ESAB Corporation (NYSE:ESAB) Receives $137.22 Consensus Target Price from Brokerages

Shares of ESAB Corporation (NYSE:ESAB) have been given an average recommendation of “Moderate Buy” by the eight research firms that are covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $137.22.

Several research firms have weighed in on ESAB. Robert W. Baird set a $143.00 price target on shares of ESAB in a research report on Friday, May 2nd. Stifel Nicolaus upped their price objective on ESAB from $109.00 to $126.00 and gave the stock a “hold” rating in a research note on Friday, May 2nd. JPMorgan Chase & Co. raised their target price on ESAB from $133.00 to $140.00 and gave the stock an “overweight” rating in a report on Tuesday, March 18th. UBS Group raised ESAB from a “neutral” rating to a “buy” rating and boosted their price target for the company from $123.00 to $147.00 in a report on Tuesday, April 1st. Finally, Evercore ISI upped their price target on ESAB from $120.00 to $125.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th.

ESAB Stock Down 1.4%

ESAB stock opened at $117.93 on Friday. The company has a market cap of $7.15 billion, a price-to-earnings ratio of 26.56, a P/E/G ratio of 2.89 and a beta of 1.31. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.24 and a current ratio of 1.91. The business’s 50-day moving average is $122.24 and its two-hundred day moving average is $121.91. ESAB has a fifty-two week low of $88.54 and a fifty-two week high of $135.97.

ESAB (NYSE:ESAB) last issued its quarterly earnings data on Thursday, May 1st. The company reported $1.25 earnings per share for the quarter, topping the consensus estimate of $1.18 by $0.07. The firm had revenue of $678.14 million for the quarter, compared to analysts’ expectations of $633.66 million. ESAB had a net margin of 9.98% and a return on equity of 16.98%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.20 EPS. As a group, analysts forecast that ESAB will post 5.16 earnings per share for the current year.

ESAB Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 18th. Investors of record on Thursday, July 3rd will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, July 3rd. This represents a $0.40 annualized dividend and a yield of 0.34%. This is an increase from ESAB’s previous quarterly dividend of $0.08. ESAB’s dividend payout ratio is currently 7.21%.

Insiders Place Their Bets

In related news, Director Rhonda L. Jordan sold 1,500 shares of ESAB stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $126.42, for a total transaction of $189,630.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Olivier Biebuyck sold 1,417 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $131.15, for a total value of $185,839.55. Following the completion of the transaction, the insider now directly owns 14,989 shares in the company, valued at approximately $1,965,807.35. This represents a 8.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. 7.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ESAB

Institutional investors have recently added to or reduced their stakes in the stock. Voya Investment Management LLC lifted its holdings in shares of ESAB by 22.6% in the first quarter. Voya Investment Management LLC now owns 18,451 shares of the company’s stock worth $2,150,000 after buying an additional 3,407 shares in the last quarter. Strs Ohio bought a new stake in ESAB in the 1st quarter valued at $7,115,000. United Services Automobile Association purchased a new stake in ESAB in the 1st quarter worth $436,000. Goldman Sachs Group Inc. lifted its stake in ESAB by 25.9% in the 1st quarter. Goldman Sachs Group Inc. now owns 458,339 shares of the company’s stock worth $53,396,000 after purchasing an additional 94,335 shares in the last quarter. Finally, Kestra Investment Management LLC boosted its holdings in shares of ESAB by 110.8% during the 1st quarter. Kestra Investment Management LLC now owns 8,574 shares of the company’s stock valued at $994,000 after purchasing an additional 4,506 shares during the last quarter. 91.13% of the stock is owned by hedge funds and other 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.