TimesSquare Capital Management LLC Reduces Holdings in ESAB Co. (NYSE:ESAB)

TimesSquare Capital Management LLC lowered its position in ESAB Co. (NYSE:ESAB) by 4.2% during the third quarter, HoldingsChannel reports. The firm owned 410,915 shares of the company’s stock after selling 18,155 shares during the period. TimesSquare Capital Management LLC’s holdings in ESAB were worth $43,684,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ESAB. Hantz Financial Services Inc. acquired a new stake in shares of ESAB in the second quarter valued at about $42,000. GAMMA Investing LLC grew its stake in ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after acquiring an additional 147 shares in the last quarter. Blue Trust Inc. raised its holdings in ESAB by 629.8% in the 3rd quarter. Blue Trust Inc. now owns 613 shares of the company’s stock valued at $65,000 after acquiring an additional 529 shares during the last quarter. Ridgewood Investments LLC purchased a new position in ESAB in the 2nd quarter worth approximately $92,000. Finally, Fifth Third Bancorp boosted its holdings in shares of ESAB by 181.7% during the 2nd quarter. Fifth Third Bancorp now owns 1,259 shares of the company’s stock worth $119,000 after purchasing an additional 812 shares during the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

Wall Street Analyst Weigh In

ESAB has been the topic of a number of analyst reports. Loop Capital lifted their price objective on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. Stifel Nicolaus reduced their price target on ESAB from $130.00 to $120.00 and set a “buy” rating on the stock in a report on Thursday, July 18th. JPMorgan Chase & Co. upped their price objective on shares of ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, September 30th. Evercore ISI reduced their target price on shares of ESAB from $107.00 to $102.00 and set an “in-line” rating on the stock in a research note on Monday, August 19th. Finally, Oppenheimer reissued an “outperform” rating and issued a $144.00 price target (up previously from $138.00) on shares of ESAB in a research note on Friday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.86.

Insider Activity at ESAB

In other ESAB news, CEO Shyam Kambeyanda sold 59,120 shares of the business’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the sale, the chief executive officer now directly owns 53,902 shares in the company, valued at $6,627,789.92. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Shyam Kambeyanda sold 59,120 shares of the stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total value of $7,269,395.20. Following the sale, the chief executive officer now directly owns 53,902 shares in the company, valued at approximately $6,627,789.92. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rhonda L. Jordan sold 4,254 shares of the business’s stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $125.03, for a total value of $531,877.62. The disclosure for this sale can be found here. Insiders sold 68,418 shares of company stock worth $8,431,773 in the last three months. 7.00% of the stock is owned by company insiders.

ESAB Trading Down 0.9 %

NYSE ESAB opened at $131.22 on Friday. ESAB Co. has a 12 month low of $75.24 and a 12 month high of $135.97. The stock has a market capitalization of $7.93 billion, a P/E ratio of 30.73, a PEG ratio of 2.33 and a beta of 1.37. The firm’s 50-day moving average is $108.64 and its two-hundred day moving average is $102.93. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25.

ESAB (NYSE:ESAB) last posted its quarterly earnings data on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. The firm had revenue of $673.00 million during the quarter, compared to analysts’ expectations of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The firm’s quarterly revenue was down 1.2% on a year-over-year basis. During the same quarter last year, the company posted $1.08 EPS. On average, sell-side analysts anticipate that ESAB Co. will post 4.94 earnings per share for the current year.

ESAB Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.24%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s payout ratio is 7.49%.

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.