Primecap Management Co. CA Lowers Stock Holdings in ESAB Co. (NYSE:ESAB)

Primecap Management Co. CA cut its holdings in ESAB Co. (NYSE:ESAB) by 39.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,067 shares of the company’s stock after selling 2,600 shares during the quarter. Primecap Management Co. CA’s holdings in ESAB were worth $488,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Envestnet Portfolio Solutions Inc. increased its holdings in ESAB by 9.5% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,968 shares of the company’s stock worth $476,000 after acquiring an additional 344 shares in the last quarter. Natixis Advisors LLC acquired a new stake in shares of ESAB in the fourth quarter valued at about $1,928,000. Swiss National Bank increased its stake in shares of ESAB by 0.7% during the fourth quarter. Swiss National Bank now owns 112,900 shares of the company’s stock worth $13,541,000 after purchasing an additional 800 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in shares of ESAB by 70.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company’s stock worth $26,000 after purchasing an additional 90 shares during the last quarter. Finally, HighTower Advisors LLC lifted its stake in ESAB by 122.3% in the 4th quarter. HighTower Advisors LLC now owns 4,535 shares of the company’s stock valued at $544,000 after buying an additional 2,495 shares in the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

ESAB Stock Up 2.2 %

NYSE ESAB opened at $122.46 on Thursday. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.59. ESAB Co. has a 52 week low of $88.54 and a 52 week high of $135.97. The business’s fifty day simple moving average is $122.56 and its 200-day simple moving average is $118.52. The firm has a market cap of $7.41 billion, a PE ratio of 28.35, a P/E/G ratio of 2.01 and a beta of 1.36.

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

ESAB Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 17th. Investors of record on Friday, April 4th will be given a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date is Friday, April 4th. ESAB’s payout ratio is 7.41%.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Evercore ISI raised ESAB from an “underperform” rating to an “inline” rating and reduced their target price for the company from $122.00 to $120.00 in a report on Monday, February 24th. JPMorgan Chase & Co. raised their price objective on ESAB from $133.00 to $140.00 and gave the company an “overweight” rating in a report on Tuesday. Stifel Nicolaus dropped 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, Jefferies Financial Group initiated coverage on shares of ESAB in a research note on Thursday, December 12th. They issued a “buy” rating and a $160.00 price target on the stock. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, ESAB presently has an average rating of “Moderate Buy” and an average price target of $134.14.

About ESAB

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.