ESAB (NYSE:ESAB) Price Target Raised to $149.00

ESAB (NYSE:ESAB) had its price target upped by analysts at UBS Group from $147.00 to $149.00 in a report issued on Monday, MarketBeat Ratings reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target suggests a potential upside of 20.63% from the stock’s previous close.

Several other analysts have also issued reports on the stock. Loop Capital upgraded shares of ESAB from a “hold” rating to a “buy” rating and boosted their target price for the company from $130.00 to $140.00 in a research report on Friday, August 22nd. Wall Street Zen lowered shares of ESAB from a “buy” rating to a “hold” rating in a research report on Saturday. Oppenheimer cut their target price on shares of ESAB from $144.00 to $142.00 and set an “outperform” rating for the company in a research report on Thursday, August 7th. Roth Capital began coverage on shares of ESAB in a research report on Friday, September 5th. They set a “buy” rating and a $150.00 target price for the company. Finally, Zacks Research lowered shares of ESAB from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 18th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $143.11.

ESAB Stock Performance

Shares of ESAB stock opened at $123.52 on Monday. The company has a 50 day moving average price of $114.53 and a 200-day moving average price of $119.72. ESAB has a 52 week low of $100.17 and a 52 week high of $135.97. The firm has a market capitalization of $7.50 billion, a PE ratio of 29.55, a P/E/G ratio of 2.69 and a beta of 1.23. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50.

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

Insider Buying and Selling

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the company’s stock in a transaction that occurred on Thursday, July 31st. The shares were sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the transaction, the insider directly owned 14,989 shares in the company, valued at $2,000,881.61. This represents a 8.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Rhonda L. Jordan sold 4,067 shares of the company’s stock in a transaction that occurred on Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total transaction of $459,774.35. The disclosure for this sale can be found here. Corporate insiders own 7.30% of the company’s stock.

Hedge Funds Weigh In On ESAB

Several hedge funds have recently modified their holdings of ESAB. Durable Capital Partners LP purchased a new position in shares of ESAB in the first quarter worth $114,067,000. Norges Bank purchased a new position in shares of ESAB in the second quarter worth $83,814,000. Champlain Investment Partners LLC lifted its holdings in shares of ESAB by 42.0% in the first quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company’s stock worth $224,740,000 after buying an additional 570,895 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of ESAB by 101.5% in the first quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company’s stock worth $102,605,000 after buying an additional 443,574 shares in the last quarter. Finally, Driehaus Capital Management LLC purchased a new position in shares of ESAB in the first quarter worth $36,415,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

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.