ESAB (NYSE:ESAB) Stock Price Up 5.3% – Here’s What Happened

ESAB Corporation (NYSE:ESAB)’s share price shot up 5.3% during trading on Tuesday . The stock traded as high as $101.81 and last traded at $101.81. 160,746 shares changed hands during trading, a decline of 73% from the average session volume of 590,962 shares. The stock had previously closed at $96.72.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ESAB. Stifel Nicolaus set a $141.00 price target on shares of ESAB in a research report on Friday, May 8th. Jefferies Financial Group restated a “buy” rating and set a $130.00 price target (down from $150.00) on shares of ESAB in a research report on Tuesday, March 31st. Oppenheimer restated an “outperform” rating and set a $140.00 price target on shares of ESAB in a research report on Tuesday, April 14th. JPMorgan Chase & Co. lowered their price target on shares of ESAB from $148.00 to $135.00 and set an “overweight” rating for the company in a research report on Friday, April 10th. Finally, Wall Street Zen cut ESAB from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, ESAB currently has a consensus rating of “Moderate Buy” and a consensus price target of $138.38.

ESAB Stock Up 6.4%

The stock’s 50-day moving average is $95.81 and its 200-day moving average is $108.19. The stock has a market cap of $6.27 billion, a P/E ratio of 30.42, a price-to-earnings-growth ratio of 1.68 and a beta of 1.19. The company has a current ratio of 2.97, a quick ratio of 2.26 and a debt-to-equity ratio of 0.91.

ESAB (NYSE:ESAB) last announced its earnings results on Thursday, May 7th. The company reported $1.31 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.32 by ($0.01). The company had revenue of $745.60 million during the quarter, compared to the consensus estimate of $706.74 million. ESAB had a net margin of 7.11% and a return on equity of 15.04%. The business’s quarterly revenue was up 10.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.25 EPS. As a group, research analysts anticipate that ESAB Corporation will post 5.81 earnings per share for the current fiscal year.

ESAB Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, July 17th. Investors of record on Friday, July 3rd will be given a $0.12 dividend. The ex-dividend date is Thursday, July 2nd. This represents a $0.48 dividend on an annualized basis and a yield of 0.5%. This is a boost from ESAB’s previous quarterly dividend of $0.10. ESAB’s payout ratio is currently 11.83%.

Institutional Investors Weigh In On ESAB

A number of institutional investors and hedge funds have recently bought and sold shares of the business. T. Rowe Price Investment Management Inc. lifted its holdings in ESAB by 0.6% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 8,006,238 shares of the company’s stock valued at $894,457,000 after acquiring an additional 45,841 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in ESAB by 11.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,852,692 shares of the company’s stock valued at $653,864,000 after acquiring an additional 613,327 shares during the last quarter. Durable Capital Partners LP lifted its holdings in ESAB by 40.5% in the 3rd quarter. Durable Capital Partners LP now owns 1,945,854 shares of the company’s stock valued at $217,430,000 after acquiring an additional 560,678 shares during the last quarter. Geode Capital Management LLC lifted its holdings in ESAB by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 1,318,269 shares of the company’s stock valued at $147,300,000 after acquiring an additional 16,466 shares during the last quarter. Finally, Bessemer Group Inc. lifted its holdings in ESAB by 16.3% in the 1st quarter. Bessemer Group Inc. now owns 1,225,702 shares of the company’s stock valued at $118,475,000 after acquiring an additional 171,926 shares during the last quarter. 91.13% of the stock is owned by institutional investors and hedge funds.

About ESAB

ESAB Corporation is a global leader in welding, cutting and gas control technologies, offering a comprehensive portfolio of equipment, consumables and automation solutions. The company’s products include welding power sources, cutting machines, torches, electrodes, filler metals and gas regulating equipment designed to meet the needs of diverse industries. ESAB serves sectors such as construction, shipbuilding, automotive, energy, infrastructure and manufacturing, providing both standard and customized solutions to enhance productivity and quality in metal fabrication and processing.

Founded in 1904 by Swedish inventor Oscar Kjellberg, ESAB pioneered the development of coated welding electrodes, laying the groundwork for modern welding practices.