Envestnet Asset Management Inc. grew its holdings in shares of Welbilt, Inc (NYSE:WBT) by 16.9% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 140,915 shares of the industrial products company’s stock after purchasing an additional 20,339 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.10% of Welbilt worth $3,262,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also made changes to their positions in WBT. The PNC Financial Services Group Inc. boosted its position in shares of Welbilt by 36.1% during the 1st quarter. The PNC Financial Services Group Inc. now owns 6,600 shares of the industrial products company’s stock valued at $107,000 after acquiring an additional 1,750 shares during the last quarter. Geneos Wealth Management Inc. acquired a new position in shares of Welbilt during the 1st quarter valued at about $109,000. Acadian Asset Management LLC acquired a new position in shares of Welbilt during the 1st quarter valued at about $161,000. Prudential Financial Inc. boosted its position in shares of Welbilt by 4.3% during the 1st quarter. Prudential Financial Inc. now owns 13,360 shares of the industrial products company’s stock valued at $217,000 after acquiring an additional 556 shares during the last quarter. Finally, Mint Tower Capital Management B.V. acquired a new position in shares of Welbilt during the 2nd quarter valued at about $228,000. 90.42% of the stock is currently owned by institutional investors.
Shares of NYSE:WBT opened at $23.54 on Wednesday. The company has a debt-to-equity ratio of 4.46, a current ratio of 1.94 and a quick ratio of 1.25. The firm has a market capitalization of $3.35 billion, a PE ratio of 58.85 and a beta of 2.45. The firm’s 50-day moving average is $23.49 and its two-hundred day moving average is $21.26. Welbilt, Inc has a 1 year low of $5.85 and a 1 year high of $25.19.
In related news, EVP Richard N. Caron sold 15,540 shares of the company’s stock in a transaction that occurred on Friday, August 13th. The shares were sold at an average price of $23.24, for a total transaction of $361,149.60. Following the sale, the executive vice president now directly owns 42,730 shares in the company, valued at $993,045.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.47% of the stock is currently owned by corporate insiders.
Several research analysts have recently weighed in on the stock. Seaport Global Securities cut shares of Welbilt from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. Seaport Res Ptn cut shares of Welbilt from a “buy” rating to a “neutral” rating in a research report on Tuesday, July 13th. upped their target price on shares of Welbilt from $24.75 to $25.00 and gave the company a “neutral” rating in a research report on Wednesday, June 2nd. Robert W. Baird cut shares of Welbilt from an “outperform” rating to a “neutral” rating and set a $26.00 target price on the stock. in a research report on Tuesday, June 22nd. Finally, Zacks Investment Research raised shares of Welbilt from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research report on Saturday, July 24th. Nine investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $23.38.
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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