Praxis Investment Management Inc. Takes $264,000 Position in ESAB Corporation $ESAB

Praxis Investment Management Inc. purchased a new stake in shares of ESAB Corporation (NYSE:ESAB) in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,190 shares of the company’s stock, valued at approximately $264,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in ESAB. Durable Capital Partners LP purchased a new stake in shares of ESAB during the 1st quarter valued at about $114,067,000. Champlain Investment Partners LLC increased its holdings in ESAB by 42.0% in the 1st quarter. Champlain Investment Partners LLC now owns 1,929,099 shares of the company’s stock worth $224,740,000 after acquiring an additional 570,895 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in ESAB by 101.5% in the 1st quarter. Bank of New York Mellon Corp now owns 880,729 shares of the company’s stock worth $102,605,000 after acquiring an additional 443,574 shares in the last quarter. Driehaus Capital Management LLC purchased a new stake in ESAB in the 1st quarter worth approximately $36,415,000. Finally, Interval Partners LP purchased a new stake in ESAB in the 1st quarter worth approximately $30,769,000. Hedge funds and other institutional investors own 91.13% of the company’s stock.

ESAB Stock Performance

ESAB stock opened at $121.97 on Friday. The company has a quick ratio of 1.26, a current ratio of 1.95 and a debt-to-equity ratio of 0.50. The business’s fifty day simple moving average is $114.02 and its two-hundred day simple moving average is $119.53. ESAB Corporation has a twelve month low of $100.17 and a twelve month high of $135.97. The firm has a market cap of $7.40 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.67 and a beta of 1.23.

ESAB (NYSE:ESAB) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.34 by $0.02. The firm had revenue of $715.59 million for the quarter, compared to analyst estimates of $670.80 million. ESAB had a return on equity of 16.32% and a net margin of 9.36%.The business’s revenue for the quarter was up 1.3% on a year-over-year basis. During the same quarter last year, the firm posted $1.32 earnings per share. Analysts predict that ESAB Corporation will post 5.16 earnings per share for the current year.

ESAB Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 17th. Investors of record on Friday, October 3rd were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Friday, October 3rd. This represents a $0.40 dividend on an annualized basis and a yield of 0.3%. ESAB’s dividend payout ratio (DPR) is presently 9.57%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ESAB shares. Stifel Nicolaus raised shares of ESAB from a “hold” rating to a “buy” rating and set a $141.00 target price for the company in a report on Thursday, August 7th. Loop Capital raised shares of ESAB from a “hold” rating to a “buy” rating and increased their target price for the stock from $130.00 to $140.00 in a report on Friday, August 22nd. Weiss Ratings restated a “buy (b)” rating on shares of ESAB in a research note on Wednesday, October 8th. Oppenheimer dropped their price target on ESAB from $144.00 to $142.00 and set an “outperform” rating for the company in a research note on Thursday, August 7th. Finally, JPMorgan Chase & Co. increased their target price on ESAB from $125.00 to $138.00 and gave the company an “overweight” rating in a research report on Tuesday, October 14th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, ESAB currently has a consensus rating of “Moderate Buy” and an average target price of $142.89.

Insider Transactions at ESAB

In other ESAB news, insider Olivier Biebuyck sold 1,440 shares of the firm’s stock in a transaction dated Thursday, July 31st. The stock was sold at an average price of $133.49, for a total value of $192,225.60. Following the completion of the sale, the insider owned 14,989 shares of the company’s stock, valued at approximately $2,000,881.61. This trade represents a 8.76% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Rhonda L. Jordan sold 4,067 shares of the firm’s stock in a transaction dated Wednesday, August 13th. The stock was sold at an average price of $113.05, for a total value of $459,774.35. The disclosure for this sale can be found here. 7.30% of the stock is owned by company insiders.

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.