New York State Teachers Retirement System lowered its position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 2.4% in the 2nd quarter, HoldingsChannel reports. The fund owned 69,912 shares of the industrial products company’s stock after selling 1,700 shares during the period. New York State Teachers Retirement System’s holdings in Lincoln Electric were worth $5,755,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Advisory Alpha LLC purchased a new stake in Lincoln Electric in the 1st quarter worth about $25,000. Huntington National Bank grew its holdings in Lincoln Electric by 18.8% during the 1st quarter. Huntington National Bank now owns 950 shares of the industrial products company’s stock valued at $80,000 after buying an additional 150 shares in the last quarter. NumerixS Investment Technologies Inc grew its holdings in Lincoln Electric by 433.3% during the 1st quarter. NumerixS Investment Technologies Inc now owns 1,600 shares of the industrial products company’s stock valued at $134,000 after buying an additional 1,300 shares in the last quarter. ETF Managers Group LLC grew its holdings in Lincoln Electric by 11.3% during the 1st quarter. ETF Managers Group LLC now owns 1,608 shares of the industrial products company’s stock valued at $135,000 after buying an additional 163 shares in the last quarter. Finally, BNP Paribas Arbitrage SA grew its holdings in Lincoln Electric by 94.5% during the 1st quarter. BNP Paribas Arbitrage SA now owns 2,120 shares of the industrial products company’s stock valued at $178,000 after buying an additional 1,030 shares in the last quarter. 71.81% of the stock is owned by institutional investors.
A number of research analysts have weighed in on LECO shares. Robert W. Baird raised Lincoln Electric from a “neutral” rating to an “outperform” rating and lifted their target price for the company from $93.00 to $100.00 in a report on Friday, July 12th. BidaskClub lowered Lincoln Electric from a “buy” rating to a “hold” rating in a report on Friday. Finally, Zacks Investment Research raised Lincoln Electric from a “sell” rating to a “hold” rating and set a $87.00 target price for the company in a report on Monday, July 1st. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. Lincoln Electric has an average rating of “Hold” and a consensus price target of $95.56.
Lincoln Electric (NASDAQ:LECO) last posted its earnings results on Tuesday, July 23rd. The industrial products company reported $1.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.30 by ($0.02). The company had revenue of $777.01 million for the quarter, compared to analysts’ expectations of $786.03 million. Lincoln Electric had a net margin of 10.42% and a return on equity of 36.16%. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.22 EPS. Analysts expect that Lincoln Electric Holdings, Inc. will post 5.08 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $0.47 per share. The ex-dividend date is Friday, September 27th. This represents a $1.88 dividend on an annualized basis and a dividend yield of 2.28%. Lincoln Electric’s dividend payout ratio (DPR) is presently 39.00%.
About Lincoln Electric
Lincoln Electric Holdings, Inc, through its subsidiaries, designs, manufactures, and sells welding, cutting, and brazing products worldwide. It operates through three segments: Americas Welding, International Welding, and The Harris Products Group. The company offers welding products, including arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories, and specialty welding consumables and fabrication products.
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