after purchasing an additional 142 shares in the last quarter. GAMMA Investing LLC grew its position in shares of ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after buying an additional 147 shares during the period. Legacy Capital Group California Inc. increased its stake in shares of ESAB by 8.5% in the 2nd quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock valued at $202,000 after acquiring an additional 168 shares in the last quarter. Vanguard Personalized Indexing Management LLC lifted its position in shares of ESAB by 5.1% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock valued at $362,000 after acquiring an additional 185 shares during the period. Finally, Asset Management One Co. Ltd. boosted its stake in ESAB by 20.4% during the third quarter. Asset Management One Co. Ltd. now owns 1,123 shares of the company’s stock worth $119,000 after acquiring an additional 190 shares in the last quarter. 91.13% of the stock is currently owned by institutional investors.

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.