ESAB Co. (NYSE:ESAB) Sees Large Decline in Short Interest

ESAB Co. (NYSE:ESAB) was the recipient of a large drop in short interest during the month of January. As of January 31st, there was short interest totalling 622,800 shares, a drop of 6.9% from the January 15th total of 669,300 shares. Approximately 1.1% of the shares of the company are sold short. Based on an average daily trading volume, of 241,900 shares, the days-to-cover ratio is presently 2.6 days.

ESAB Price Performance

ESAB traded up $2.54 during trading on Tuesday, reaching $131.73. 421,664 shares of the stock were exchanged, compared to its average volume of 197,686. The business’s 50 day moving average price is $122.92 and its two-hundred day moving average price is $115.06. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The company has a market capitalization of $7.96 billion, a price-to-earnings ratio of 30.85, a P/E/G ratio of 2.01 and a beta of 1.36. ESAB has a 1 year low of $88.54 and a 1 year high of $135.97.

ESAB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were given a $0.08 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.24%. ESAB’s dividend payout ratio is currently 7.49%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on ESAB shares. Loop Capital raised their price target on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $144.00 target price (up previously from $138.00) on shares of ESAB in a report on Friday, November 8th. Stifel Nicolaus boosted their target price on ESAB from $130.00 to $131.00 and gave the company a “hold” rating in a report on Friday, January 24th. Jefferies Financial Group initiated coverage on ESAB in a report on Thursday, December 12th. They issued a “buy” rating and a $160.00 target price on the stock. Finally, Evercore ISI lowered ESAB from an “in-line” rating to an “underperform” rating and boosted their target price for the company from $102.00 to $122.00 in a report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $133.57.

Institutional Trading of ESAB

Institutional investors and hedge funds have recently made changes to their positions in the stock. EverSource Wealth Advisors LLC increased its stake in ESAB by 70.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company’s stock valued at $26,000 after purchasing an additional 90 shares during the last quarter. ORG Wealth Partners LLC acquired a new stake in shares of ESAB in the fourth quarter valued at about $34,000. Trust Co. of Vermont boosted its holdings in ESAB by 871.0% in the fourth quarter. Trust Co. of Vermont now owns 301 shares of the company’s stock valued at $36,000 after purchasing an additional 270 shares during the last quarter. SBI Securities Co. Ltd. purchased a new position in ESAB in the fourth quarter valued at about $36,000. Finally, Kapitalo Investimentos Ltda purchased a new position in ESAB in the fourth quarter valued at about $47,000. 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.