ESAB (NYSE:ESAB) Given New $142.00 Price Target at DA Davidson

ESAB (NYSE:ESAB) had its target price cut by equities researchers at DA Davidson from $146.00 to $142.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price objective would indicate a potential upside of 42.91% from the company’s current price.

A number of other equities analysts also recently issued reports on ESAB. Roth Mkm set a $142.00 price target on ESAB in a research report on Thursday. Weiss Ratings downgraded ESAB from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, February 20th. Oppenheimer reiterated an “outperform” rating and set a $140.00 price target on shares of ESAB in a research report on Tuesday. Wall Street Zen downgraded ESAB from a “buy” rating to a “hold” rating in a research report on Saturday, March 21st. Finally, JPMorgan Chase & Co. lowered their price target on ESAB from $148.00 to $135.00 and set an “overweight” rating on the stock in a research report on Friday, April 10th. Eight investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $138.40.

ESAB Stock Performance

ESAB stock traded down $2.05 during midday trading on Thursday, hitting $99.37. 380,527 shares of the company were exchanged, compared to its average volume of 549,677. The firm has a market capitalization of $6.05 billion, a PE ratio of 26.88, a price-to-earnings-growth ratio of 1.93 and a beta of 1.36. ESAB has a fifty-two week low of $89.41 and a fifty-two week high of $137.42. The business has a fifty day simple moving average of $111.42 and a two-hundred day simple moving average of $114.08. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.17 and a current ratio of 1.90.

ESAB (NYSE:ESAB) last issued its quarterly earnings results on Friday, February 20th. The company reported $1.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.34 by $0.01. The company had revenue of $687.00 million for the quarter, compared to the consensus estimate of $687.80 million. ESAB had a return on equity of 15.38% and a net margin of 7.98%.ESAB’s revenue for the quarter was up 7.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.28 earnings per share. On average, sell-side analysts forecast that ESAB will post 5.16 earnings per share for the current year.

Insider Buying and Selling at ESAB

In other news, CEO Shyam Kambeyanda sold 59,404 shares of the firm’s stock in a transaction that occurred on Monday, February 23rd. The stock was sold at an average price of $123.79, for a total value of $7,353,621.16. Following the transaction, the chief executive officer owned 99,864 shares in the company, valued at $12,362,164.56. This trade represents a 37.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ESAB

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Diamond Hill Capital Management Inc. increased its stake in ESAB by 8.3% during the third quarter. Diamond Hill Capital Management Inc. now owns 168,668 shares of the company’s stock worth $18,847,000 after acquiring an additional 12,894 shares during the last quarter. Van Berkom & Associates Inc. increased its stake in ESAB by 28.6% during the third quarter. Van Berkom & Associates Inc. now owns 716,405 shares of the company’s stock worth $80,051,000 after acquiring an additional 159,539 shares during the last quarter. Confluence Investment Management LLC acquired a new stake in ESAB during the fourth quarter worth $998,000. Defender Capital LLC. acquired a new stake in ESAB during the fourth quarter worth $3,977,000. Finally, Oppenheimer & Co. Inc. acquired a new stake in ESAB during the third quarter worth $1,126,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

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.