Welbilt (WBT) Price Target Cut to $22.00
Welbilt (NYSE:WBT) had its price target decreased by KeyCorp from $25.00 to $22.00 in a research report released on Tuesday. KeyCorp currently has an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Welbilt’s Q4 2018 earnings at $0.17 EPS, FY2018 earnings at $0.78 EPS and FY2019 earnings at $0.90 EPS.
WBT has been the subject of a number of other reports. Barclays set a $25.00 price objective on shares of Welbilt and gave the company a buy rating in a research report on Monday, August 20th. Citigroup cut their price objective on shares of Welbilt from $24.00 to $23.00 and set a neutral rating for the company in a research report on Wednesday, August 15th. Zacks Investment Research upgraded shares of Welbilt from a hold rating to a buy rating and set a $26.00 price objective for the company in a research report on Thursday, July 26th. Finally, Robert W. Baird set a $19.00 price objective on shares of Welbilt and gave the company a buy rating in a research report on Monday, November 5th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $21.75.
WBT stock opened at $14.18 on Tuesday. The company has a debt-to-equity ratio of 10.00, a current ratio of 1.41 and a quick ratio of 0.80. Welbilt has a 12 month low of $13.40 and a 12 month high of $23.85. The company has a market capitalization of $2.05 billion, a PE ratio of 17.00 and a beta of 1.23.
In related news, EVP Richard N. Caron sold 9,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 6th. The shares were sold at an average price of $21.88, for a total value of $196,920.00. Following the sale, the executive vice president now directly owns 100 shares of the company’s stock, valued at $2,188. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.37% of the company’s stock.
A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Broadview Advisors LLC raised its stake in Welbilt by 1.4% in the third quarter. Broadview Advisors LLC now owns 548,102 shares of the industrial products company’s stock valued at $11,444,000 after purchasing an additional 7,450 shares in the last quarter. Sarasin & Partners LLP purchased a new stake in Welbilt in the third quarter valued at approximately $6,695,000. FMR LLC purchased a new stake in Welbilt in the third quarter valued at approximately $15,827,000. Bank of New York Mellon Corp raised its stake in Welbilt by 6.3% in the third quarter. Bank of New York Mellon Corp now owns 1,567,601 shares of the industrial products company’s stock valued at $32,731,000 after purchasing an additional 93,263 shares in the last quarter. Finally, Artemis Investment Management LLP raised its stake in Welbilt by 83.1% in the third quarter. Artemis Investment Management LLP now owns 740,437 shares of the industrial products company’s stock valued at $15,464,000 after purchasing an additional 336,156 shares in the last quarter. 90.87% of the stock is currently owned by institutional investors and hedge funds.
Welbilt Company Profile
Welbilt is a leading global supplier of commercial foodservice equipment. Their broad, award-winning hot- and cold-side product portfolio includes many brands, including Cleveland Range, Convotherm, Delfield, Frymaster, Garland, Kolpak, Lincoln, Manitowac, Merco, Merrychef, and Multiplex Beverage.
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