JPMorgan Chase & Co. Cuts ESAB (NYSE:ESAB) Price Target to $133.00

ESAB (NYSE:ESAB) had its price target reduced by research analysts at JPMorgan Chase & Co. from $135.00 to $133.00 in a report issued on Friday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 11.74% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. Jefferies Financial Group started coverage on ESAB in a research report on Thursday, December 12th. They issued a “buy” rating and a $160.00 target price for the company. Evercore ISI cut shares of ESAB from an “in-line” rating to an “underperform” rating and lifted their price objective for the company from $102.00 to $122.00 in a report on Wednesday, November 13th. Oppenheimer reiterated an “outperform” rating and set a $144.00 target price (up from $138.00) on shares of ESAB in a report on Friday, November 8th. Stifel Nicolaus decreased their price target on shares of ESAB from $131.00 to $125.00 and set a “hold” rating for the company in a research report on Friday. Finally, Loop Capital upped their price objective on ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, ESAB presently has an average rating of “Hold” and an average target price of $133.43.

ESAB Trading Down 0.9 %

Shares of ESAB stock traded down $1.08 during trading hours on Friday, hitting $119.03. The company had a trading volume of 26,256 shares, compared to its average volume of 211,995. ESAB has a fifty-two week low of $88.54 and a fifty-two week high of $135.97. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.92 and a quick ratio of 1.25. The company’s fifty day moving average is $122.72 and its 200 day moving average is $115.42. The stock has a market capitalization of $7.20 billion, a PE ratio of 27.88, a price-to-earnings-growth ratio of 2.02 and a beta of 1.36.

ESAB (NYSE:ESAB) last released its quarterly earnings results on Thursday, February 20th. The company reported $1.28 EPS for the quarter, topping the consensus estimate of $1.15 by $0.13. ESAB had a return on equity of 17.27% and a net margin of 9.47%. The business had revenue of $633.20 million during the quarter, compared to analyst estimates of $636.43 million. Research analysts expect that ESAB will post 4.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. JPMorgan Chase & Co. lifted its stake in ESAB by 21.6% during the third quarter. JPMorgan Chase & Co. now owns 1,900,115 shares of the company’s stock worth $202,001,000 after purchasing an additional 337,983 shares during the last quarter. Van ECK Associates Corp lifted its position in shares of ESAB by 40.0% during the 3rd quarter. Van ECK Associates Corp now owns 31,712 shares of the company’s stock worth $3,536,000 after buying an additional 9,062 shares during the last quarter. First Citizens Bank & Trust Co. purchased a new stake in shares of ESAB during the 4th quarter worth approximately $254,000. Fifth Third Wealth Advisors LLC acquired a new position in shares of ESAB in the 4th quarter valued at $204,000. Finally, Barclays PLC grew its position in shares of ESAB by 46.7% in the 3rd quarter. Barclays PLC now owns 31,513 shares of the company’s stock valued at $3,349,000 after buying an additional 10,027 shares during the last quarter. Hedge funds and other institutional investors own 91.13% of the company’s stock.

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.