ESAB (NYSE:ESAB) Stock Price Up 5.3% – Here’s What Happened

ESAB Corporation (NYSE:ESAB) shares rose 5.3% during mid-day trading on Tuesday . The company traded as high as $101.81 and last traded at $101.81. Approximately 160,746 shares changed hands during trading, a decline of 73% from the average daily volume of 590,962 shares. The stock had previously closed at $96.72.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Weiss Ratings lowered shares of ESAB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Monday, April 27th. Oppenheimer restated an “outperform” rating and issued a $140.00 price target on shares of ESAB in a research note on Tuesday, April 14th. Jefferies Financial Group restated a “buy” rating and issued a $130.00 price target (down from $150.00) on shares of ESAB in a research note on Tuesday, March 31st. DA Davidson assumed coverage on shares of ESAB in a research note on Monday. They issued a “buy” rating and a $130.00 price target for the company. Finally, Wall Street Zen lowered shares of ESAB from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $138.38.

ESAB Trading Up 6.4%

The company has a quick ratio of 2.26, a current ratio of 2.97 and a debt-to-equity ratio of 0.91. The firm’s 50 day simple moving average is $95.81 and its two-hundred day simple moving average is $108.19. The stock has a market cap of $6.27 billion, a P/E ratio of 30.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19.

ESAB (NYSE:ESAB) last released its earnings results on Thursday, May 7th. The company reported $1.31 earnings per share for the quarter, missing the consensus estimate of $1.32 by ($0.01). ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business had revenue of $745.60 million for the quarter, compared to the consensus estimate of $706.74 million. During the same quarter in the previous year, the firm earned $1.25 EPS. The firm’s revenue for the quarter was up 10.0% on a year-over-year basis. As a group, equities research analysts predict that ESAB Corporation will post 5.81 earnings per share for the current fiscal year.

ESAB Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Shareholders of record on Friday, July 3rd will be paid a dividend of $0.12 per share. The ex-dividend date is Thursday, July 2nd. This is a positive change from ESAB’s previous quarterly dividend of $0.10. This represents a $0.48 annualized dividend and a yield of 0.5%. ESAB’s payout ratio is presently 11.83%.

Institutional Trading of ESAB

Several institutional investors have recently added to or reduced their stakes in the business. Amundi increased its stake in ESAB by 17.3% during the first quarter. Amundi now owns 2,849 shares of the company’s stock valued at $275,000 after purchasing an additional 420 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in shares of ESAB by 25.5% during the first quarter. EverSource Wealth Advisors LLC now owns 865 shares of the company’s stock worth $84,000 after acquiring an additional 176 shares during the last quarter. California State Teachers Retirement System grew its position in shares of ESAB by 22.7% during the first quarter. California State Teachers Retirement System now owns 67,358 shares of the company’s stock worth $6,511,000 after acquiring an additional 12,481 shares during the last quarter. Quantinno Capital Management LP grew its position in shares of ESAB by 162.6% during the first quarter. Quantinno Capital Management LP now owns 44,435 shares of the company’s stock worth $4,295,000 after acquiring an additional 27,514 shares during the last quarter. Finally, Renaissance Technologies LLC grew its position in shares of ESAB by 55.5% during the first quarter. Renaissance Technologies LLC now owns 131,087 shares of the company’s stock worth $12,671,000 after acquiring an additional 46,787 shares during the last quarter. Institutional investors own 91.13% of the company’s stock.

ESAB Company Profile

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company’s products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.