California State Teachers Retirement System Raises Position in ESAB Corporation $ESAB

California State Teachers Retirement System lifted its stake in ESAB Corporation (NYSE:ESAB) by 22.7% in the first quarter, Holdings Channel.com reports. The firm owned 67,358 shares of the company’s stock after buying an additional 12,481 shares during the period. California State Teachers Retirement System’s holdings in ESAB were worth $6,511,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ESAB. T. Rowe Price Investment Management Inc. increased its position in ESAB by 0.6% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,006,238 shares of the company’s stock valued at $894,457,000 after acquiring an additional 45,841 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of ESAB by 11.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,852,692 shares of the company’s stock worth $653,864,000 after acquiring an additional 613,327 shares during the last quarter. Durable Capital Partners LP lifted its holdings in shares of ESAB by 40.5% in the 3rd quarter. Durable Capital Partners LP now owns 1,945,854 shares of the company’s stock worth $217,430,000 after acquiring an additional 560,678 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of ESAB by 1.3% during the 4th quarter. Geode Capital Management LLC now owns 1,318,269 shares of the company’s stock worth $147,300,000 after purchasing an additional 16,466 shares during the period. Finally, Bessemer Group Inc. boosted its stake in shares of ESAB by 16.3% during the 1st quarter. Bessemer Group Inc. now owns 1,225,702 shares of the company’s stock worth $118,475,000 after purchasing an additional 171,926 shares during the period. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Trading Down 2.6%

ESAB stock opened at $92.34 on Thursday. The company has a market capitalization of $5.62 billion, a PE ratio of 27.32, a P/E/G ratio of 1.77 and a beta of 1.19. ESAB Corporation has a 12 month low of $82.18 and a 12 month high of $137.42. The firm’s 50-day moving average is $91.79 and its 200 day moving average is $102.53. The company has a debt-to-equity ratio of 0.91, a current ratio of 2.97 and a quick ratio of 2.26.

ESAB (NYSE:ESAB) last released its quarterly earnings data on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.01). The company had revenue of $745.60 million during the quarter, compared to analysts’ expectations of $706.74 million. ESAB had a net margin of 7.11% and a return on equity of 15.04%. ESAB’s quarterly revenue was up 10.0% on a year-over-year basis. During the same period last year, the firm earned $1.25 earnings per share. On average, research analysts anticipate that ESAB Corporation will post 5.72 EPS for the current year.

ESAB Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, July 17th. Stockholders of record on Friday, July 3rd were given a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 0.5%. This is a boost from ESAB’s previous quarterly dividend of $0.10. The ex-dividend date of this dividend was Thursday, July 2nd. ESAB’s dividend payout ratio is 14.20%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. DA Davidson initiated coverage on shares of ESAB in a research report on Monday, June 15th. They issued a “buy” rating and a $130.00 price objective on the stock. Oppenheimer decreased their price objective on shares of ESAB from $140.00 to $135.00 and set an “outperform” rating for the company in a research note on Tuesday, July 21st. Roth Capital boosted their target price on ESAB from $142.00 to $151.00 and gave the company a “buy” rating in a research report on Tuesday, July 7th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of ESAB in a research note on Friday, July 24th. Finally, JPMorgan Chase & Co. reduced their price target on ESAB from $148.00 to $135.00 and set an “overweight” rating on the stock in a report on Friday, April 10th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $138.38.

About ESAB

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.