Public Employees Retirement System of Ohio Has $2.41 Million Stake in ESAB Co. (NYSE:ESAB)

Public Employees Retirement System of Ohio raised its stake in shares of ESAB Co. (NYSE:ESAB) by 2.6% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 22,682 shares of the company’s stock after buying an additional 565 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in ESAB were worth $2,411,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Champlain Investment Partners LLC boosted its stake in ESAB by 33.5% during the 3rd quarter. Champlain Investment Partners LLC now owns 1,081,639 shares of the company’s stock worth $114,989,000 after acquiring an additional 271,459 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in ESAB in the third quarter worth $15,110,000. FMR LLC boosted its position in shares of ESAB by 6.2% during the third quarter. FMR LLC now owns 2,196,522 shares of the company’s stock worth $233,512,000 after purchasing an additional 127,714 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new position in shares of ESAB in the 2nd quarter valued at $8,277,000. Finally, Royce & Associates LP increased its position in shares of ESAB by 8.6% in the 3rd quarter. Royce & Associates LP now owns 749,752 shares of the company’s stock valued at $79,706,000 after buying an additional 59,447 shares in the last quarter. 91.13% of the stock is owned by institutional investors.

ESAB Stock Down 0.8 %

ESAB stock opened at $129.51 on Wednesday. The company has a market cap of $7.83 billion, a price-to-earnings ratio of 30.33, a P/E/G ratio of 2.25 and a beta of 1.34. ESAB Co. has a twelve month low of $82.44 and a twelve month high of $135.97. The business has a 50 day moving average price of $122.33 and a two-hundred day moving average price of $106.89. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

ESAB (NYSE:ESAB) last issued its earnings results 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 business had revenue of $673.00 million for the quarter, compared to the consensus estimate of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. The firm’s revenue for the quarter was down 1.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.08 earnings per share. Analysts anticipate that ESAB Co. will post 4.94 EPS for the current fiscal year.

Insider Activity

In other news, CEO Shyam Kambeyanda sold 59,120 shares of ESAB stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares in the company, valued at approximately $6,627,789.92. The trade was a 52.31 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Kevin J. Johnson sold 5,044 shares of the stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $125.00, for a total value of $630,500.00. Following the completion of the sale, the chief financial officer now owns 11,433 shares in the company, valued at approximately $1,429,125. This trade represents a 30.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 68,418 shares of company stock valued at $8,431,773. 7.00% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ESAB has been the subject of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Oppenheimer reissued an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a research note on Friday, November 8th. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and lifted their price target for the company from $102.00 to $122.00 in a research note on Wednesday, November 13th. Jefferies Financial Group started coverage on shares of ESAB in a research report on Thursday, December 12th. They set a “buy” rating and a $160.00 price objective for the company. Finally, Stifel Nicolaus cut shares of ESAB from a “buy” rating to a “hold” rating and cut their price objective for the company from $138.00 to $130.00 in a research report on Monday, November 18th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, ESAB currently has a consensus rating of “Hold” and a consensus price target of $133.43.

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.