Front Street Capital Management Inc. Has $18.93 Million Holdings in ESAB Corporation $ESAB

Front Street Capital Management Inc. trimmed its stake in shares of ESAB Corporation (NYSE:ESAB) by 6.6% in the 1st quarter, HoldingsChannel reports. The firm owned 162,462 shares of the company’s stock after selling 11,563 shares during the quarter. ESAB makes up about 3.6% of Front Street Capital Management Inc.’s portfolio, making the stock its 9th biggest position. Front Street Capital Management Inc.’s holdings in ESAB were worth $18,927,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of ESAB. Durable Capital Partners LP purchased a new stake in shares of ESAB during the first quarter valued at $114,067,000. Champlain Investment Partners LLC lifted its holdings in shares of ESAB by 42.0% during the first quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company’s stock valued at $224,740,000 after purchasing an additional 570,895 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of ESAB by 101.5% during the first quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company’s stock valued at $102,605,000 after purchasing an additional 443,574 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of ESAB during the first quarter valued at $36,415,000. Finally, Interval Partners LP purchased a new stake in shares of ESAB during the first quarter valued at $30,769,000. 91.13% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at ESAB

In other news, Director Rhonda L. Jordan sold 4,067 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Olivier Biebuyck sold 1,440 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the sale, the insider directly owned 14,989 shares of the company’s stock, valued at $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 7,007 shares of company stock valued at $841,630 over the last ninety days. Company insiders own 7.30% of the company’s stock.

ESAB Stock Up 1.3%

Shares of ESAB stock opened at $117.94 on Friday. The stock has a 50-day moving average price of $121.78 and a 200 day moving average price of $121.03. The company has a market cap of $7.16 billion, a P/E ratio of 28.22, a P/E/G ratio of 2.59 and a beta of 1.26. The company has a current ratio of 1.95, a quick ratio of 1.26 and a debt-to-equity ratio of 0.50. ESAB Corporation has a 1 year low of $93.15 and a 1 year high of $135.97.

ESAB (NYSE:ESAB) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 earnings per share for the quarter, topping analysts’ consensus estimates of $1.34 by $0.02. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The company had revenue of $715.59 million during the quarter, compared to the consensus estimate of $670.80 million. During the same period last year, the business earned $1.32 EPS. The business’s quarterly revenue was up 1.3% on a year-over-year basis. As a group, analysts expect that ESAB Corporation will post 5.16 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on ESAB shares. Zacks Research downgraded ESAB from a “strong-buy” rating to a “hold” rating in a report on Monday, August 18th. JPMorgan Chase & Co. reduced their target price on ESAB from $137.00 to $125.00 and set an “overweight” rating for the company in a report on Thursday, August 7th. Evercore ISI increased their price objective on ESAB from $120.00 to $125.00 and gave the stock an “in-line” rating in a research note on Monday, May 19th. Loop Capital raised ESAB from a “hold” rating to a “buy” rating and increased their price objective for the stock from $130.00 to $140.00 in a research note on Friday, August 22nd. Finally, Roth Capital assumed coverage on ESAB in a research note on Friday. They issued a “buy” rating and a $150.00 price objective for the company. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $141.44.

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.