Welbilt (WBT) Price Target Cut to $16.00

Welbilt (NYSE:WBT) had its price objective trimmed by Citigroup from $23.00 to $16.00 in a research report report published on Tuesday morning. The brokerage currently has a neutral rating on the industrial products company’s stock.

WBT has been the subject of several other research reports. Zacks Investment Research raised Welbilt from a hold rating to a buy rating and set a $26.00 price target for the company in a research note on Sunday, July 15th. Barclays set a $25.00 price target on Welbilt and gave the company a buy rating in a research note on Monday, August 20th. Robert W. Baird set a $19.00 price target on Welbilt and gave the company a buy rating in a research note on Monday. Finally, KeyCorp decreased their price target on Welbilt from $25.00 to $22.00 and set an overweight rating for the company in a research note on Tuesday. Three equities 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 a consensus price target of $21.75.

Shares of WBT opened at $14.00 on Tuesday. Welbilt has a 12-month low of $13.40 and a 12-month high of $23.85. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 10.00. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 18.18 and a beta of 1.23.

Welbilt (NYSE:WBT) last issued its earnings results on Monday, November 5th. The industrial products company reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.03). Welbilt had a return on equity of 110.60% and a net margin of 8.14%. 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 company earned $0.22 EPS. Welbilt’s revenue for the quarter was up 8.5% on a year-over-year basis. As a group, research analysts forecast that Welbilt will post 0.77 earnings per share for the current fiscal year.

In other news, EVP Richard N. Caron sold 9,000 shares of the stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $21.88, for a total value of $196,920.00. Following the completion of the sale, the executive vice president now owns 100 shares of the company’s stock, valued at $2,188. The sale was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 0.37% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Welbilt by 183.1% in the second quarter. Bank of New York Mellon Corp now owns 1,474,338 shares of the industrial products company’s stock valued at $32,893,000 after buying an additional 953,581 shares during the period. Bank of Montreal Can boosted its position in shares of Welbilt by 8.9% during the 2nd quarter. Bank of Montreal Can now owns 27,814 shares of the industrial products company’s stock valued at $620,000 after purchasing an additional 2,269 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Welbilt by 4.6% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 794,646 shares of the industrial products company’s stock valued at $17,729,000 after purchasing an additional 34,751 shares in the last quarter. Marshall Wace LLP bought a new stake in shares of Welbilt during the 2nd quarter valued at about $622,000. Finally, Victory Capital Management Inc. boosted its position in shares of Welbilt by 18.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,097,464 shares of the industrial products company’s stock valued at $46,795,000 after purchasing an additional 324,634 shares in the last quarter. 90.87% of the stock is owned by institutional investors.

About Welbilt

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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Analyst Recommendations for Welbilt (NYSE:WBT)

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