Welbilt (NYSE:WBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday. The firm currently has a $26.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.41% from the stock’s current price.
According to Zacks, “Welbilt, Inc. designs, manufactures and supplies food and beverage equipment for foodservice market. It operates primarily in Americas, Europe and Asia. The company brands includes Cleveland(TM), Convotherm(R), Delfield(R), fitkitchen(SM), Frymaster(R), Garland(R), Kolpak(R), Lincoln(TM), Manitowoc Ice(R), Merco(R), Merrychef(R) and Multiplex(R). Welbilt Inc., formerly known as Manitowoc Foodservice Inc., is based in New Port Richey, United States. “
WBT has been the subject of several other reports. Longbow Research started coverage on Welbilt in a report on Tuesday, October 10th. They issued a “neutral” rating for the company. Citigroup boosted their price target on Welbilt from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, October 13th. KeyCorp reiterated a “buy” rating and issued a $25.00 price target on shares of Welbilt in a report on Thursday, October 12th. Finally, Barclays started coverage on Welbilt in a report on Tuesday, December 12th. They issued an “overweight” rating and a $25.00 price target for the company. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $23.83.
Shares of Welbilt (NYSE WBT) traded down $0.03 on Friday, reaching $23.13. The company’s stock had a trading volume of 471,494 shares, compared to its average volume of 634,752. The company has a debt-to-equity ratio of 29.38, a current ratio of 1.35 and a quick ratio of 0.79. The firm has a market cap of $3,229.56, a P/E ratio of 36.14, a PEG ratio of 2.46 and a beta of 2.03. Welbilt has a 52 week low of $17.55 and a 52 week high of $23.77.
Welbilt (NYSE:WBT) last issued its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.23 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.01). The business had revenue of $380.40 million during the quarter, compared to analyst estimates of $387.05 million. Welbilt had a net margin of 6.14% and a negative return on equity of 2,645.52%. The company’s revenue was down .9% on a year-over-year basis. research analysts anticipate that Welbilt will post 0.78 earnings per share for the current year.
Hedge funds have recently added to or reduced their stakes in the company. Atlantic Trust Group LLC acquired a new stake in shares of Welbilt during the 3rd quarter worth $1,111,000. Capital Research Global Investors increased its holdings in shares of Welbilt by 91.3% during the 2nd quarter. Capital Research Global Investors now owns 3,000,000 shares of the industrial products company’s stock worth $56,550,000 after buying an additional 1,431,642 shares during the last quarter. Finally, Nisa Investment Advisors LLC increased its holdings in shares of Welbilt by 163.9% during the 4th quarter. Nisa Investment Advisors LLC now owns 16,100 shares of the industrial products company’s stock worth $379,000 after buying an additional 10,000 shares during the last quarter. Institutional investors and hedge funds own 91.10% of the company’s stock.
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Welbilt, Inc, formerly Manitowoc Foodservice, Inc, is a commercial foodservice equipment company. The Company designs, manufactures and supplies food and beverage equipment for the global commercial foodservice market, offering customers operator and patron insights, kitchen solutions, culinary expertise, and implementation support and service.
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