Zacks Investment Research upgraded shares of Welbilt (NYSE:WBT) from a sell rating to a hold rating in a report issued on Friday morning, Zacks.com reports.
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. “
A number of other equities research analysts have also recently weighed in on the company. KeyCorp dropped their price target on Welbilt from $20.00 to $8.00 and set an overweight rating on the stock in a research note on Monday, March 23rd. Citigroup upped their price objective on shares of Welbilt from $6.50 to $8.00 and gave the company a buy rating in a report on Thursday, June 18th. Finally, ValuEngine upgraded shares of Welbilt from a sell rating to a hold rating in a research note on Thursday, May 7th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of Hold and a consensus price target of $13.80.
WBT opened at $6.05 on Friday. The business’s 50-day simple moving average is $6.03 and its 200 day simple moving average is $9.65. Welbilt has a 52-week low of $3.17 and a 52-week high of $19.81. The company has a debt-to-equity ratio of 7.20, a quick ratio of 1.33 and a current ratio of 2.03. The firm has a market capitalization of $769.75 million, a PE ratio of 20.17 and a beta of 1.93.
Welbilt (NYSE:WBT) last released its earnings results on Tuesday, May 5th. The industrial products company reported $0.01 earnings per share for the quarter, meeting the consensus estimate of $0.01. Welbilt had a net margin of 2.80% and a return on equity of 39.54%. The business had revenue of $328.90 million during the quarter, compared to analysts’ expectations of $323.10 million. During the same period last year, the business earned $0.05 earnings per share. The firm’s revenue was down 12.4% on a year-over-year basis. On average, research analysts forecast that Welbilt will post -0.04 earnings per share for the current year.
A number of hedge funds have recently added to or reduced their stakes in WBT. Associated Banc Corp increased its stake in shares of Welbilt by 1.0% in the 4th quarter. Associated Banc Corp now owns 98,125 shares of the industrial products company’s stock valued at $1,532,000 after purchasing an additional 1,000 shares during the last quarter. Amalgamated Bank boosted its stake in Welbilt by 4.7% in the fourth quarter. Amalgamated Bank now owns 24,051 shares of the industrial products company’s stock valued at $375,000 after buying an additional 1,087 shares in the last quarter. Great West Life Assurance Co. Can grew its position in Welbilt by 15.6% in the fourth quarter. Great West Life Assurance Co. Can now owns 8,873 shares of the industrial products company’s stock valued at $137,000 after acquiring an additional 1,195 shares during the last quarter. Blair William & Co. IL raised its stake in Welbilt by 4.7% during the fourth quarter. Blair William & Co. IL now owns 34,511 shares of the industrial products company’s stock worth $539,000 after acquiring an additional 1,536 shares in the last quarter. Finally, Public Employees Retirement Association of Colorado lifted its holdings in shares of Welbilt by 10.9% in the first quarter. Public Employees Retirement Association of Colorado now owns 24,217 shares of the industrial products company’s stock worth $124,000 after acquiring an additional 2,373 shares during the last quarter. 91.49% of the stock is currently owned by hedge funds and other institutional investors.
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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