Ohio pension fund takes new $10.82M stake in Lincoln Electric
What's the deal? The Public Employees Retirement System of OhioDealroom has a profile for this one. Try Dealroom → bought a new position in Lincoln Electric HoldingsDealroom has a profile for this one. Try Dealroom → during the second quarter, according to its latest 13F filing with the Securities and Exchange Commission. The fund picked up 40,751 shares of the industrial products company, worth roughly $10,820,000.
What does the company do? Ohio-based Lincoln ElectricDealroom has a profile for this one. Try Dealroom → makes welding and cutting products and industrial equipment. It carries a market capitalisation of $15.33 billion and a P/E ratio of 28.09.
By the numbers: The stock opened at $281.23 on Tuesday, against a 52-week range of $216.22 to $310.00. Its 50-day moving average sits at $267.50 and its 200-day average at $265.79.
How's business? Lincoln Electric reported second-quarter earnings of $2.93 per share on July 30, topping the $2.81 consensus. Revenue reached $1.22 billion, up 12% year on year and ahead of the $1.17 billion estimate.
The company posted a net margin of 12.35% and a return on equity of 39.23%. It also declared a quarterly dividend of $0.79 per share, payable October 15, for a 1.1% yield.
Who else is buying? Ohio's fund joins a wave of institutional buyers. Bank of AmericaDealroom has a profile for this one. Try Dealroom → opened a $34,382,000 stake in the quarter, while Freestone Grove PartnersDealroom has a profile for this one. Try Dealroom → and Corient Private WealthDealroom has a profile for this one. Try Dealroom → added positions worth $2,767,000 and $2,162,000. Institutional investors now own 79.61% of the stock.
What are analysts saying? The consensus rating is "Moderate Buy," with a target price of $307.22. Morgan StanleyDealroom has a profile for this one. Try Dealroom → lifted the stock to "equal weight" with a $283.00 target, and UBS GroupDealroom has a profile for this one. Try Dealroom → started coverage at "buy" with a $340.00 target, both on August 10.
The signal: Sustained institutional buying, upgraded ratings, and double-digit revenue growth point to firming confidence in Lincoln Electric as industrial demand holds up.
Read more: tickerreport.com
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