MQS Management LLC Acquires Shares of 4,070 ESAB Co. (NYSE:ESAB)

MQS Management LLC bought a new position in shares of ESAB Co. (NYSE:ESAB) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 4,070 shares of the company’s stock, valued at approximately $384,000.

Several other large investors have also recently modified their holdings of the business. Quent Capital LLC boosted its holdings in ESAB by 8.4% in the 1st quarter. Quent Capital LLC now owns 1,718 shares of the company’s stock worth $190,000 after buying an additional 133 shares during the period. Burns Matteson Capital Management LLC lifted its position in shares of ESAB by 7.1% during the second quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock worth $203,000 after acquiring an additional 142 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of ESAB by 57.9% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 420 shares of the company’s stock worth $36,000 after acquiring an additional 154 shares during the period. Legacy Capital Group California Inc. grew its position in shares of ESAB by 8.5% in the second quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock valued at $202,000 after purchasing an additional 168 shares in the last quarter. Finally, Vanguard Personalized Indexing Management LLC grew its position in shares of ESAB by 5.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock valued at $362,000 after purchasing an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Stock Up 2.6 %

ESAB stock opened at $105.97 on Friday. The company’s 50 day moving average is $99.09 and its 200 day moving average is $101.42. The stock has a market cap of $6.40 billion, a price-to-earnings ratio of 27.74, a price-to-earnings-growth ratio of 1.68 and a beta of 1.42. The company has a current ratio of 1.86, a quick ratio of 1.21 and a debt-to-equity ratio of 0.62. ESAB Co. has a 1-year low of $61.43 and a 1-year high of $114.77.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.32 EPS for the quarter, topping analysts’ consensus estimates of $1.27 by $0.05. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The firm had revenue of $707.10 million for the quarter, compared to analyst estimates of $686.75 million. During the same quarter in the prior year, the firm earned $1.21 EPS. The business’s revenue for the quarter was down 1.8% compared to the same quarter last year. Sell-side analysts predict that ESAB Co. will post 4.84 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Friday, September 27th. ESAB’s dividend payout ratio (DPR) is currently 8.38%.

Wall Street Analysts Forecast Growth

ESAB has been the subject of several analyst reports. Evercore ISI cut their target price on ESAB from $107.00 to $102.00 and set an “in-line” rating for the company in a research note on Monday, August 19th. Bank of America raised their price objective on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Stifel Nicolaus decreased their target price on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. JPMorgan Chase & Co. cut their price target on shares of ESAB from $125.00 to $120.00 and set an “overweight” rating for the company in a report on Monday, August 5th. Finally, Oppenheimer started coverage on shares of ESAB in a research report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target for the company. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, ESAB presently has an average rating of “Moderate Buy” and a consensus target price of $108.57.

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.