Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
GUNNING DAVID H
   2. Issuer Name and Ticker or Trading Symbol
LINCOLN ELECTRIC HOLDINGS INC [LECO] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
2571 NORTH PARK BLVD.		 3. Date of Earliest Transaction (Month/Day/Year)
11/03/2006
(Street)

CLEVELAND HEIGHTS, OH 44106		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 11/03/2006   M   2,000 A $ 17.625 0 D  
Common Shares 11/03/2006   S   2,000 D (1) 0 D  
Common Shares 11/03/2006   M   2,000 A $ 22.8 0 D  
Common Shares 11/03/2006   S   2,000 D (2) 0 D  
Common Shares 11/03/2006   M   2,000 A $ 25.5 0 D  
Common Shares 11/03/2006   S   2,000 D (3) 0 D  
Common Shares 11/03/2006   M   2,000 A $ 25.44 0 D  
Common Shares 11/03/2006   S   2,000 D (4) 3,485 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 17.625 11/03/2006   M     2,000 11/30/2001 11/30/2010 Common Shares 2,000 $ 17.625 0 D  
Stock Option (Right to Buy) $ 22.8 11/03/2006   M     2,000 11/30/2002 11/30/2011 Common Shares 2,000 $ 22.8 0 D  
Stock Option (Right to Buy) $ 25.5 11/03/2006   M     2,000 11/29/2003 11/29/2012 Common Shares 2,000 $ 25.5 0 D  
Stock Option (Right to Buy) $ 25.44 11/03/2006   M     2,000 11/28/2004 11/28/2013 Common Shares 2,000 $ 25.44 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GUNNING DAVID H
2571 NORTH PARK BLVD.
CLEVELAND HEIGHTS, OH 44106		   X      

Signatures

 /s/ Jennifer I. Ansberry Jennifer I. Ansberry as Attorney-In-Fact for David H. Gunning   11/07/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 1,000 shares sold at $59.8832 and 1,000 shares sold at $59.8395.
(2) 1,000 shares sold at $59.8395 and 1,000 shares sold at $59.5677.
(3) 1,000 shares sold at $59.5749 and 1,000 shares sold at $59.4859.
(4) 1,000 shares sold at $59.4419 and 1,000 shares sold at $59.5210.

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