Evercore ISI Cuts ESAB (NYSE:ESAB) Price Target to $102.00

ESAB (NYSE:ESAB) had its price target trimmed by Evercore ISI from $107.00 to $102.00 in a research note issued to investors on Monday, Benzinga reports. They currently have an in-line rating on the stock.

ESAB has been the subject of several other reports. Oppenheimer initiated coverage on shares of ESAB in a research note on Thursday, June 20th. They set an outperform rating and a $115.00 price objective for the company. JPMorgan Chase & Co. decreased their price target on shares of ESAB from $125.00 to $120.00 and set an overweight rating for the company in a research note on Monday, August 5th. Stifel Nicolaus decreased their price target on shares of ESAB from $130.00 to $120.00 and set a buy rating for the company in a research note on Thursday, July 18th. Finally, Bank of America increased their price target on shares of ESAB from $115.00 to $130.00 and gave the stock a buy rating in a research note on Monday, August 5th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, ESAB has an average rating of Moderate Buy and an average target price of $108.57.

ESAB Stock Up 2.0 %

Shares of NYSE:ESAB opened at $100.58 on Monday. The firm has a fifty day moving average of $96.48 and a 200 day moving average of $100.38. The company has a debt-to-equity ratio of 0.59, a quick ratio of 1.01 and a current ratio of 1.65. ESAB has a 52-week low of $61.43 and a 52-week high of $114.77. The firm has a market capitalization of $6.08 billion, a PE ratio of 26.33, a price-to-earnings-growth ratio of 1.71 and a beta of 1.42.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Friday, August 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $686.75 million. During the same period in the prior year, the business posted $1.21 earnings per share. The company’s revenue was down 1.8% on a year-over-year basis. As a group, research analysts anticipate that ESAB will post 4.9 EPS for the current fiscal year.

Institutional Investors Weigh In On ESAB

A number of hedge funds and other institutional investors have recently bought and sold shares of ESAB. International Assets Investment Management LLC purchased a new stake in ESAB in the fourth quarter worth about $11,502,000. Louisiana State Employees Retirement System purchased a new stake in ESAB in the fourth quarter worth about $1,377,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in ESAB by 5.9% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 12,318 shares of the company’s stock worth $1,067,000 after purchasing an additional 685 shares during the period. Wedge Capital Management L L P NC grew its holdings in ESAB by 5.2% in the fourth quarter. Wedge Capital Management L L P NC now owns 154,032 shares of the company’s stock worth $13,342,000 after purchasing an additional 7,682 shares during the period. Finally, Yousif Capital Management LLC grew its holdings in shares of ESAB by 2.6% during the fourth quarter. Yousif Capital Management LLC now owns 26,914 shares of the company’s stock valued at $2,331,000 after buying an additional 680 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

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.