King Luther Capital Management Corp Trims Position in ESAB Co. (NYSE:ESAB)

King Luther Capital Management Corp trimmed its position in shares of ESAB Co. (NYSE:ESAB) by 0.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 67,681 shares of the company’s stock after selling 95 shares during the period. King Luther Capital Management Corp owned 0.11% of ESAB worth $8,118,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ESAB. Johnson Investment Counsel Inc. bought a new position in ESAB in the 4th quarter worth approximately $2,343,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of ESAB by 16.1% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,934 shares of the company’s stock worth $1,791,000 after acquiring an additional 2,066 shares during the last quarter. Dundas Partners LLP grew its stake in ESAB by 19.6% during the fourth quarter. Dundas Partners LLP now owns 4,132 shares of the company’s stock valued at $496,000 after acquiring an additional 678 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in ESAB in the 4th quarter worth $52,281,000. Finally, Arizona State Retirement System grew its position in shares of ESAB by 0.8% during the fourth quarter. Arizona State Retirement System now owns 16,664 shares of the company’s stock valued at $1,999,000 after purchasing an additional 135 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Stock Performance

NYSE ESAB opened at $125.63 on Wednesday. The business’s 50 day moving average price is $122.32 and its 200-day moving average price is $117.80. ESAB Co. has a fifty-two week low of $88.54 and a fifty-two week high of $135.97. The company has a market cap of $7.60 billion, a P/E ratio of 29.08, a P/E/G ratio of 2.01 and a beta of 1.36. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.25 and a current ratio of 1.82.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Thursday, February 20th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.15 by $0.13. The business had revenue of $633.20 million for the quarter, compared to analysts’ expectations of $636.43 million. ESAB had a net margin of 9.66% and a return on equity of 17.43%. Sell-side analysts predict that ESAB Co. will post 5.16 earnings per share for the current year.

ESAB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, April 4th will be given a dividend of $0.08 per share. The ex-dividend date of this dividend is Friday, April 4th. This represents a $0.32 annualized dividend and a dividend yield of 0.25%. ESAB’s dividend payout ratio (DPR) is presently 7.41%.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Evercore ISI upgraded ESAB from an “underperform” rating to an “inline” rating and decreased their target price for the stock from $122.00 to $120.00 in a research report on Monday, February 24th. Jefferies Financial Group started coverage on ESAB in a report on Thursday, December 12th. They set a “buy” rating and a $160.00 price objective on the stock. Stifel Nicolaus cut their target price on shares of ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a report on Friday, February 21st. Finally, JPMorgan Chase & Co. decreased their price target on shares of ESAB from $135.00 to $133.00 and set an “overweight” rating on the stock in a research note on Friday, February 21st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, ESAB presently has an average rating of “Moderate Buy” and a consensus price target of $133.14.

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.