Zacks Investment Research Lowers John Bean Technologies (JBT) to Hold
John Bean Technologies (NYSE:JBT) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.
According to Zacks, “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, and weighing solutions 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. The company also offers automated guided vehicle systems for material handling in the manufacturing and warehouse industries; packaging material components, such as metal clips and hanging loops etc. “
Several other equities research analysts have also issued reports on the company. Bank of America lowered John Bean Technologies from a “neutral” rating to an “underperform” rating in a research note on Friday, December 8th. Robert W. Baird raised their price objective on John Bean Technologies from $107.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, October 25th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $105.14.
John Bean Technologies (NYSE:JBT) last posted its quarterly earnings data on Monday, October 23rd. The industrial products company reported $0.82 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.04. The business had revenue of $420.80 million during the quarter, compared to analyst estimates of $414.17 million. John Bean Technologies had a return on equity of 25.51% and a net margin of 5.41%. The company’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period last year, the company earned $0.69 EPS. sell-side analysts predict that John Bean Technologies will post 3.07 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC raised its holdings in shares of John Bean Technologies by 15.7% in the third quarter. Sterling Capital Management LLC now owns 19,800 shares of the industrial products company’s stock worth $2,002,000 after buying an additional 2,690 shares during the period. DF Dent & Co. Inc. raised its holdings in shares of John Bean Technologies by 37.8% in the third quarter. DF Dent & Co. Inc. now owns 6,339 shares of the industrial products company’s stock worth $641,000 after buying an additional 1,739 shares during the period. California Public Employees Retirement System raised its holdings in shares of John Bean Technologies by 6.1% in the third quarter. California Public Employees Retirement System now owns 74,245 shares of the industrial products company’s stock worth $7,506,000 after buying an additional 4,245 shares during the period. Bamco Inc. NY raised its holdings in shares of John Bean Technologies by 93.3% in the third quarter. Bamco Inc. NY now owns 773,300 shares of the industrial products company’s stock worth $78,181,000 after buying an additional 373,300 shares during the period. Finally, Vident Investment Advisory LLC raised its holdings in shares of John Bean Technologies by 81.9% in the third quarter. Vident Investment Advisory LLC now owns 140,119 shares of the industrial products company’s stock worth $14,384,000 after buying an additional 63,099 shares during the period. Hedge funds and other institutional investors own 99.26% of the company’s stock.
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John Bean Technologies Company Profile
John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food and beverage industry with focus on proteins, liquid foods and automated system solutions. It operates through two segments: JBT FoodTech and JBT AeroTech. The JBT FoodTech segment designs, manufactures and services technologically food processing systems used for fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry.
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