ESAB Co. (NYSE:ESAB) Short Interest Update

ESAB Co. (NYSE:ESAB) was the target of a significant growth in short interest during the month of January. As of January 15th, there was short interest totalling 697,800 shares, a growth of 13.2% from the December 31st total of 616,500 shares. Approximately 1.2% of the company’s shares are sold short. Based on an average daily trading volume, of 281,900 shares, the short-interest ratio is currently 2.5 days.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. ORG Wealth Partners LLC purchased a new position in ESAB during the fourth quarter worth about $34,000. Trust Co. of Vermont raised its position in ESAB by 871.0% in the fourth quarter. Trust Co. of Vermont now owns 301 shares of the company’s stock worth $36,000 after acquiring an additional 270 shares during the period. GAMMA Investing LLC raised its position in ESAB by 55.9% in the third quarter. GAMMA Investing LLC now owns 410 shares of the company’s stock worth $44,000 after acquiring an additional 147 shares during the period. Blue Trust Inc. raised its position in ESAB by 629.8% in the third quarter. Blue Trust Inc. now owns 613 shares of the company’s stock worth $65,000 after acquiring an additional 529 shares during the period. Finally, Quest Partners LLC raised its position in ESAB by 12,140.0% in the third quarter. Quest Partners LLC now owns 612 shares of the company’s stock worth $65,000 after acquiring an additional 607 shares during the period. 91.13% of the stock is currently owned by hedge funds and other institutional investors.

ESAB Stock Down 2.9 %

ESAB stock traded down $3.59 during midday trading on Monday, hitting $120.25. 64,535 shares of the stock were exchanged, compared to its average volume of 197,688. ESAB has a 52-week low of $87.00 and a 52-week high of $135.97. The stock has a market capitalization of $7.27 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 1.99 and a beta of 1.36. The business’s 50-day moving average price is $123.99 and its 200-day moving average price is $113.14. The company has a quick ratio of 1.25, a current ratio of 1.92 and a debt-to-equity ratio of 0.58.

ESAB Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 17th. Investors of record on Tuesday, December 31st were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a yield of 0.27%. The ex-dividend date was Tuesday, December 31st. ESAB’s dividend payout ratio (DPR) is presently 7.49%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ESAB shares. Loop Capital lifted their target price on shares of ESAB from $105.00 to $120.00 and gave the stock a “hold” rating in a research note on Wednesday, October 30th. Evercore ISI cut shares of ESAB from an “in-line” rating to an “underperform” rating and raised their price target for the stock from $102.00 to $122.00 in a report on Wednesday, November 13th. Oppenheimer restated an “outperform” rating and issued a $144.00 price target (up from $138.00) on shares of ESAB in a report on Friday, November 8th. Stifel Nicolaus raised their price target on shares of ESAB from $130.00 to $131.00 and gave the stock a “hold” rating in a report on Friday, January 24th. Finally, Jefferies Financial Group started coverage on shares of ESAB in a report on Thursday, December 12th. They issued a “buy” rating and a $160.00 price target for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat, ESAB presently has a consensus rating of “Hold” and an average price target of $133.57.

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.