Eagle Asset Management Inc. raised its position in Welbilt, Inc (NYSE:WBT) by 1.5% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 512,577 shares of the industrial products company’s stock after purchasing an additional 7,568 shares during the quarter. Eagle Asset Management Inc. owned 0.36% of Welbilt worth $8,642,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in WBT. Earnest Partners LLC boosted its stake in Welbilt by 3.4% in the second quarter. Earnest Partners LLC now owns 3,316,444 shares of the industrial products company’s stock valued at $55,385,000 after acquiring an additional 108,540 shares in the last quarter. Handelsbanken Fonder AB boosted its stake in Welbilt by 1.9% in the second quarter. Handelsbanken Fonder AB now owns 2,619,942 shares of the industrial products company’s stock valued at $43,753,000 after acquiring an additional 50,000 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in Welbilt in the third quarter valued at $2,306,000. Intermede Investment Partners Ltd boosted its stake in Welbilt by 13.1% in the third quarter. Intermede Investment Partners Ltd now owns 2,179,264 shares of the industrial products company’s stock valued at $36,742,000 after acquiring an additional 252,587 shares in the last quarter. Finally, Jennison Associates LLC boosted its stake in Welbilt by 43.2% in the second quarter. Jennison Associates LLC now owns 1,262,672 shares of the industrial products company’s stock valued at $21,087,000 after acquiring an additional 380,629 shares in the last quarter. 99.90% of the stock is currently owned by institutional investors.
NYSE WBT traded down $0.35 during trading hours on Wednesday, hitting $16.07. 1,560,028 shares of the stock were exchanged, compared to its average volume of 1,274,287. The company has a market cap of $2.36 billion, a price-to-earnings ratio of 20.60 and a beta of 1.61. Welbilt, Inc has a 12-month low of $10.66 and a 12-month high of $19.81. The stock has a 50-day moving average of $17.79 and a 200 day moving average of $16.59. The company has a quick ratio of 1.10, a current ratio of 1.71 and a debt-to-equity ratio of 6.30.
Welbilt (NYSE:WBT) last issued its earnings results on Tuesday, November 5th. The industrial products company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.03). Welbilt had a return on equity of 46.20% and a net margin of 3.82%. The company had revenue of $410.50 million for the quarter, compared to analyst estimates of $423.03 million. During the same quarter in the previous year, the company posted $0.25 earnings per share. The company’s quarterly revenue was down .6% compared to the same quarter last year. On average, equities research analysts expect that Welbilt, Inc will post 0.69 earnings per share for the current year.
Several equities analysts have issued reports on the stock. ValuEngine downgraded shares of Welbilt from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. BMO Capital Markets initiated coverage on shares of Welbilt in a report on Friday, October 18th. They issued a “market perform” rating and a $19.00 target price for the company. Barclays reaffirmed a “buy” rating and issued a $20.00 target price on shares of Welbilt in a report on Wednesday, October 16th. Finally, Zacks Investment Research cut shares of Welbilt from a “hold” rating to a “sell” rating in a report on Saturday, November 9th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. Welbilt has an average rating of “Hold” and an average target price of $18.40.
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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