Oppenheimer Increases ESAB (NYSE:ESAB) Price Target to $122.00

ESAB (NYSE:ESAB) had its price objective hoisted by Oppenheimer from $115.00 to $122.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts also recently weighed in on ESAB. Bank of America increased their price target on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. 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. Evercore ISI reduced their price target 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. Finally, JPMorgan Chase & Co. increased their price target on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $116.17.

ESAB Price Performance

NYSE ESAB opened at $110.04 on Tuesday. 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 company has a fifty day simple moving average of $103.97 and a 200 day simple moving average of $101.75. The company has a market cap of $6.65 billion, a P/E ratio of 28.81, a P/E/G ratio of 1.81 and a beta of 1.42. ESAB has a 1 year low of $62.04 and a 1 year high of $114.77.

ESAB (NYSE:ESAB) last posted its quarterly earnings data 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. The business had revenue of $707.10 million during the quarter, compared to the consensus estimate of $686.75 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. ESAB’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. On average, sell-side analysts predict that ESAB will post 4.84 EPS for the current year.

ESAB Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s dividend payout ratio is 8.38%.

Hedge Funds Weigh In On ESAB

A number of hedge funds have recently made changes to their positions in ESAB. Diversified Trust Co acquired a new position in shares of ESAB in the 1st quarter valued at $431,000. Allspring Global Investments Holdings LLC increased its position in shares of ESAB by 6.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company’s stock worth $44,549,000 after purchasing an additional 23,825 shares in the last quarter. State of Michigan Retirement System increased its position in shares of ESAB by 2.2% during the 1st quarter. State of Michigan Retirement System now owns 13,902 shares of the company’s stock worth $1,537,000 after purchasing an additional 300 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of ESAB by 1.4% during the 1st quarter. Principal Financial Group Inc. now owns 251,230 shares of the company’s stock worth $27,779,000 after purchasing an additional 3,529 shares in the last quarter. Finally, Retirement Systems of Alabama increased its position in shares of ESAB by 0.3% during the 1st quarter. Retirement Systems of Alabama now owns 71,144 shares of the company’s stock worth $7,866,000 after purchasing an additional 187 shares in the last quarter. Institutional investors and hedge funds own 91.13% 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.