Piedmont Investment Advisors LLC Increases Stake in John Bean Technologies Corp (JBT)

Piedmont Investment Advisors LLC lifted its holdings in shares of John Bean Technologies Corp (NYSE:JBT) by 9.5% during the second quarter, Holdings Channel reports. The fund owned 7,388 shares of the industrial products company’s stock after purchasing an additional 639 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in John Bean Technologies were worth $657,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Confluence Investment Management LLC grew its position in shares of John Bean Technologies by 102.6% during the second quarter. Confluence Investment Management LLC now owns 52,643 shares of the industrial products company’s stock worth $4,680,000 after acquiring an additional 26,655 shares during the last quarter. Jane Street Group LLC purchased a new position in shares of John Bean Technologies during the fourth quarter worth approximately $523,000. Xact Kapitalforvaltning AB purchased a new position in shares of John Bean Technologies during the fourth quarter worth approximately $349,000. Allianz Asset Management GmbH grew its position in shares of John Bean Technologies by 6.1% during the first quarter. Allianz Asset Management GmbH now owns 85,652 shares of the industrial products company’s stock worth $9,713,000 after acquiring an additional 4,918 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of John Bean Technologies during the fourth quarter worth approximately $201,000.

In other John Bean Technologies news, VP Brian A. Deck bought 1,000 shares of the business’s stock in a transaction on Thursday, May 31st. The shares were bought at an average cost of $87.92 per share, with a total value of $87,920.00. Following the transaction, the vice president now directly owns 49,973 shares in the company, valued at approximately $4,393,626.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Polly B. Kawalek bought 300 shares of the business’s stock in a transaction on Monday, May 14th. The stock was acquired at an average cost of $86.44 per share, for a total transaction of $25,932.00. Following the completion of the transaction, the director now owns 67,577 shares in the company, valued at $5,841,355.88. The disclosure for this purchase can be found here. Corporate insiders own 2.24% of the company’s stock.

A number of brokerages have recently issued reports on JBT. Zacks Investment Research upgraded shares of John Bean Technologies from a “sell” rating to a “hold” rating and set a $123.00 target price on the stock in a research report on Saturday, July 28th. ValuEngine upgraded shares of John Bean Technologies from a “sell” rating to a “hold” rating in a research report on Thursday, July 19th. BMO Capital Markets raised their target price on shares of John Bean Technologies from $115.00 to $120.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 31st. Wells Fargo & Co set a $115.00 target price on shares of John Bean Technologies and gave the stock a “buy” rating in a research report on Thursday, May 3rd. Finally, TheStreet lowered shares of John Bean Technologies from a “b+” rating to a “c+” rating in a research report on Wednesday, May 2nd. Two analysts have rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $109.17.

Shares of John Bean Technologies opened at $107.30 on Friday, according to Marketbeat. John Bean Technologies Corp has a 52-week low of $84.81 and a 52-week high of $122.65. The company has a market capitalization of $3.41 billion, a price-to-earnings ratio of 30.81, a price-to-earnings-growth ratio of 1.66 and a beta of 1.25. The company has a current ratio of 1.33, a quick ratio of 0.80 and a debt-to-equity ratio of 1.06.

John Bean Technologies (NYSE:JBT) last announced its earnings results on Wednesday, July 25th. The industrial products company reported $1.24 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.05 by $0.19. John Bean Technologies had a return on equity of 26.58% and a net margin of 4.43%. The company had revenue of $491.30 million for the quarter, compared to analyst estimates of $474.59 million. During the same period in the prior year, the company posted $0.58 EPS. John Bean Technologies’s quarterly revenue was up 27.2% on a year-over-year basis. sell-side analysts expect that John Bean Technologies Corp will post 4.02 earnings per share for the current fiscal year.

About John Bean Technologies

John Bean Technologies Corporation designs, manufactures, tests, installs, and services products and systems for the food and beverage, and air transportation industries. The company operates through JBT FoodTech and JBT AeroTech segments. It provides chilling, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, frying, freezing, weighing solutions, X-ray food inspection, and packaging systems for poultry, beef, pork, and seafood, as well as ready-to-eat meals, fruits, vegetables, dairy, and bakery products; solutions to extract, concentrate, and aseptically process citrus, tomato and other fruits, vegetables, and juices; and solutions for the filling, closing, and preservation of fruits, vegetables, soups, sauces, and dairy and pet food products, as well as ready-to-eat meals.

Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks

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Institutional Ownership by Quarter for John Bean Technologies (NYSE:JBT)

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