Welbilt (WBT) Upgraded at Zacks Investment Research

Welbilt (NYSE:WBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Saturday. The brokerage currently has a $26.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 12.41% from the stock’s previous close.

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. “

WBT has been the subject of several other reports. Longbow Research initiated coverage on Welbilt in a report on Tuesday, October 10th. They issued a “neutral” rating for the company. Citigroup increased their price target on Welbilt from $20.00 to $24.00 and gave the company a “neutral” rating in a report on Friday, October 13th. KeyCorp reiterated a “buy” rating and issued a $25.00 price target on shares of Welbilt in a report on Thursday, October 12th. Finally, Barclays initiated coverage on Welbilt in a report on Tuesday, December 12th. They issued an “overweight” rating and a $25.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $23.83.

Shares of Welbilt (WBT) traded down $0.03 during midday trading on Friday, reaching $23.13. The company had a trading volume of 471,494 shares, compared to its average volume of 634,752. Welbilt has a 52-week low of $17.55 and a 52-week high of $23.77. The firm has a market cap of $3,229.56, a P/E ratio of 36.14, a P/E/G ratio of 2.46 and a beta of 2.03. The company has a current ratio of 1.35, a quick ratio of 0.79 and a debt-to-equity ratio of 29.38.

Welbilt (NYSE:WBT) last announced its quarterly earnings results on Monday, November 6th. The industrial products company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.24 by ($0.01). Welbilt had a net margin of 6.14% and a negative return on equity of 2,645.52%. The company had revenue of $380.40 million during the quarter, compared to analyst estimates of $387.05 million. The company’s quarterly revenue was down .9% on a year-over-year basis. equities analysts predict that Welbilt will post 0.78 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Atlantic Trust Group LLC acquired a new stake in Welbilt in the 3rd quarter valued at $1,111,000. Capital Research Global Investors boosted 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 valued at $56,550,000 after buying an additional 1,431,642 shares during the last quarter. Finally, Nisa Investment Advisors LLC boosted 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 valued at $379,000 after buying an additional 10,000 shares during the last quarter. Hedge funds and other institutional investors own 91.10% of the company’s stock.

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Welbilt Company Profile

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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