Oppenheimer Reiterates “Outperform” Rating for ESAB (NYSE:ESAB)

Oppenheimer reissued their outperform rating on shares of ESAB (NYSE:ESAB) in a report issued on Wednesday morning, Benzinga reports. Oppenheimer currently has a $138.00 price objective on the stock, up from their prior price objective of $122.00.

Other analysts have also recently issued research reports about the company. Bank of America increased their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. raised their price target on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Stifel Nicolaus cut their price target on 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 cut their price target on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a report on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, ESAB presently has an average rating of “Moderate Buy” and a consensus target price of $119.00.

ESAB Stock Performance

NYSE:ESAB opened at $123.45 on Wednesday. The company has a current ratio of 1.92, a quick ratio of 1.21 and a debt-to-equity ratio of 0.58. ESAB has a 12-month low of $70.78 and a 12-month high of $127.33. The stock has a 50-day moving average price of $106.06 and a 200 day moving average price of $102.17. The stock has a market capitalization of $7.46 billion, a P/E ratio of 28.91, a P/E/G ratio of 2.11 and a beta of 1.37.

ESAB (NYSE:ESAB) last released its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $620.50 million. During the same quarter last year, the business posted $1.08 earnings per share. The firm’s revenue was down 1.2% on a year-over-year basis. Equities research analysts forecast that ESAB will post 4.9 EPS for the current fiscal year.

ESAB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is 7.49%.

Insider Transactions at ESAB

In other news, CEO Shyam Kambeyanda sold 59,120 shares of ESAB 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 in the company, valued at approximately $6,627,789.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Shyam Kambeyanda sold 59,120 shares of ESAB 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 in the company, valued at approximately $6,627,789.92. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The disclosure for this sale can be found here. In the last 90 days, insiders sold 68,418 shares of company stock worth $8,431,773. 7.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ESAB

Institutional investors and hedge funds have recently modified their holdings of the business. ORG Partners LLC bought a new stake in shares of ESAB during the 1st quarter worth approximately $35,000. Whittier Trust Co. lifted its stake in shares of ESAB by 302.6% during the 1st quarter. Whittier Trust Co. now owns 314 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares during the last quarter. Hantz Financial Services Inc. bought a new stake in ESAB during the 2nd quarter valued at $42,000. GAMMA Investing LLC raised its position in ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after purchasing an additional 147 shares in the last quarter. Finally, Blue Trust Inc. raised its position in 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 in the last quarter. 91.13% of the stock is 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.