Edgestream Partners L.P. Buys 11,284 Shares of ESAB Co. (NYSE:ESAB)

Edgestream Partners L.P. boosted its position in ESAB Co. (NYSE:ESAB) by 17.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 75,523 shares of the company’s stock after purchasing an additional 11,284 shares during the quarter. ESAB makes up approximately 0.4% of Edgestream Partners L.P.’s investment portfolio, making the stock its 28th largest holding. Edgestream Partners L.P. owned about 0.12% of ESAB worth $8,029,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ESAB. GAMMA Investing LLC raised its stake 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 acquiring an additional 147 shares in the last quarter. Hantz Financial Services Inc. purchased a new position in ESAB in the second quarter worth $42,000. Quest Partners LLC increased its position in shares of ESAB by 12,140.0% during the third quarter. Quest Partners LLC now owns 612 shares of the company’s stock worth $65,000 after purchasing an additional 607 shares in the last quarter. Blue Trust Inc. lifted its holdings in shares of ESAB by 629.8% during the 3rd quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after purchasing an additional 529 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in shares of ESAB in the 2nd quarter worth $92,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

ESAB Stock Up 0.6 %

ESAB stock opened at $129.08 on Friday. The company has a market capitalization of $7.80 billion, a P/E ratio of 30.23, a price-to-earnings-growth ratio of 2.24 and a beta of 1.37. ESAB Co. has a 12 month low of $76.08 and a 12 month high of $135.97. The firm’s fifty day simple moving average is $116.95 and its 200-day simple moving average is $105.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating the consensus estimate of $1.12 by $0.13. The company had revenue of $673.00 million for the quarter, compared to analyst estimates of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The firm’s revenue was down 1.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.08 earnings per share. As a group, equities research analysts forecast that ESAB Co. will post 4.94 earnings per share for the current year.

ESAB Dividend Announcement

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

Analyst Upgrades and Downgrades

ESAB has been the topic of several recent analyst reports. Stifel Nicolaus lowered ESAB from a “buy” rating to a “hold” rating and reduced their target price for the company from $138.00 to $130.00 in a research report on Monday, November 18th. JPMorgan Chase & Co. increased their price objective on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, September 30th. Oppenheimer reissued an “outperform” rating and set a $144.00 target price (up previously from $138.00) on shares of ESAB in a research report on Friday, November 8th. Loop Capital raised their price target on shares of ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday, October 30th. Finally, Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and boosted their price objective for the company from $102.00 to $122.00 in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $124.14.

Insiders Place Their Bets

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were 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 in the company, valued at approximately $6,627,789.92. This represents a 52.31 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Kevin J. Johnson sold 5,044 shares of the firm’s stock in a transaction dated 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 owns 11,433 shares in the company, valued at $1,429,125. This trade represents a 30.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,418 shares of company stock worth $8,431,773. Corporate insiders own 7.00% 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.