Welbilt (NYSE:WBT) Upgraded at Citigroup
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.
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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