Welbilt (WBT) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Welbilt (NYSE:WBT) from a hold rating to a buy rating in a report issued on Saturday. The firm currently has $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. “
A number of other equities research analysts also recently issued reports on WBT. Longbow Research started coverage on shares of Welbilt in a research report on Tuesday, October 10th. They issued a neutral rating for the company. KeyCorp reiterated a buy rating and issued a $25.00 target price on shares of Welbilt in a research report on Thursday, October 12th. Citigroup increased their target price on shares of Welbilt from $20.00 to $24.00 and gave the stock a neutral rating in a research report on Friday, October 13th. Finally, Barclays started coverage on shares of Welbilt in a research report on Tuesday, December 12th. They issued an overweight rating and a $25.00 target price for the company. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of Buy and a consensus target price of $23.83.
Welbilt (NYSE:WBT) last issued its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.23 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.24 by ($0.01). The firm had revenue of $380.40 million during the quarter, compared to analysts’ expectations of $387.05 million. Welbilt had a net margin of 6.14% and a negative return on equity of 2,645.52%. The business’s revenue was down .9% on a year-over-year basis. sell-side analysts predict that Welbilt will post 0.78 EPS for the current year.
Hedge funds have recently added to or reduced their stakes in the business. Atlantic Trust Group LLC purchased a new stake in Welbilt in the 3rd quarter worth approximately $1,111,000. Capital Research Global Investors lifted its position in Welbilt by 91.3% in 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. Finally, Nisa Investment Advisors LLC lifted its position in Welbilt by 163.9% in 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. Institutional investors own 91.10% of the company’s stock.
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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