Zacks Investment Research upgraded shares of Welbilt (NYSE:WBT) from a hold rating to a buy rating in a research note issued to investors on Saturday. They currently have $26.00 price objective on the industrial products company’s stock.
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. “
Several other research analysts also recently commented on WBT. Longbow Research began coverage on Welbilt in a report on Tuesday, October 10th. They issued a neutral rating on the stock. KeyCorp reaffirmed a buy rating and set a $25.00 price objective on shares of Welbilt in a report on Thursday, October 12th. Citigroup upped their price objective on Welbilt from $20.00 to $24.00 and gave the stock a neutral rating in a report on Friday, October 13th. Finally, Barclays started coverage on Welbilt in a report on Tuesday, December 12th. They set an overweight rating and a $25.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Welbilt presently has an average rating of Buy and an average target price of $23.83.
Welbilt (NYSE:WBT) last announced its earnings results on Monday, November 6th. The industrial products company reported $0.23 EPS for the quarter, missing the 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 negative return on equity of 2,645.52% and a net margin of 6.14%. Welbilt’s quarterly 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 fiscal year.
Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its holdings in 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 in the last quarter. Bank of Montreal Can lifted its holdings in Welbilt by 22.6% during the 4th quarter. Bank of Montreal Can now owns 19,946 shares of the industrial products company’s stock worth $470,000 after buying an additional 3,673 shares in the last quarter. Atlantic Trust Group LLC acquired a new position in Welbilt during the 3rd quarter worth $1,111,000. Finally, Capital Research Global Investors lifted its holdings in 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 in the last quarter. 91.10% of the stock is currently owned by hedge funds and other institutional investors.
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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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