On September 14, 2023, it was reported that investment management firm ProShare Advisors LLC had reduced its stake in Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 12% during the first quarter. According to its filing with the Securities and Exchange Commission (SEC), ProShare Advisors LLC owned about 0.38% of Lincoln Electric worth $37,047,000 at the end of the quarter.
Lincoln Electric recently released their quarterly earnings data on July 27th. The industrial products company reported earnings per share of $2.44 for the quarter, surpassing the consensus estimate of $2.32 by $0.12. The company’s net margin was recorded as 12.04%, with a return on equity of 46.60%. Despite slightly lower revenue than analysts’ expectations ($1.06 billion compared to an expected $1.10 billion), Lincoln Electric saw a 9.4% increase in quarterly revenue year-over-year.
Several equities analysts have recently commented on Lincoln Electric’s stock performance. Stifel Nicolaus increased their target price from $176.00 to $211.00, while Oppenheimer downgraded the stock from “outperform” to “market perform”. StockNews.com initiated coverage on Lincoln Electric and gave it a “buy” rating, while Robert W. Baird raised their target price from $184.00 to $200.
With a current average rating of “Hold” and a consensus target price of $187 according to Bloomberg.com, Lincoln Electric continues to receive mixed recommendations from analysts.
As of now, based on these developments and assessments by financial experts, it is forecasted that Lincoln Electric Holdings, Inc.’s fiscal year will conclude with earnings per share (EPS) amounting to roughly 9.09.
It is pertinent for potential investors and those following the market trends related to Lincoln Electric Holdings, Inc. to closely monitor any further developments in order to make informed decisions about their investments.
Institutional Investors Demonstrate Confidence in Lincoln Electric’s Growth Potential
Lincoln Electric Holdings, Inc., a leading industrial products company, has seen changes in its position from various institutional investors. UBS Group AG, for instance, has expanded its holdings in Lincoln Electric by 3.0% during the fourth quarter, acquiring an additional 3,816 shares. Pinebridge Investments L.P. also increased its stake in the company by 2.2% during the same period by purchasing an additional 120 shares.
Furthermore, Ritholtz Wealth Management entered the scene during the first quarter as a new investor in Lincoln Electric with a valuation of $277,000. Two Sigma Advisers LP grew its holdings by a significant margin of 64.0%, adding 71,800 shares to its position during the fourth quarter.
These moves reflect confidence in Lincoln Electric’s potential for growth and profitability as institutional investors believe that their investments will yield favorable returns. Currently, institutional investors own approximately 75.82% of Lincoln Electric’s stock.
On September 14, 2023, NASDAQ LECO opened at a price of $178.94 per share. The company boasts a market cap of $10.27 billion and has a price-to-earnings ratio of 21.85.The firm also maintains a debt-to-equity ratio of 0.92 and exhibits a beta value of 1.17.
Equities analysts have weighed in on Lincoln Electric’s prospects recently as well. While Stifel Nicolaus increased their target price to $211.00 from $176.00 on July 19th, Oppenheimer downgraded the stock from an “outperform” rating to a “market perform” rating on July 21st.
In addition to these ratings shifts, StockNews.com initiated coverage on Lincoln Electric on August 17th and issued a “buy” rating for the stock.Finally,Rober W.Baird raised their target price to $200.00 on May 30th.
Looking ahead, Lincoln Electric declared a quarterly dividend scheduled to be paid on October 13th. Stockholders of record as of September 30th will receive a dividend of $0.64 per share. With an annualized dividend of $2.56, the company offers a dividend yield of 1.43%.Currently, Lincoln Electric’s payout ratio stands at 31.26%.
In other news, Senior Vice President Michael J. Whitehead recently sold 1,100 shares of Lincoln Electric stock in an August transaction, netting approximately $204,204. Following this sale, Whitehead now retains 11,716 shares valued at $2,174,958.24.
Furthermore,Jennifer I.Ansberry,EVP,sold 8,962 shares at an average price of $200.27,on August 1st.The total amount from the transaction was worth nearly $1,794,819.74.Subsequently,Amsberry held around 19,570 shares with a value of almost$3,919,283.90.
These sales were disclosed by filing with the Securities and Exchange Commission (SEC) and can be accessed through their website.Following these transactions,Lincoln Electric’s corporate insiders now possess about 2.90% of the stock.
Overall,the recent changes in institutional investments exemplify the confidence placed in Lincoln Electric’s future prospects.Investors are optimistic about its growth trajectory and profitability,and analysts’ ratings suggest positive sentiment as well.With upcoming dividends and notable transactions involving company insiders,the focus remains on observing how these developments impact Lincoln Electric’s market performance going forward.Reference date for this article is September 14 ,2023