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Allspring Global Investments Holdings LLC Raises Holdings in ESAB Co. (NYSE:ESAB)

Defense World · Jan 22, 2023 04:31

Allspring Global Investments Holdings LLC increased its holdings in ESAB Co. (NYSE:ESAB – Get Rating) by 29.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 38,806 shares of the company's stock after purchasing an additional 8,784 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.06% of ESAB worth $1,293,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. TAGStone Capital Inc. acquired a new position in shares of ESAB during the second quarter valued at approximately $228,000. Stephens Inc. AR acquired a new stake in shares of ESAB in the second quarter valued at approximately $3,312,000. Treasurer of the State of North Carolina acquired a new stake in shares of ESAB in the second quarter valued at approximately $938,000. River Road Asset Management LLC purchased a new position in ESAB in the second quarter worth approximately $24,809,000. Finally, Principal Financial Group Inc. purchased a new position in ESAB in the second quarter worth approximately $37,754,000. Institutional investors and hedge funds own 80.23% of the company's stock.

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ESAB Trading Up 3.6 %

NYSE ESAB opened at $54.49 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.62 and a quick ratio of 0.89. ESAB Co. has a 52-week low of $32.12 and a 52-week high of $58.08. The business's 50-day moving average price is $48.26 and its 200 day moving average price is $42.57.

ESAB (NYSE:ESAB – Get Rating) last announced its quarterly earnings data on Thursday, November 3rd. The company reported $0.92 earnings per share for the quarter, beating analysts' consensus estimates of $0.82 by $0.10. The business had revenue of $620.27 million during the quarter, compared to analysts' expectations of $574.98 million. On average, sell-side analysts predict that ESAB Co. will post 4.1 earnings per share for the current year.

ESAB Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were given a dividend of $0.05 per share. The ex-dividend date was Thursday, December 29th. This represents a $0.20 annualized dividend and a dividend yield of 0.37%.

Wall Street Analyst Weigh In

Separately, Stifel Nicolaus raised their price target on ESAB from $55.00 to $60.00 and gave the stock a "buy" rating in a research report on Friday.

Insider Buying and Selling

In other ESAB news, Director Christopher M. Hix sold 1,965 shares of the business's stock in a transaction on Wednesday, December 14th. The stock was sold at an average price of $47.55, for a total value of $93,435.75. Following the completion of the transaction, the director now directly owns 34,200 shares in the company, valued at approximately $1,626,210. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Christopher M. Hix sold 1,965 shares of the business's stock in a transaction on Wednesday, December 14th. The shares were sold at an average price of $47.55, for a total transaction of $93,435.75. Following the completion of the sale, the director now directly owns 34,200 shares of the company's stock, valued at approximately $1,626,210. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Mitchell P. Rales purchased 500,000 shares of the firm's stock in a transaction that occurred on Wednesday, November 16th. The shares were acquired at an average cost of $40.00 per share, with a total value of $20,000,000.00. Following the completion of the transaction, the director now owns 1,414,098 shares in the company, valued at approximately $56,563,920. The disclosure for this purchase can be found here.

ESAB Company Profile

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ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, and automated welding, as well as 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.