Goldman Sachs Group Inc. Reduces Holdings in Lincoln Electric Holdings, Inc. (LECO)
Goldman Sachs Group Inc. reduced its position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 10.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 233,576 shares of the industrial products company’s stock after selling 28,575 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.35% of Lincoln Electric Holdings worth $21,510,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LECO. UBS Asset Management Americas Inc. grew its position in Lincoln Electric Holdings by 14.8% in the 1st quarter. UBS Asset Management Americas Inc. now owns 37,207 shares of the industrial products company’s stock valued at $3,232,000 after acquiring an additional 4,805 shares in the last quarter. Raymond James Financial Services Advisors Inc. acquired a new position in Lincoln Electric Holdings in the 1st quarter valued at about $278,000. Stifel Financial Corp grew its position in Lincoln Electric Holdings by 95.5% in the 1st quarter. Stifel Financial Corp now owns 11,110 shares of the industrial products company’s stock valued at $966,000 after acquiring an additional 5,427 shares in the last quarter. Victory Capital Management Inc. acquired a new position in Lincoln Electric Holdings in the 1st quarter valued at about $1,296,000. Finally, Blair William & Co. IL acquired a new position in Lincoln Electric Holdings in the 1st quarter valued at about $284,000. 63.93% of the stock is owned by institutional investors.
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Several research firms have weighed in on LECO. FBR & Co reaffirmed an “outperform” rating on shares of Lincoln Electric Holdings in a research report on Tuesday, July 11th. Stifel Nicolaus reiterated a “hold” rating and issued a $98.00 price objective on shares of Lincoln Electric Holdings in a research note on Friday, July 14th. Robert W. Baird set a $91.00 price objective on Lincoln Electric Holdings and gave the company a “hold” rating in a research note on Thursday, August 24th. BidaskClub cut Lincoln Electric Holdings from a “buy” rating to a “hold” rating in a research note on Saturday, August 12th. Finally, Zacks Investment Research cut Lincoln Electric Holdings from a “buy” rating to a “hold” rating in a research note on Wednesday, July 19th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating and two have issued a buy rating to the company. Lincoln Electric Holdings presently has an average rating of “Hold” and an average price target of $88.86.
In related news, VP Michele R. Kuhrt sold 3,080 shares of the stock in a transaction dated Monday, September 11th. The stock was sold at an average price of $88.55, for a total value of $272,734.00. Following the completion of the transaction, the vice president now owns 14,449 shares of the company’s stock, valued at $1,279,458.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 3.27% of the company’s stock.
Lincoln Electric Holdings (NASDAQ:LECO) last posted its earnings results on Tuesday, July 25th. The industrial products company reported $0.97 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.94 by $0.03. Lincoln Electric Holdings had a return on equity of 30.55% and a net margin of 9.86%. The business had revenue of $626.90 million during the quarter, compared to analyst estimates of $620.28 million. During the same quarter last year, the firm earned $0.83 earnings per share. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 13th. Investors of record on Friday, September 29th will be issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 1.49%. The ex-dividend date of this dividend is Thursday, September 28th. Lincoln Electric Holdings’s dividend payout ratio is currently 40.46%.
Lincoln Electric Holdings Profile
Lincoln Electric Holdings, Inc is a manufacturer of welding, cutting and brazing products. The Company operates through three segments: Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment primarily includes welding operations in Europe, Africa, Asia and Australia.
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