Dimensional Fund Advisors LP increased its stake in ESAB Co. (NYSE:ESAB – Free Report) by 4.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,102,992 shares of the company’s stock after acquiring an additional 83,195 shares during the period. Dimensional Fund Advisors LP owned approximately 3.49% of ESAB worth $139,932,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of ESAB. Raleigh Capital Management Inc. acquired a new stake in shares of ESAB in the second quarter valued at $44,000. Quantbot Technologies LP acquired a new stake in ESAB in the second quarter valued at $46,000. Advisor Group Holdings Inc. raised its stake in 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 buying an additional 409 shares in the last quarter. Acadian Asset Management LLC acquired a new stake in ESAB in the second quarter valued at $88,000. Finally, UBS Group AG raised its stake in ESAB by 21.4% in the third quarter. UBS Group AG now owns 2,650 shares of the company’s stock valued at $88,000 after buying an additional 468 shares in the last quarter. 91.56% of the stock is currently owned by institutional investors and hedge funds.
Insider Buying and Selling
In other ESAB news, insider Olivier Biebuyck sold 519 shares of ESAB stock in a transaction that occurred on Tuesday, November 14th. The stock was sold at an average price of $78.45, for a total value of $40,715.55. Following the sale, the insider now owns 6,441 shares of the company’s stock, valued at approximately $505,296.45. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other ESAB news, Director Rhonda L. Jordan sold 539 shares of ESAB stock in a transaction that occurred on Thursday, November 2nd. The stock was sold at an average price of $72.39, for a total value of $39,018.21. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Olivier Biebuyck sold 519 shares of ESAB stock in a transaction that occurred on Tuesday, November 14th. The shares were sold at an average price of $78.45, for a total transaction of $40,715.55. Following the sale, the insider now owns 6,441 shares of the company’s stock, valued at $505,296.45. The disclosure for this sale can be found here. Insiders have sold a total of 2,624 shares of company stock valued at $192,852 over the last quarter. 7.00% of the stock is currently owned by insiders.
ESAB Stock Performance
ESAB (NYSE:ESAB – Get Free Report) last released its quarterly earnings results on Wednesday, November 1st. The company reported $1.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.92 by $0.16. ESAB had a return on equity of 18.02% and a net margin of 7.85%. The firm had revenue of $681.10 million for the quarter, compared to analyst estimates of $628.17 million. During the same quarter last year, the company posted $0.92 earnings per share. The business’s revenue was up 9.8% on a year-over-year basis. On average, equities research analysts expect that ESAB Co. will post 4.36 earnings per share for the current year.
ESAB Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, October 13th. Investors of record on Friday, September 29th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend was Thursday, September 28th. ESAB’s dividend payout ratio is currently 6.80%.
Wall Street Analyst Weigh In
A number of analysts have weighed in on the company. Loop Capital raised their price target on ESAB from $70.00 to $73.00 and gave the company a “hold” rating in a research note on Wednesday, August 2nd. JPMorgan Chase & Co. raised their price target on ESAB from $75.00 to $76.00 and gave the company a “neutral” rating in a research note on Thursday, November 2nd. Bank of America upgraded ESAB from a “neutral” rating to a “buy” rating and raised their price target for the company from $61.00 to $89.00 in a research note on Monday, September 18th. Robert W. Baird raised their price target on ESAB from $75.00 to $85.00 and gave the company an “outperform” rating in a research note on Wednesday, August 2nd. Finally, UBS Group initiated coverage on ESAB in a report on Wednesday, September 27th. They set a “neutral” rating and a $78.00 price objective on the stock. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $80.00.
ESAB Company Profile
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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