Guggenheim Capital LLC Reduces Position in ESAB Co. (NYSE:ESAB)

Jun 19, 2023

Guggenheim Capital LLC trimmed its position in shares of ESAB Co. (NYSE:ESAB - Free Report) by 5.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 71,156 shares of the company's stock after selling 4,366 shares during the period. Guggenheim Capital LLC owned about 0.12% of ESAB worth $4,203,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ESAB. T. Rowe Price Investment Management Inc. lifted its position in shares of ESAB by 29.1% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 8,517,838 shares of the company's stock worth $399,657,000 after purchasing an additional 1,920,386 shares during the last quarter. Cooke & Bieler LP boosted its position in ESAB by 8.4% in the 4th quarter. Cooke & Bieler LP now owns 4,710,291 shares of the company's stock valued at $221,007,000 after buying an additional 364,763 shares during the period. BlackRock Inc. grew its stake in ESAB by 1.9% in the 3rd quarter. BlackRock Inc. now owns 3,851,288 shares of the company's stock worth $128,480,000 after acquiring an additional 70,560 shares in the last quarter. TimesSquare Capital Management LLC increased its position in shares of ESAB by 34.2% during the fourth quarter. TimesSquare Capital Management LLC now owns 1,577,328 shares of the company's stock worth $74,008,000 after acquiring an additional 401,818 shares during the period. Finally, Alliancebernstein L.P. raised its stake in shares of ESAB by 2,239.3% during the fourth quarter. Alliancebernstein L.P. now owns 1,569,713 shares of the company's stock valued at $73,651,000 after acquiring an additional 1,502,611 shares in the last quarter. 91.56% of the stock is owned by hedge funds and other institutional investors.

Several research firms have commented on ESAB. Loop Capital raised their price objective on ESAB from $70.00 to $73.00 and gave the stock a "hold" rating in a report on Wednesday, August 2nd. Evercore ISI assumed coverage on ESAB in a research note on Friday, July 14th. They set an "in-line" rating and a $75.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of ESAB from $74.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, August 2nd. Stifel Nicolaus boosted their price objective on shares of ESAB from $75.00 to $88.00 and gave the stock a "buy" rating in a research note on Wednesday, July 19th. Finally, Robert W. Baird increased their target price on ESAB from $75.00 to $85.00 and gave the company an "outperform" rating in a research report on Wednesday, August 2nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $76.43.

View Our Latest Stock Report on ESAB

In other news, CFO Kevin J. Johnson sold 636 shares of ESAB stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $71.74, for a total transaction of $45,626.64. Following the completion of the sale, the chief financial officer now directly owns 8,015 shares in the company, valued at $574,996.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Christopher M. Hix sold 7,500 shares of the company's stock in a transaction on Friday, June 9th. The shares were sold at an average price of $64.50, for a total value of $483,750.00. Following the sale, the director now directly owns 33,863 shares of the company's stock, valued at approximately $2,184,163.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Kevin J. Johnson sold 636 shares of the firm's stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $71.74, for a total transaction of $45,626.64. Following the transaction, the chief financial officer now directly owns 8,015 shares of the company's stock, valued at approximately $574,996.10. The disclosure for this sale can be found here. 7.00% of the stock is owned by insiders.

Shares of ESAB opened at $68.98 on Monday. The company has a 50 day moving average of $68.17 and a two-hundred day moving average of $62.50. The company has a quick ratio of 1.01, a current ratio of 1.73 and a debt-to-equity ratio of 0.75. ESAB Co. has a twelve month low of $32.12 and a twelve month high of $73.36. The company has a market cap of $4.16 billion, a price-to-earnings ratio of 19.99, a price-to-earnings-growth ratio of 3.47 and a beta of 1.38.

ESAB (NYSE:ESAB - Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The company reported $1.21 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.16. ESAB had a return on equity of 18.25% and a net margin of 7.83%. The firm had revenue of $720.40 million during the quarter, compared to analysts' expectations of $665.13 million. During the same quarter last year, the firm earned $1.08 EPS. The business's quarterly revenue was up 9.0% on a year-over-year basis. As a group, analysts predict that ESAB Co. will post 4.22 earnings per share for the current fiscal year.

ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, and automated welding; and 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.

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