ESAB (NYSE:ESAB) PT Raised to $130.00

ESAB (NYSE:ESAB) had its price objective lifted by Bank of America from $115.00 to $130.00 in a report published on Monday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

ESAB has been the topic of a number of other reports. JPMorgan Chase & Co. cut their target price on shares of ESAB from $125.00 to $120.00 and set an overweight rating on the stock in a research note on Monday. Oppenheimer initiated coverage on shares of ESAB in a research note on Thursday, June 20th. They set an outperform rating and a $115.00 target price on the stock. Finally, Stifel Nicolaus cut their target price 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. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $108.29.

ESAB Stock Up 1.9 %

Shares of ESAB opened at $94.80 on Monday. The stock has a market capitalization of $5.73 billion, a PE ratio of 24.82, a P/E/G ratio of 1.71 and a beta of 1.42. ESAB has a 1 year low of $61.43 and a 1 year high of $114.77. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.01 and a current ratio of 1.65. The company’s 50-day simple moving average is $96.22 and its 200-day simple moving average is $99.60.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Friday, August 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.05. ESAB had a net margin of 8.39% and a return on equity of 17.59%. The business had revenue of $707.10 million for the quarter, compared to analysts’ expectations of $686.75 million. During the same quarter in the prior year, the company earned $1.21 earnings per share. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Analysts forecast that ESAB will post 4.9 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ESAB

Hedge funds have recently modified their holdings of the business. Whittier Trust Co. grew its position in shares of ESAB by 302.6% during the first quarter. Whittier Trust Co. now owns 314 shares of the company’s stock worth $35,000 after acquiring an additional 236 shares during the last quarter. ORG Partners LLC purchased a new position in shares of ESAB during the first quarter worth approximately $35,000. Nomura Asset Management Co. Ltd. grew its position in shares of ESAB by 57.9% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 420 shares of the company’s stock worth $36,000 after acquiring an additional 154 shares during the last quarter. Johnson Financial Group Inc. purchased a new position in shares of ESAB during the fourth quarter worth approximately $39,000. Finally, Hantz Financial Services Inc. purchased a new position in shares of ESAB during the second quarter worth approximately $42,000. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

ESAB Company 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.