ESAB Co. (NYSE:ESAB) Short Interest Update

by · The Cerbat Gem

ESAB Co. (NYSE:ESAB – Get Free Report) saw a large growth in short interest in the month of October. As of October 31st, there was short interest totalling 1,010,000 shares, a growth of 6.0% from the October 15th total of 952,400 shares. Based on an average daily volume of 241,800 shares, the days-to-cover ratio is currently 4.2 days. Currently, 1.8% of the company’s shares are sold short.

Analysts Set New Price Targets

ESAB has been the subject of a number of research reports. Stifel Nicolaus lowered shares of ESAB from a “buy” rating to a “hold” rating and dropped their price objective for the company from $138.00 to $130.00 in a report on Monday. Evercore ISI cut ESAB from an “in-line” rating to an “underperform” rating and upped their price objective for the stock from $102.00 to $122.00 in a report on Wednesday, November 13th. Oppenheimer reissued an “outperform” rating and issued a $144.00 price objective (up from $138.00) on shares of ESAB in a report on Friday, November 8th. JPMorgan Chase & Co. lifted their price objective on ESAB from $120.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, September 30th. Finally, Bank of America upped their price target on ESAB from $115.00 to $130.00 and gave the stock a “buy” rating in a report on Monday, August 5th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $124.14.

View Our Latest Research Report on ESAB

Insiders Place Their Bets

In related news, Director Rhonda L. Jordan sold 4,254 shares of the firm’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $125.03, for a total value of $531,877.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shyam Kambeyanda sold 59,120 shares of the company’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $122.96, for a total transaction of $7,269,395.20. Following the completion of the transaction, the chief executive officer now directly owns 53,902 shares of the company’s stock, valued at approximately $6,627,789.92. The trade was a 52.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 68,418 shares of company stock worth $8,431,773 in the last ninety days. 7.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On ESAB

Several hedge funds have recently bought and sold shares of the stock. Burns Matteson Capital Management LLC lifted its stake in ESAB by 7.1% during the second quarter. Burns Matteson Capital Management LLC now owns 2,149 shares of the company’s stock worth $203,000 after purchasing an additional 142 shares during the last quarter. GAMMA Investing LLC raised its stake in ESAB by 55.9% during the 3rd quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock valued at $44,000 after acquiring an additional 147 shares in the last quarter. Legacy Capital Group California Inc. raised its position in shares of ESAB by 8.5% during the second quarter. Legacy Capital Group California Inc. now owns 2,139 shares of the company’s stock worth $202,000 after purchasing an additional 168 shares during the period. Vanguard Personalized Indexing Management LLC lifted its position in shares of ESAB by 5.1% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 3,829 shares of the company’s stock worth $362,000 after buying an additional 185 shares during the last quarter. Finally, Asset Management One Co. Ltd. raised its holdings in ESAB by 20.4% in the 3rd quarter. Asset Management One Co. Ltd. now owns 1,123 shares of the company’s stock valued at $119,000 after acquiring an additional 190 shares in the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Stock Down 0.9 %

Shares of NYSE:ESAB traded down $1.11 during midday trading on Tuesday, reaching $121.25. 216,674 shares of the company were exchanged, compared to its average volume of 252,813. The stock has a fifty day simple moving average of $111.78 and a two-hundred day simple moving average of $103.73. ESAB has a fifty-two week low of $76.08 and a fifty-two week high of $135.97. The firm has a market cap of $7.33 billion, a PE ratio of 28.49, a P/E/G ratio of 2.17 and a beta of 1.37. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

ESAB (NYSE:ESAB – Get Free Report) last posted its earnings results on Tuesday, October 29th. The company reported $1.25 earnings per share for the quarter, topping analysts’ consensus estimates of $1.12 by $0.13. The business had revenue of $673.00 million for the quarter, compared to analyst estimates of $620.50 million. ESAB had a net margin of 9.47% and a return on equity of 17.27%. ESAB’s revenue was down 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.08 EPS. As a group, sell-side analysts forecast that ESAB will post 4.94 earnings per share for the current year.

ESAB Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Friday, September 27th were paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, September 27th. ESAB’s dividend payout ratio (DPR) is presently 7.49%.

ESAB Company Profile

(Get Free Report)

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.

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