Point72 Asset Management L.P. Increases Stock Position in ESAB Co. (NYSE:ESAB)

Point72 Asset Management L.P. lifted its stake in ESAB Co. (NYSE:ESAB) by 138.1% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,714 shares of the company’s stock after acquiring an additional 6,214 shares during the quarter. Point72 Asset Management L.P.’s holdings in ESAB were worth $1,012,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in ESAB. Dorsey Wright & Associates grew its position in ESAB by 1.0% in the 2nd quarter. Dorsey Wright & Associates now owns 65,593 shares of the company’s stock worth $6,194,000 after purchasing an additional 674 shares during the period. Lighthouse Investment Partners LLC boosted its stake in shares of ESAB by 100.4% in the 2nd quarter. Lighthouse Investment Partners LLC now owns 50,874 shares of the company’s stock worth $4,804,000 after buying an additional 25,491 shares during the last quarter. Dundas Partners LLP bought a new stake in shares of ESAB in the second quarter worth $404,000. Cubist Systematic Strategies LLC purchased a new stake in ESAB during the second quarter valued at $8,277,000. Finally, Point72 DIFC Ltd bought a new position in ESAB in the second quarter valued at about $721,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

ESAB Stock Down 3.1 %

Shares of ESAB stock opened at $101.64 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.86 and a quick ratio of 1.21. ESAB Co. has a one year low of $61.43 and a one year high of $114.77. The company’s fifty day moving average price is $100.24 and its 200-day moving average price is $101.83. The company has a market capitalization of $6.14 billion, a price-to-earnings ratio of 26.61, a PEG ratio of 1.84 and a beta of 1.42.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Friday, August 2nd. The company reported $1.32 EPS for the quarter, beating the consensus estimate of $1.27 by $0.05. ESAB had a return on equity of 17.49% and a net margin of 9.06%. The business had revenue of $707.10 million for the quarter, compared to the consensus estimate of $686.75 million. During the same period in the previous year, the business earned $1.21 earnings per share. The business’s revenue was down 1.8% on a year-over-year basis. Sell-side analysts expect that ESAB Co. will post 4.84 EPS for the current fiscal year.

ESAB Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Shareholders of record on Friday, September 27th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend is Friday, September 27th. ESAB’s dividend payout ratio (DPR) is currently 8.38%.

Wall Street Analyst Weigh In

ESAB has been the subject of a number of recent research reports. Oppenheimer assumed coverage on ESAB in a research note on Thursday, June 20th. They set an “outperform” rating and a $115.00 price target for the company. Bank of America upped their target price on shares of ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, August 5th. JPMorgan Chase & Co. lifted their price target on shares of ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday. Evercore ISI reduced their price objective 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. Finally, Stifel Nicolaus lowered their target price on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research report on Thursday, July 18th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $115.00.

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.