Loop Capital Forecasts Strong Price Appreciation for ESAB (NYSE:ESAB) Stock

ESAB (NYSE:ESAB) had its price objective lifted by investment analysts at Loop Capital from $105.00 to $120.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Loop Capital’s price target indicates a potential downside of 5.70% from the company’s previous close.

Several other research firms have also weighed in on ESAB. Oppenheimer reiterated an “outperform” rating and set a $138.00 target price (up previously from $122.00) on shares of ESAB in a research note on Wednesday. Stifel Nicolaus dropped their price objective on shares of ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, July 18th. Bank of America lifted their target price on ESAB from $115.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. increased their price target on ESAB from $120.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, September 30th. Finally, 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 report on Monday, August 19th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, ESAB has a consensus rating of “Moderate Buy” and a consensus target price of $119.00.

ESAB Stock Up 1.4 %

Shares of ESAB traded up $1.72 during midday trading on Wednesday, hitting $127.25. The company had a trading volume of 194,442 shares, compared to its average volume of 247,949. The stock has a market cap of $7.69 billion, a price-to-earnings ratio of 29.70, a PEG ratio of 1.93 and a beta of 1.42. The company’s 50 day moving average price is $104.72 and its 200 day moving average price is $101.75. The company has a quick ratio of 1.21, a current ratio of 1.86 and a debt-to-equity ratio of 0.62. ESAB has a 52 week low of $62.57 and a 52 week high of $127.33.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.13. The firm had revenue of $673.00 million for the quarter, compared to analysts’ expectations of $620.50 million. ESAB had a return on equity of 17.49% and a net margin of 9.06%. ESAB’s revenue for the quarter was down 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.08 earnings per share. On average, equities research analysts predict that ESAB will post 4.83 EPS for the current year.

Institutional Investors Weigh In On ESAB

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC bought a new stake in shares of ESAB in the 1st quarter worth approximately $3,913,000. Allspring Global Investments Holdings LLC increased its holdings in shares of ESAB by 6.3% in the first 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. lifted its position in shares of ESAB by 37.7% during the 1st quarter. Russell Investments Group Ltd. now owns 116,097 shares of the company’s stock valued at $12,836,000 after acquiring an additional 31,780 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of ESAB by 11.3% during 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, Edgestream Partners L.P. grew its holdings in shares of ESAB by 44.3% in the 2nd quarter. Edgestream Partners L.P. now owns 64,239 shares of the company’s stock worth $6,066,000 after acquiring an additional 19,721 shares during the last quarter. 91.13% of the stock is currently owned by 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.