State Board of Administration of Florida Retirement System trimmed its holdings in Lincoln Electric Holdings, Inc. (NASDAQ:LECO) by 0.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 80,303 shares of the industrial products company’s stock after selling 650 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Lincoln Electric were worth $6,735,000 at the end of the most recent reporting period.
Several other large investors have also made changes to their positions in the company. Oppenheimer & Co. Inc. raised its holdings in shares of Lincoln Electric by 3.3% in the first quarter. Oppenheimer & Co. Inc. now owns 3,798 shares of the industrial products company’s stock valued at $319,000 after buying an additional 123 shares during the last quarter. Albert D Mason Inc. raised its holdings in shares of Lincoln Electric by 1.5% in the fourth quarter. Albert D Mason Inc. now owns 8,845 shares of the industrial products company’s stock valued at $697,000 after buying an additional 135 shares during the last quarter. Oppenheimer Asset Management Inc. raised its holdings in Lincoln Electric by 2.0% during the first quarter. Oppenheimer Asset Management Inc. now owns 7,464 shares of the industrial products company’s stock worth $626,000 after purchasing an additional 148 shares in the last quarter. Huntington National Bank raised its holdings in Lincoln Electric by 18.8% during the first quarter. Huntington National Bank now owns 950 shares of the industrial products company’s stock worth $80,000 after purchasing an additional 150 shares in the last quarter. Finally, ETF Managers Group LLC raised its holdings in Lincoln Electric by 15.6% during the fourth quarter. ETF Managers Group LLC now owns 1,445 shares of the industrial products company’s stock worth $114,000 after purchasing an additional 195 shares in the last quarter. 72.08% of the stock is owned by institutional investors and hedge funds.
In other Lincoln Electric news, Director Hellene S. Runtagh sold 2,531 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $84.23, for a total value of $213,186.13. Following the completion of the transaction, the director now directly owns 24,878 shares of the company’s stock, valued at $2,095,473.94. The sale was disclosed in a filing with the SEC, which is available at this link. Also, SVP Geoffrey P. Allman sold 792 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.54, for a total transaction of $69,331.68. Following the completion of the transaction, the senior vice president now directly owns 8,432 shares of the company’s stock, valued at $738,137.28. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,826 shares of company stock valued at $1,376,530. 3.39% of the stock is currently owned by corporate insiders.
Lincoln Electric (NASDAQ:LECO) last posted its quarterly earnings results on Monday, April 22nd. The industrial products company reported $1.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.23 by ($0.06). The firm had revenue of $759.17 million for the quarter, compared to analysts’ expectations of $767.41 million. Lincoln Electric had a return on equity of 35.14% and a net margin of 9.83%. The company’s revenue for the quarter was up .2% on a year-over-year basis. During the same period in the prior year, the company earned $1.10 earnings per share. As a group, sell-side analysts predict that Lincoln Electric Holdings, Inc. will post 5.21 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 15th. Investors of record on Friday, June 28th will be issued a dividend of $0.47 per share. The ex-dividend date is Thursday, June 27th. This represents a $1.88 annualized dividend and a yield of 2.33%. Lincoln Electric’s dividend payout ratio is currently 39.00%.
Several research analysts recently issued reports on LECO shares. Jefferies Financial Group started coverage on shares of Lincoln Electric in a report on Friday, January 25th. They set a “buy” rating and a $100.00 price target for the company. Vertical Research cut shares of Lincoln Electric from a “hold” rating to a “sell” rating and set a $80.00 price target for the company. in a report on Friday, February 15th. Wellington Shields cut shares of Lincoln Electric from a “gradually accumulate” rating to a “hold” rating and set a $97.00 price target for the company. in a report on Friday, February 15th. Finally, BidaskClub cut shares of Lincoln Electric from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $94.75.
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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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