ESAB Co. (NYSE:ESAB) Shares Sold by Citigroup Inc.

Citigroup Inc. reduced its holdings in shares of ESAB Co. (NYSE:ESAB) by 34.6% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 2,938 shares of the company’s stock after selling 1,553 shares during the period. Citigroup Inc.’s holdings in ESAB were worth $206,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Treasurer of the State of North Carolina lifted its position in ESAB by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 24,776 shares of the company’s stock worth $1,740,000 after acquiring an additional 130 shares during the period. Lawson Kroeker Investment Management Inc. NE raised its position in ESAB by 1.2% during the 3rd quarter. Lawson Kroeker Investment Management Inc. NE now owns 13,934 shares of the company’s stock worth $978,000 after buying an additional 166 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of ESAB by 0.4% in the 4th quarter. AQR Capital Management LLC now owns 46,437 shares of the company’s stock worth $2,179,000 after acquiring an additional 183 shares during the period. Arizona State Retirement System boosted its holdings in shares of ESAB by 1.4% in the third quarter. Arizona State Retirement System now owns 16,289 shares of the company’s stock valued at $1,144,000 after acquiring an additional 227 shares in the last quarter. Finally, Huntington National Bank increased its stake in shares of ESAB by 55.5% during the third quarter. Huntington National Bank now owns 647 shares of the company’s stock worth $45,000 after acquiring an additional 231 shares during the period. 91.13% of the stock is currently owned by institutional investors and hedge funds.

ESAB Stock Performance

NYSE ESAB opened at $110.57 on Friday. The stock has a market cap of $6.67 billion, a price-to-earnings ratio of 32.91, a price-to-earnings-growth ratio of 2.21 and a beta of 1.53. The business has a fifty day moving average of $95.53 and a 200-day moving average of $82.96. ESAB Co. has a fifty-two week low of $54.49 and a fifty-two week high of $111.25. The company has a quick ratio of 0.98, a current ratio of 1.61 and a debt-to-equity ratio of 0.62.

ESAB (NYSE:ESAB) last released its earnings results on Thursday, February 29th. The company reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.08. The business had revenue of $689.40 million for the quarter, compared to analysts’ expectations of $644.51 million. ESAB had a net margin of 7.40% and a return on equity of 17.57%. The company’s quarterly revenue was up 3.8% on a year-over-year basis. During the same period last year, the company earned $1.05 earnings per share. As a group, analysts predict that ESAB Co. will post 4.82 earnings per share for the current fiscal year.

ESAB Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Investors of record on Friday, March 29th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $0.24 annualized dividend and a yield of 0.22%. ESAB’s payout ratio is 7.14%.

Wall Street Analysts Forecast Growth

ESAB has been the subject of a number of recent analyst reports. Evercore ISI raised their price objective on shares of ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a research report on Tuesday, March 5th. JPMorgan Chase & Co. upgraded shares of ESAB from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $111.00 to $125.00 in a research note on Monday, March 18th. Robert W. Baird increased their target price on shares of ESAB from $83.00 to $95.00 and gave the company an “outperform” rating in a report on Wednesday, December 6th. Finally, Stifel Nicolaus boosted their price target on ESAB from $106.00 to $114.00 and gave the stock a “buy” rating in a research note on Friday, March 1st. Three analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, ESAB presently has an average rating of “Moderate Buy” and a consensus target price of $93.75.

Insider Buying and Selling at ESAB

In related news, Director Didier P. Teirlinck sold 2,512 shares of ESAB stock in a transaction on Friday, March 1st. The shares were sold at an average price of $99.00, for a total transaction of $248,688.00. Following the transaction, the director now owns 33,863 shares in the company, valued at approximately $3,352,437. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Didier P. Teirlinck sold 2,512 shares of the company’s stock in a transaction on Friday, March 1st. The shares were sold at an average price of $99.00, for a total value of $248,688.00. Following the completion of the transaction, the director now directly owns 33,863 shares in the company, valued at $3,352,437. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Rajiv Vinnakota sold 856 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $99.50, for a total value of $85,172.00. Following the completion of the transaction, the director now directly owns 6,779 shares in the company, valued at $674,510.50. The disclosure for this sale can be found here. Insiders have sold a total of 10,833 shares of company stock valued at $1,074,985 over the last ninety days. Corporate insiders own 7.00% 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.