Citigroup upgraded shares of Welbilt (NYSE:WBT) from a neutral rating to a buy rating in a report released on Wednesday, Benzinga reports. The brokerage currently has $19.00 price objective on the industrial products company’s stock, up from their previous price objective of $17.00.

WBT has been the subject of several other research reports. Zacks Investment Research raised shares of Zymeworks from a hold rating to a buy rating and set a $19.00 price objective for the company in a research report on Saturday, April 27th. ValuEngine cut shares of Welbilt from a hold rating to a sell rating in a research report on Wednesday, June 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and seven have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus price target of $20.57.

WBT opened at $16.82 on Wednesday. Welbilt has a twelve month low of $10.66 and a twelve month high of $23.85. The business’s 50-day moving average price is $15.98. The company has a debt-to-equity ratio of 8.18, a current ratio of 1.74 and a quick ratio of 1.08. The company has a market capitalization of $2.29 billion, a PE ratio of 21.56 and a beta of 1.66.

Welbilt (NYSE:WBT) last posted its quarterly earnings data on Tuesday, May 7th. The industrial products company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). Welbilt had a return on equity of 57.14% and a net margin of 3.75%. The firm had revenue of $375.30 million for the quarter, compared to the consensus estimate of $373.44 million. During the same period in the prior year, the company earned $0.15 EPS. The company’s revenue for the quarter was up 7.1% compared to the same quarter last year. Sell-side analysts anticipate that Welbilt will post 0.75 EPS for the current fiscal year.

Several hedge funds have recently bought and sold shares of WBT. Gates Capital Management Inc. lifted its holdings in shares of Welbilt by 71.7% in the fourth quarter. Gates Capital Management Inc. now owns 7,305,875 shares of the industrial products company’s stock worth $81,168,000 after acquiring an additional 3,050,151 shares during the last quarter. FMR LLC lifted its holdings in shares of Welbilt by 279.6% in the first quarter. FMR LLC now owns 3,573,391 shares of the industrial products company’s stock worth $58,533,000 after acquiring an additional 2,631,930 shares during the last quarter. Neuberger Berman Group LLC bought a new position in shares of Welbilt in the first quarter worth about $24,915,000. Impax Asset Management Group plc lifted its holdings in shares of Welbilt by 24.6% in the fourth quarter. Impax Asset Management Group plc now owns 7,383,832 shares of the industrial products company’s stock worth $82,034,000 after acquiring an additional 1,459,895 shares during the last quarter. Finally, JPMorgan Chase & Co. lifted its holdings in shares of Welbilt by 1,829.9% in the first quarter. JPMorgan Chase & Co. now owns 1,150,476 shares of the industrial products company’s stock worth $18,845,000 after acquiring an additional 1,090,862 shares during the last quarter. 99.85% of the stock is owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Welbilt (NYSE:WBT)

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