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LECO · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Lincoln Electric Holdings Inc (LECO) stock moving?
Lincoln Electric reported strong Q3 2026 results on Oct 27: sales rose 15.1% to $1,221M, driven mainly by volume, and adjusted EPS rose 21% to $2.98. The stock jumped 9.2% that day to $282.37 on about twice its average volume. It traded between roughly $272 and $291 over the following two weeks and closed at $284.42 on Nov 10, about 10.7% above Oct 22. Analysts followed with price target increases from Barclays ($350), UBS ($360 Buy), Baird ($322 Outperform), Morgan Stanley ($293 Equal-Weight) and Stifel ($290 Hold). The average target sits above the current price, but the two Hold-type ratings are close to it. The CEO's sale of 14,371 shares (about $4M) is a modest negative signal, though it may be routine. The 10-Q was filed alongside the results, but its text was not provided, so it adds nothing to this analysis. Evidence supports a constructive tone, with near-term upside limited by the stock already trading near its post-earnings range and the mixed rating spread.
News behind the analysis
- Lincoln Electric Reports Third Quarter 2026 ResultsNet sales rose 15.1% to $1,221M on 14.5% organic growth, and adjusted EPS rose 21% to $2.98 with an 18.0% adjusted operating margin.
- Barclays Maintains Lincoln Electric Holdings at Overweight, Raises Price Target to $350Barclays kept its Overweight rating and raised its price target from $300 to $350.
- UBS Adjusts Price Target on Lincoln Electric to $360 From $340, Maintains Buy RatingUBS raised its price target from $340 to $360 and kept its Buy rating.
- Baird Maintains Outperform on Lincoln Electric Holdings, Raises Price Target to $322Baird kept its Outperform rating and lifted its price target to $322.
- Stifel Maintains Hold on Lincoln Electric Holdings, Raises Price Target to $290Stifel kept its Hold rating and raised its price target to $290.
- Morgan Stanley Maintains Equal-Weight on Lincoln Electric Holdings, Raises Price Target to $293Morgan Stanley kept its Equal-Weight rating and raised its price target to $293.
- Lincoln Electric Chairman, President & CEO Steven B. Hedlund Sells SharesCEO Steven B. Hedlund sold 14,371 common shares, reported at roughly $4M in value.
About Lincoln Electric Holdings Inc
Lincoln Electric is a Cleveland-based company that makes arc welding equipment, welding consumables such as wire and electrodes, cutting systems and automated welding robots, and sells them around the world. It is one of the largest welding companies globally and is known for a long history of rewarding workers with incentive pay and for a growing automation business. In 2025 it reported record sales of about $4.2 billion.
How it makes money
It sells welding products and services in three groups. Americas Welding is the largest and brings in roughly 60% of sales. International Welding is about 20–25%. The Harris Products Group, which makes brazing and soldering alloys and gas equipment, is about 15–20%. A large share of revenue comes from consumables like wire and electrodes that customers buy again and again, alongside equipment, automation cells and software. Recent results show both higher volumes and price increases helping sales grow (Q3 2026 sales were up about 15% to roughly $1.2 billion).
What usually moves LECO
- Industrial production and manufacturing activity
- Construction, infrastructure and energy project spending
- Demand for welding automation and robots
- Steel and metal input costs vs. price increases
- Currency moves and the health of international markets