TimesSquare Capital Management LLC Sells 67,666 Shares of ESAB Co. (NYSE:ESAB)

TimesSquare Capital Management LLC lowered its stake in shares of ESAB Co. (NYSE:ESAB) by 11.0% in the fourth quarter, Holdings Channel reports. The firm owned 547,225 shares of the company’s stock after selling 67,666 shares during the period. TimesSquare Capital Management LLC’s holdings in ESAB were worth $47,401,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Huntington National Bank boosted its stake in ESAB by 55.5% during the 3rd quarter. Huntington National Bank now owns 647 shares of the company’s stock valued at $45,000 after purchasing an additional 231 shares during the period. Raleigh Capital Management Inc. increased its position in ESAB by 23.4% during the third quarter. Raleigh Capital Management Inc. now owns 811 shares of the company’s stock worth $57,000 after acquiring an additional 154 shares during the period. Covestor Ltd raised its stake in ESAB by 28,250.0% during the 3rd quarter. Covestor Ltd now owns 1,134 shares of the company’s stock valued at $79,000 after purchasing an additional 1,130 shares during the last quarter. Asset Management One Co. Ltd. acquired a new position in ESAB during the 4th quarter valued at $106,000. Finally, Arlington Trust Co LLC boosted its holdings in ESAB by 6,586.4% in the 4th quarter. Arlington Trust Co LLC now owns 1,471 shares of the company’s stock valued at $127,000 after purchasing an additional 1,449 shares during the period. Institutional investors and hedge funds own 91.13% of the company’s stock.

Insider Transactions at ESAB

In other news, Director Didier P. Teirlinck sold 2,512 shares of the company’s stock in a transaction that occurred 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 directly owns 33,863 shares in the company, valued at $3,352,437. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other ESAB news, Director Christopher M. Hix sold 7,465 shares of the business’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $99.28, for a total transaction of $741,125.20. Following the completion of the sale, the director now directly owns 33,863 shares of the company’s stock, valued at approximately $3,361,918.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Didier P. Teirlinck sold 2,512 shares of the firm’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $99.00, for a total transaction of $248,688.00. Following the completion of the transaction, the director now directly owns 33,863 shares in the company, valued at approximately $3,352,437. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,833 shares of company stock worth $1,074,985. Insiders own 7.20% of the company’s stock.

Wall Street Analysts Forecast Growth

ESAB has been the subject of several research reports. JPMorgan Chase & Co. upgraded shares of ESAB from a “neutral” rating to an “overweight” rating and increased their target price for the company from $111.00 to $125.00 in a research note on Monday, March 18th. Stifel Nicolaus upped their target price on ESAB from $106.00 to $114.00 and gave the company a “buy” rating in a research note on Friday, March 1st. Finally, Evercore ISI boosted their price target on shares of ESAB from $93.00 to $100.00 and gave the company an “in-line” rating in a report on Tuesday, March 5th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, ESAB has an average rating of “Moderate Buy” and an average price target of $93.75.

ESAB Price Performance

ESAB stock traded down $0.40 during mid-day trading on Thursday, hitting $109.05. 181,010 shares of the company were exchanged, compared to its average volume of 243,173. ESAB Co. has a 1-year low of $57.53 and a 1-year high of $114.77. The company has a quick ratio of 1.01, a current ratio of 1.65 and a debt-to-equity ratio of 0.59. The business has a fifty day moving average of $105.99 and a 200 day moving average of $90.97. The company has a market capitalization of $6.59 billion, a PE ratio of 28.59, a price-to-earnings-growth ratio of 2.10 and a beta of 1.55.

ESAB (NYSE:ESAB) last released its quarterly earnings results on Wednesday, May 1st. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.11 by $0.09. ESAB had a net margin of 8.39% and a return on equity of 17.59%. The firm had revenue of $690.00 million for the quarter, compared to analyst estimates of $653.93 million. During the same period in the previous year, the business earned $1.04 earnings per share. The company’s revenue for the quarter was up .9% compared to the same quarter last year. As a group, sell-side analysts expect that ESAB Co. will post 4.91 earnings per share for the current year.

ESAB Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Shareholders of record on Friday, March 29th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend was Wednesday, March 27th. ESAB’s dividend payout ratio is currently 6.28%.

ESAB 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.