Gabelli Funds LLC Sells 999 Shares of ESAB Corporation $ESAB

Gabelli Funds LLC decreased its position in shares of ESAB Corporation (NYSE:ESAB) by 20.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,000 shares of the company’s stock after selling 999 shares during the period. Gabelli Funds LLC’s holdings in ESAB were worth $466,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the stock. JPMorgan Chase & Co. grew its holdings 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 purchasing an additional 185,058 shares in the last quarter. Bank of New York Mellon Corp grew its holdings 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 purchasing an additional 443,574 shares in the last quarter. Northern Trust Corp grew its holdings in shares of ESAB by 0.6% during the 1st quarter. Northern Trust Corp now owns 544,929 shares of the company’s stock worth $63,484,000 after purchasing an additional 3,368 shares in the last quarter. Van Berkom & Associates Inc. grew its holdings 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 purchasing an additional 25,485 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of ESAB during the 1st quarter worth $24,511,000. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Stock Performance

Shares of ESAB stock opened at $115.44 on Monday. The business’s 50-day moving average price is $122.15 and its 200-day moving average price is $121.43. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $7.01 billion, a price-to-earnings ratio of 27.62, a PEG ratio of 2.53 and a beta of 1.26. ESAB Corporation has a 12 month low of $93.15 and a 12 month high of $135.97.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. The company had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The firm’s quarterly revenue was up 1.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.32 earnings per share. Equities research analysts forecast that ESAB Corporation will post 5.16 EPS for the current year.

Insider Buying and Selling at ESAB

In related news, Director Rhonda L. Jordan sold 4,067 shares of the business’s stock in a transaction on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Olivier Biebuyck sold 1,440 shares of the business’s stock in a transaction on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider owned 14,989 shares in the company, valued at approximately $2,000,881.61. The trade was a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In 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

Several research firms have recently issued reports on ESAB. Stifel Nicolaus raised ESAB from a “hold” rating to a “buy” rating and set a $141.00 target price on the stock in a report on Thursday, August 7th. Zacks Research lowered ESAB from a “strong-buy” rating to a “hold” rating in a research note on Monday, August 18th. JPMorgan Chase & Co. reduced their price objective on ESAB from $137.00 to $125.00 and set an “overweight” rating on the stock in a research note on Thursday, August 7th. Loop Capital raised ESAB from a “hold” rating to a “buy” rating and raised their price objective for the company from $130.00 to $140.00 in a research note on Friday, August 22nd. Finally, Oppenheimer reduced their price objective on ESAB from $144.00 to $142.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $140.38.

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.