Corebridge Financial Inc. Sells 2,891 Shares of ESAB Co. (NYSE:ESAB)

Corebridge Financial Inc. lowered its holdings in ESAB Co. (NYSE:ESAB) by 4.3% in the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 64,293 shares of the company’s stock after selling 2,891 shares during the quarter. Corebridge Financial Inc. owned approximately 0.11% of ESAB worth $7,711,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. EverSource Wealth Advisors LLC lifted its stake in ESAB by 70.3% in the fourth quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company’s stock worth $26,000 after acquiring an additional 90 shares during the period. ORG Wealth Partners LLC bought a new position in ESAB in the 4th quarter worth $34,000. Trust Co. of Vermont lifted its position in shares of ESAB by 871.0% in the 4th quarter. Trust Co. of Vermont now owns 301 shares of the company’s stock worth $36,000 after purchasing an additional 270 shares during the period. SBI Securities Co. Ltd. bought a new stake in shares of ESAB during the 4th quarter valued at about $36,000. Finally, Quest Partners LLC increased its position in shares of ESAB by 12,140.0% during the third quarter. Quest Partners LLC now owns 612 shares of the company’s stock valued at $65,000 after buying an additional 607 shares during the period. 91.13% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ESAB has been the topic of several research reports. Evercore ISI raised ESAB from an “underperform” rating to an “inline” rating and cut their price objective for the company from $122.00 to $120.00 in a research report on Monday, February 24th. JPMorgan Chase & Co. lifted their price target on ESAB from $133.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, March 18th. Jefferies Financial Group began coverage on ESAB in a research note on Thursday, December 12th. They issued a “buy” rating and a $160.00 price target on the stock. Finally, Stifel Nicolaus lowered their price objective on ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, ESAB currently has a consensus rating of “Moderate Buy” and an average price target of $134.14.

ESAB Stock Down 0.5 %

ESAB stock opened at $119.89 on Friday. The business has a 50 day moving average of $122.85 and a 200 day moving average of $119.36. The firm has a market cap of $7.26 billion, a PE ratio of 27.75, a price-to-earnings-growth ratio of 2.01 and a beta of 1.36. ESAB Co. has a twelve month low of $88.54 and a twelve month high of $135.97. 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 (NYSE:ESAB) last issued its quarterly earnings results on Thursday, February 20th. The company reported $1.28 earnings per share for the quarter, beating the consensus estimate of $1.15 by $0.13. The firm had revenue of $633.20 million during the quarter, compared to the consensus estimate of $636.43 million. ESAB had a return on equity of 17.43% and a net margin of 9.66%. On average, research analysts forecast that ESAB Co. will post 5.16 EPS for the current fiscal year.

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Stockholders of record on Friday, April 4th will be issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a dividend yield of 0.27%. The ex-dividend date of this dividend is Friday, April 4th. ESAB’s payout ratio is 7.41%.

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.