Caitong International Asset Management Co. Ltd Purchases Shares of 281 ESAB Corporation $ESAB

Caitong International Asset Management Co. Ltd purchased a new stake in ESAB Corporation (NYSE:ESAB) in the first quarter, HoldingsChannel reports. The institutional investor purchased 281 shares of the company’s stock, valued at approximately $33,000.

A number of other hedge funds also recently modified their holdings of the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of ESAB by 3.1% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 7,538,081 shares of the company’s stock worth $904,118,000 after buying an additional 225,345 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of ESAB by 8.4% during the 1st quarter. JPMorgan Chase & Co. now owns 2,387,626 shares of the company’s stock worth $278,158,000 after buying an additional 185,058 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of ESAB by 101.5% during the 1st quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company’s stock worth $102,605,000 after buying an additional 443,574 shares during the last quarter. Northern Trust Corp lifted its stake in shares of ESAB by 15.7% during the 4th quarter. Northern Trust Corp now owns 541,561 shares of the company’s stock worth $64,955,000 after buying an additional 73,405 shares during the last quarter. Finally, Van Berkom & Associates Inc. lifted its stake in shares of ESAB by 8.3% during the 1st quarter. Van Berkom & Associates Inc. now owns 332,015 shares of the company’s stock worth $38,680,000 after buying an additional 25,485 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

ESAB Price Performance

NYSE:ESAB opened at $110.44 on Monday. ESAB Corporation has a 52 week low of $93.15 and a 52 week high of $135.97. The firm has a market cap of $6.70 billion, a price-to-earnings ratio of 26.42, a P/E/G ratio of 2.64 and a beta of 1.27. The firm’s 50-day simple moving average is $123.65 and its 200 day simple moving average is $122.03. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.26 and a current ratio of 1.95.

ESAB (NYSE:ESAB) last released its earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. ESAB had a net margin of 9.36% and a return on equity of 16.32%. The firm had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. During the same period last year, the firm earned $1.32 EPS. The business’s quarterly revenue was up 1.3% compared to the same quarter last year. As a group, sell-side analysts predict that ESAB Corporation will post 5.16 earnings per share for the current year.

Insider Activity

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the firm’s stock in a transaction dated Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the transaction, the insider directly owned 14,989 shares of the company’s stock, valued at $2,000,881.61. This trade represents a 8.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The shares were sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Over the last three months, insiders sold 7,007 shares of company stock worth $841,630. Insiders own 7.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on ESAB shares. JPMorgan Chase & Co. cut their target price on shares of ESAB from $137.00 to $125.00 and set an “overweight” rating for the company in a research note on Thursday, August 7th. Oppenheimer cut their target price on shares of ESAB from $144.00 to $142.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Evercore ISI raised their price target on shares of ESAB from $120.00 to $125.00 and gave the stock an “in-line” rating in a research report on Monday, May 19th. Stifel Nicolaus raised shares of ESAB from a “hold” rating to a “buy” rating and set a $141.00 price target on the stock in a research report on Thursday, August 7th. Finally, Robert W. Baird set a $143.00 price target on shares of ESAB in a research report on Friday, May 2nd. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $137.88.

ESAB 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.