Van ECK Associates Corp Increases Stake in ESAB Co. (NYSE:ESAB)

Van ECK Associates Corp raised its holdings in shares of ESAB Co. (NYSE:ESAB) by 38.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 43,791 shares of the company’s stock after buying an additional 12,079 shares during the quarter. Van ECK Associates Corp’s holdings in ESAB were worth $5,252,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ESAB. ORG Wealth Partners LLC acquired a new position in ESAB during the fourth quarter worth $34,000. Trust Co. of Vermont grew its position in ESAB by 871.0% in the 4th quarter. Trust Co. of Vermont now owns 301 shares of the company’s stock valued at $36,000 after acquiring an additional 270 shares in the last quarter. Blue Trust Inc. increased its stake in ESAB by 629.8% during the third quarter. Blue Trust Inc. now owns 613 shares of the company’s stock worth $65,000 after purchasing an additional 529 shares during the period. Quest Partners LLC lifted its position in shares of ESAB by 12,140.0% during the third quarter. Quest Partners LLC now owns 612 shares of the company’s stock worth $65,000 after purchasing an additional 607 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in ESAB by 33.9% during the 4th quarter. GAMMA Investing LLC now owns 549 shares of the company’s stock worth $66,000 after buying an additional 139 shares during the period. 91.13% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the stock. Evercore ISI lowered shares of ESAB from an “in-line” rating to an “underperform” rating and raised their price objective for the company from $102.00 to $122.00 in a report on Wednesday, November 13th. Oppenheimer restated an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a research report on Friday, November 8th. Loop Capital lifted their price target on shares of ESAB from $105.00 to $120.00 and gave the company a “hold” rating in a research report on Wednesday, October 30th. Jefferies Financial Group began coverage on ESAB in a report on Thursday, December 12th. They issued a “buy” rating and a $160.00 price target on the stock. Finally, Stifel Nicolaus lifted their price objective on ESAB from $130.00 to $131.00 and gave the stock a “hold” rating in a report on Friday, January 24th. One analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $133.57.

ESAB Stock Performance

ESAB stock opened at $131.73 on Wednesday. The company has a market cap of $7.96 billion, a price-to-earnings ratio of 30.85, a price-to-earnings-growth ratio of 2.01 and a beta of 1.36. ESAB Co. has a 12 month low of $88.54 and a 12 month high of $135.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The stock’s 50-day moving average is $122.92 and its 200-day moving average is $115.06.

ESAB Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 17th. Stockholders of record on Tuesday, December 31st were paid a $0.08 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $0.32 annualized dividend and a dividend yield of 0.24%. ESAB’s dividend payout ratio (DPR) is presently 7.49%.

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.