Shares of Welbilt, Inc (NYSE:WBT) fell 1.5% during mid-day trading on Tuesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $13.89 and last traded at $14.05. 80,710 shares were traded during trading, a decline of 93% from the average session volume of 1,190,511 shares. The stock had previously closed at $14.26.
The industrial products company reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.03). The firm had revenue of $412.90 million for the quarter, compared to analyst estimates of $421.89 million. Welbilt had a net margin of 8.14% and a return on equity of 110.60%. The company’s revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.22 EPS.
Several brokerages have recently weighed in on WBT. Citigroup lowered their price target on shares of Welbilt from $23.00 to $16.00 and set a “neutral” rating on the stock in a research report on Tuesday. Zacks Investment Research raised shares of Welbilt from a “sell” rating to a “hold” rating in a research report on Thursday, October 18th. Wedbush lowered their price target on shares of Welbilt from $29.00 to $24.00 and set a “buy” rating on the stock in a research report on Tuesday. Robert W. Baird set a $19.00 price target on shares of Welbilt and gave the company a “buy” rating in a research report on Monday. Finally, KeyCorp decreased their target price on shares of Welbilt from $25.00 to $22.00 and set an “overweight” rating on the stock in a research report on Tuesday. Three investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of $22.50.
In other Welbilt news, EVP Richard N. Caron sold 9,000 shares of the company’s stock in a transaction dated Thursday, September 6th. The shares were sold at an average price of $21.88, for a total value of $196,920.00. Following the transaction, the executive vice president now owns 100 shares of the company’s stock, valued at $2,188. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.37% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Cornerstone Wealth Management LLC acquired a new position in Welbilt in the second quarter valued at about $200,000. Fort L.P. acquired a new position in Welbilt in the second quarter valued at about $126,000. Diamond Hill Capital Management Inc. acquired a new position in Welbilt in the second quarter valued at about $210,000. Thompson Investment Management Inc. acquired a new position in Welbilt in the second quarter valued at about $217,000. Finally, Colony Group LLC acquired a new position in Welbilt in the second quarter valued at about $229,000. 90.87% of the stock is currently owned by institutional investors.
The company has a debt-to-equity ratio of 10.00, a quick ratio of 0.80 and a current ratio of 1.41. The stock has a market cap of $2.71 billion, a P/E ratio of 18.18 and a beta of 1.23.
Welbilt Company Profile (NYSE:WBT)
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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