Wedbush Trims Welbilt (WBT) Target Price to $24.00

Welbilt (NYSE:WBT) had its price objective reduced by research analysts at Wedbush from $29.00 to $24.00 in a report released on Tuesday. The firm currently has a “buy” rating on the industrial products company’s stock. Wedbush’s price objective would suggest a potential upside of 72.29% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Zacks Investment Research raised shares of Welbilt from a “hold” rating to a “buy” rating and set a $26.00 target price for the company in a research note on Thursday, July 26th. Barclays set a $25.00 target price on shares of Welbilt and gave the company a “buy” rating in a research note on Monday, August 20th. Robert W. Baird set a $19.00 target price on shares of Welbilt and gave the company a “buy” rating in a research note on Monday. Citigroup dropped their price objective on shares of Welbilt from $24.00 to $23.00 and set a “neutral” rating for the company in a research note on Wednesday, August 15th. Finally, KeyCorp dropped their price objective on shares of Welbilt from $25.00 to $22.00 and set an “overweight” rating for the company in a research note on Tuesday. Three research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $22.50.

Shares of NYSE:WBT traded down $0.33 during midday trading on Tuesday, hitting $13.93. 993,955 shares of the stock were exchanged, compared to its average volume of 1,190,511. The company has a market capitalization of $2.71 billion, a PE ratio of 18.09 and a beta of 1.23. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 10.00. Welbilt has a twelve month low of $13.89 and a twelve month high of $23.85.

Welbilt (NYSE:WBT) last announced its earnings results on Monday, November 5th. The industrial products company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). Welbilt had a net margin of 8.14% and a return on equity of 110.60%. The firm had revenue of $412.90 million during the quarter, compared to analyst estimates of $421.89 million. During the same period in the previous year, the firm posted $0.22 EPS. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts anticipate that Welbilt will post 0.87 earnings per share for the current year.

In related news, EVP Richard N. Caron sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The stock was sold at an average price of $21.88, for a total transaction of $196,920.00. Following the sale, the executive vice president now directly owns 100 shares of the company’s stock, valued at approximately $2,188. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.37% of the company’s stock.

Several hedge funds have recently bought and sold shares of the stock. Select Equity Group L.P. raised its position in shares of Welbilt by 11.7% during the 2nd quarter. Select Equity Group L.P. now owns 14,009,123 shares of the industrial products company’s stock valued at $312,544,000 after acquiring an additional 1,470,878 shares in the last quarter. BlackRock Inc. raised its position in shares of Welbilt by 6.3% during the 2nd quarter. BlackRock Inc. now owns 5,686,526 shares of the industrial products company’s stock valued at $126,868,000 after acquiring an additional 336,654 shares in the last quarter. Brown Advisory Inc. raised its position in shares of Welbilt by 45.5% during the 2nd quarter. Brown Advisory Inc. now owns 4,114,080 shares of the industrial products company’s stock valued at $91,784,000 after acquiring an additional 1,287,240 shares in the last quarter. Earnest Partners LLC raised its position in shares of Welbilt by 0.4% during the 2nd quarter. Earnest Partners LLC now owns 3,214,211 shares of the industrial products company’s stock valued at $71,709,000 after acquiring an additional 12,574 shares in the last quarter. Finally, Standard Life Aberdeen plc raised its position in shares of Welbilt by 73.2% during the 2nd quarter. Standard Life Aberdeen plc now owns 2,240,397 shares of the industrial products company’s stock valued at $50,017,000 after acquiring an additional 946,747 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.

Welbilt Company Profile

Welbilt is a leading global supplier of commercial foodservice equipment. Their broad, award-winning hot- and cold-side product portfolio includes many brands, including Cleveland Range, Convotherm, Delfield, Frymaster, Garland, Kolpak, Lincoln, Manitowac, Merco, Merrychef, and Multiplex Beverage.

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