Summit Investment Advisors Inc. Sells 275 Shares of ESAB Co. (NYSE:ESAB)

Summit Investment Advisors Inc. trimmed its holdings in shares of ESAB Co. (NYSE:ESAB) by 2.4% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 11,381 shares of the company’s stock after selling 275 shares during the period. Summit Investment Advisors Inc.’s holdings in ESAB were worth $1,365,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of the stock. EverSource Wealth Advisors LLC boosted its stake in ESAB by 70.3% during the fourth quarter. EverSource Wealth Advisors LLC now owns 218 shares of the company’s stock worth $26,000 after acquiring an additional 90 shares in the last quarter. ORG Wealth Partners LLC acquired a new position in shares of ESAB during the fourth quarter valued at about $34,000. Trust Co. of Vermont boosted its position in shares of ESAB by 871.0% during the 4th quarter. Trust Co. of Vermont now owns 301 shares of the company’s stock worth $36,000 after purchasing an additional 270 shares in the last quarter. SBI Securities Co. Ltd. acquired a new stake in shares of ESAB in the 4th quarter valued at about $36,000. Finally, GAMMA Investing LLC increased its position in ESAB by 33.9% in the 4th quarter. GAMMA Investing LLC now owns 549 shares of the company’s stock valued at $66,000 after buying an additional 139 shares in the last quarter. Institutional investors and hedge funds own 91.13% of the company’s stock.

ESAB Stock Down 1.8 %

ESAB opened at $113.46 on Thursday. The business’s fifty day simple moving average is $119.76 and its 200 day simple moving average is $120.50. ESAB Co. has a 52 week low of $88.54 and a 52 week high of $135.97. The company has a quick ratio of 1.25, a current ratio of 1.82 and a debt-to-equity ratio of 0.59. The stock has a market cap of $6.88 billion, a PE ratio of 26.26, a P/E/G ratio of 2.01 and a beta of 1.37.

ESAB (NYSE:ESAB) last announced its quarterly earnings data on Thursday, February 20th. The company reported $1.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.15 by $0.13. The company had revenue of $633.20 million during the quarter, compared to analysts’ expectations of $636.43 million. ESAB had a net margin of 9.66% and a return on equity of 17.43%. As a group, research analysts expect that ESAB Co. will post 5.16 earnings per share for the current fiscal year.

ESAB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 17th. Shareholders of record on Friday, April 4th will be given a dividend of $0.08 per share. The ex-dividend date is Friday, April 4th. This represents a $0.32 annualized dividend and a yield of 0.28%. ESAB’s payout ratio is currently 7.41%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on ESAB shares. Evercore ISI raised ESAB from an “underperform” rating to an “inline” rating and lowered their target price for the stock from $122.00 to $120.00 in a research report on Monday, February 24th. Stifel Nicolaus lowered their price objective on ESAB from $125.00 to $109.00 and set a “hold” rating for the company in a research note on Monday. UBS Group raised ESAB from a “neutral” rating to a “buy” rating and lifted their target price for the company from $123.00 to $147.00 in a research report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. increased their price target on ESAB from $133.00 to $140.00 and gave the company an “overweight” rating in a research report on Tuesday, March 18th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, ESAB currently has an average rating of “Moderate Buy” and an average target price of $133.75.

About ESAB

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.