BlackRock Inc. trimmed its position in Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 0.7% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,988,051 shares of the industrial products company’s stock after selling 42,196 shares during the period. BlackRock Inc. owned about 9.69% of Lincoln Electric worth $492,936,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Griffin Asset Management Inc. bought a new stake in Lincoln Electric during the 2nd quarter valued at approximately $165,000. Colony Group LLC increased its stake in Lincoln Electric by 1.7% in the 2nd quarter. Colony Group LLC now owns 27,836 shares of the industrial products company’s stock worth $2,291,000 after acquiring an additional 465 shares during the last quarter. Magnetar Financial LLC increased its stake in Lincoln Electric by 65.2% in the 2nd quarter. Magnetar Financial LLC now owns 4,630 shares of the industrial products company’s stock worth $381,000 after acquiring an additional 1,827 shares during the last quarter. Royal Bank of Canada increased its stake in Lincoln Electric by 18.1% in the 2nd quarter. Royal Bank of Canada now owns 159,123 shares of the industrial products company’s stock worth $13,099,000 after acquiring an additional 24,386 shares during the last quarter. Finally, California Public Employees Retirement System increased its stake in Lincoln Electric by 1.9% in the 2nd quarter. California Public Employees Retirement System now owns 112,917 shares of the industrial products company’s stock worth $9,295,000 after acquiring an additional 2,088 shares during the last quarter. 71.06% of the stock is currently owned by institutional investors and hedge funds.
In other news, SVP Michael Mintun sold 3,800 shares of the business’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $84.77, for a total value of $322,126.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Gabriel Bruno sold 987 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $90.17, for a total value of $88,997.79. The disclosure for this sale can be found here. Insiders sold a total of 23,696 shares of company stock valued at $2,161,623 over the last quarter. Company insiders own 3.39% of the company’s stock.
Several equities analysts have recently weighed in on the company. BidaskClub raised Lincoln Electric from a “hold” rating to a “buy” rating in a research report on Tuesday, October 22nd. Stifel Nicolaus downgraded Lincoln Electric from a “buy” rating to a “hold” rating and cut their target price for the company from $97.00 to $84.00 in a research report on Tuesday, October 8th. Oppenheimer downgraded Lincoln Electric from an “outperform” rating to a “market perform” rating in a research report on Tuesday, October 8th. Finally, Seaport Global Securities downgraded Lincoln Electric from a “buy” rating to a “neutral” rating in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $91.33.
LECO traded up $0.58 during trading hours on Wednesday, reaching $90.88. 219,609 shares of the company’s stock traded hands, compared to its average volume of 339,127. Lincoln Electric Holdings, Inc. has a 52-week low of $72.28 and a 52-week high of $94.54. The firm has a market capitalization of $5.64 billion, a PE ratio of 18.85, a PEG ratio of 1.75 and a beta of 1.24. The firm has a 50-day moving average price of $90.88 and a 200 day moving average price of $84.59. The company has a quick ratio of 1.17, a current ratio of 1.89 and a debt-to-equity ratio of 0.88.
Lincoln Electric (NASDAQ:LECO) last issued its earnings results on Wednesday, October 30th. The industrial products company reported $1.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.24 by ($0.15). Lincoln Electric had a return on equity of 36.00% and a net margin of 10.50%. The firm had revenue of $730.80 million during the quarter, compared to analysts’ expectations of $750.21 million. During the same quarter in the prior year, the company posted $1.21 earnings per share. Lincoln Electric’s quarterly revenue was down .9% compared to the same quarter last year. Equities analysts predict that Lincoln Electric Holdings, Inc. will post 4.69 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $0.49 dividend. This represents a $1.96 annualized dividend and a dividend yield of 2.16%. This is a boost from Lincoln Electric’s previous quarterly dividend of $0.47. The ex-dividend date is Monday, December 30th. Lincoln Electric’s dividend payout ratio is currently 39.00%.
Lincoln Electric Company Profile
Lincoln Electric Holdings, Inc, through its subsidiaries, designs, manufactures, and sells welding, cutting, and brazing products worldwide. It operates through three segments: Americas Welding, International Welding, and The Harris Products Group. The company offers welding products, including arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories, and specialty welding consumables and fabrication products.
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