ESAB (NYSE:ESAB) Price Target Raised to $122.00

ESAB (NYSE:ESAB) had its price objective increased by research analysts at Oppenheimer from $115.00 to $122.00 in a report issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Oppenheimer’s price target suggests a potential upside of 9.00% from the stock’s current price.

A number of other research firms have also issued reports on ESAB. Bank of America lifted their price objective on shares of 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. lifted their price objective on shares of ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, September 30th. Stifel Nicolaus reduced their price target on shares of ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, July 18th. Finally, Evercore ISI reduced their price objective on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a report on Monday, August 19th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $116.17.

ESAB Price Performance

Shares of ESAB traded down $0.96 during trading hours on Tuesday, reaching $111.93. The company had a trading volume of 68,902 shares, compared to its average volume of 244,234. The company has a current ratio of 1.86, a quick ratio of 1.21 and a debt-to-equity ratio of 0.62. The firm has a 50 day simple moving average of $102.94 and a 200-day simple moving average of $101.66. ESAB has a 12-month low of $61.43 and a 12-month high of $114.77. The company has a market capitalization of $6.76 billion, a price-to-earnings ratio of 29.30, a PEG ratio of 1.81 and a beta of 1.42.

ESAB (NYSE:ESAB) last released its quarterly earnings results on Friday, August 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.05. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The company had revenue of $707.10 million for the quarter, compared to analysts’ expectations of $686.75 million. During the same period last year, the company earned $1.21 EPS. The firm’s revenue for the quarter was down 1.8% compared to the same quarter last year. Research analysts expect that ESAB will post 4.84 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ESAB. Price T Rowe Associates Inc. MD lifted its stake in ESAB by 11.3% in the first quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock valued at $710,316,000 after buying an additional 653,377 shares during the period. Champlain Investment Partners LLC bought a new position in shares of ESAB during the 1st quarter worth approximately $33,811,000. Acadian Asset Management LLC boosted its stake in shares of ESAB by 2,277.5% during the 1st quarter. Acadian Asset Management LLC now owns 93,770 shares of the company’s stock worth $10,359,000 after acquiring an additional 89,826 shares during the period. Cubist Systematic Strategies LLC acquired a new stake in ESAB during the 2nd quarter worth approximately $8,277,000. Finally, Jacobs Levy Equity Management Inc. acquired a new stake in ESAB during the 1st quarter worth approximately $6,174,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.

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.