ESAB (NYSE:ESAB) Price Target Raised to $128.00 at JPMorgan Chase & Co.

ESAB (NYSE:ESAB) had its price objective hoisted by equities research analysts at JPMorgan Chase & Co. from $120.00 to $128.00 in a research note issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target suggests a potential upside of 20.88% from the stock’s previous close.

Several other brokerages have also recently issued reports on ESAB. Bank of America lifted their target price on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Oppenheimer initiated coverage on ESAB in a report on Thursday, June 20th. They set an “outperform” rating and a $115.00 price objective on the stock. Stifel Nicolaus lowered their target price on ESAB from $130.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, July 18th. Finally, Evercore ISI reduced their price target on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research report on Monday, August 19th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $115.00.

ESAB Price Performance

NYSE ESAB traded down $0.62 during trading hours on Monday, reaching $105.89. The company’s stock had a trading volume of 47,789 shares, compared to its average volume of 246,867. ESAB has a 1 year low of $61.43 and a 1 year high of $114.77. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $6.40 billion, a price-to-earnings ratio of 27.72, a PEG ratio of 1.84 and a beta of 1.42. The firm’s 50-day moving average price is $99.92 and its 200-day moving average price is $101.72.

ESAB (NYSE:ESAB) last released its earnings results on Friday, August 2nd. The company reported $1.32 EPS for the quarter, topping the consensus estimate of $1.27 by $0.05. The firm had revenue of $707.10 million for the quarter, compared to the consensus estimate of $686.75 million. ESAB had a net margin of 9.06% and a return on equity of 17.49%. The company’s quarterly revenue was down 1.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.21 earnings per share. On average, equities research analysts predict that ESAB will post 4.84 EPS for the current fiscal year.

Institutional Investors Weigh In On ESAB

Several hedge funds and other institutional investors have recently modified their holdings of the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of ESAB during the first quarter worth $3,913,000. Allspring Global Investments Holdings LLC lifted its holdings in ESAB by 6.3% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 402,903 shares of the company’s stock valued at $44,549,000 after buying an additional 23,825 shares in the last quarter. Russell Investments Group Ltd. boosted its position in ESAB by 37.7% in the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock valued at $12,836,000 after buying an additional 31,780 shares during the period. Price T Rowe Associates Inc. MD grew its stake in ESAB by 11.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,424,115 shares of the company’s stock worth $710,316,000 after acquiring an additional 653,377 shares in the last quarter. Finally, Champlain Investment Partners LLC purchased a new position in shares of ESAB during the first quarter worth approximately $33,811,000. 91.13% of the stock is currently 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.