Citigroup Lowers Welbilt (WBT) Price Target to $16.00
Welbilt (NYSE:WBT) had its price target cut by Citigroup from $23.00 to $16.00 in a research note issued to investors on Tuesday morning. They currently have a neutral rating on the industrial products company’s stock.
Several other analysts also recently issued reports on WBT. 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 note on Sunday, July 15th. Barclays set a $25.00 target price on shares of Welbilt and gave the company a buy rating in a research note on Monday, August 20th. Robert W. Baird set a $19.00 target price on shares of Welbilt and gave the company a buy rating in a research note on Monday, November 5th. Finally, KeyCorp cut their target price on shares of Welbilt from $25.00 to $22.00 and set an overweight rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and eight have given a buy rating to the company’s stock. Welbilt presently has an average rating of Buy and an average price target of $21.75.
Shares of NYSE:WBT opened at $14.18 on Tuesday. The company has a debt-to-equity ratio of 10.00, a quick ratio of 0.80 and a current ratio of 1.41. Welbilt has a 12-month low of $13.40 and a 12-month high of $23.85. The firm has a market cap of $2.05 billion, a price-to-earnings ratio of 17.00 and a beta of 1.23.
In other news, EVP Richard N. Caron sold 9,000 shares of the business’s stock in a transaction on Thursday, September 6th. The shares were sold at an average price of $21.88, for a total transaction of $196,920.00. Following the transaction, the executive vice president now directly owns 100 shares in the company, valued at approximately $2,188. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 0.37% of the company’s stock.
Several institutional investors have recently bought and sold shares of WBT. Jane Street Group LLC purchased a new position in shares of Welbilt during the 1st quarter valued at $247,000. Guggenheim Capital LLC grew its holdings in shares of Welbilt by 5.6% during the 1st quarter. Guggenheim Capital LLC now owns 111,828 shares of the industrial products company’s stock valued at $2,175,000 after acquiring an additional 5,934 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Welbilt by 18.0% during the 1st quarter. Millennium Management LLC now owns 348,972 shares of the industrial products company’s stock valued at $6,788,000 after acquiring an additional 53,209 shares in the last quarter. Royal Bank of Canada grew its holdings in shares of Welbilt by 25.5% during the 1st quarter. Royal Bank of Canada now owns 200,918 shares of the industrial products company’s stock valued at $3,907,000 after acquiring an additional 40,826 shares in the last quarter. Finally, Xact Kapitalforvaltning AB grew its holdings in shares of Welbilt by 20.0% during the 1st quarter. Xact Kapitalforvaltning AB now owns 19,169 shares of the industrial products company’s stock valued at $373,000 after acquiring an additional 3,200 shares in the last quarter. Institutional investors and hedge funds own 90.87% of the company’s stock.
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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