ESAB Co. (NYSE:ESAB) Shares Sold by PDT Partners LLC

PDT Partners LLC lessened its stake in shares of ESAB Co. (NYSE:ESAB) by 56.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,167 shares of the company’s stock after selling 14,239 shares during the quarter. PDT Partners LLC’s holdings in ESAB were worth $1,187,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ESAB. Hantz Financial Services Inc. purchased a new stake in shares of ESAB in the 2nd quarter valued at $42,000. GAMMA Investing LLC lifted its position in shares of ESAB by 55.9% during the third quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after purchasing an additional 147 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of ESAB by 629.8% in the third quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after purchasing an additional 529 shares during the period. Quest Partners LLC grew its holdings in shares of ESAB by 12,140.0% in the third quarter. Quest Partners LLC now owns 612 shares of the company’s stock valued at $65,000 after purchasing an additional 607 shares in the last quarter. Finally, Ridgewood Investments LLC purchased a new stake in ESAB during the 2nd quarter worth approximately $92,000. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at ESAB

In other news, CFO Kevin J. Johnson sold 5,044 shares of the stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $125.00, for a total value of $630,500.00. Following the completion of the sale, the chief financial officer now directly owns 11,433 shares of the company’s stock, valued at approximately $1,429,125. This represents a 30.61 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shyam Kambeyanda sold 59,120 shares of ESAB stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. The trade was a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 68,418 shares of company stock valued at $8,431,773 in the last three months. 7.00% of the stock is currently owned by company insiders.

ESAB Stock Performance

Shares of ESAB opened at $129.08 on Monday. The company has a market capitalization of $7.80 billion, a price-to-earnings ratio of 30.23, a price-to-earnings-growth ratio of 2.26 and a beta of 1.37. ESAB Co. has a 52-week low of $76.08 and a 52-week high of $135.97. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58. The stock has a 50 day moving average price of $116.95 and a 200 day moving average price of $104.99.

ESAB (NYSE:ESAB) last posted its earnings results on Tuesday, October 29th. The company reported $1.25 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.13. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The firm had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. During the same period last year, the firm posted $1.08 EPS. The company’s revenue was down 1.2% on a year-over-year basis. Research analysts predict that ESAB Co. will post 4.94 EPS for the current fiscal year.

ESAB Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Stockholders of record on Friday, September 27th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 0.25%. The ex-dividend date was Friday, September 27th. ESAB’s payout ratio is currently 7.49%.

Analyst Upgrades and Downgrades

Several brokerages have commented on ESAB. Evercore ISI cut shares of ESAB from an “in-line” rating to an “underperform” rating and raised their price target for the company from $102.00 to $122.00 in a research report on Wednesday, November 13th. JPMorgan Chase & Co. lifted their target price on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Bank of America upped their price target on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Loop Capital lifted their price objective on ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research note on Wednesday, October 30th. Finally, Oppenheimer restated an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a research note on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $124.14.

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.