Morgan Stanley decreased its position in Welbilt, Inc (NYSE:WBT) by 47.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 128,810 shares of the industrial products company’s stock after selling 117,546 shares during the period. Morgan Stanley owned about 0.09% of Welbilt worth $662,000 at the end of the most recent quarter.
Several other large investors have also recently modified their holdings of WBT. Federated Hermes Inc. purchased a new stake in shares of Welbilt in the first quarter valued at about $3,202,000. Norges Bank purchased a new stake in shares of Welbilt in the fourth quarter valued at about $8,104,000. JPMorgan Chase & Co. boosted its holdings in shares of Welbilt by 8.6% in the first quarter. JPMorgan Chase & Co. now owns 4,725,952 shares of the industrial products company’s stock valued at $24,244,000 after acquiring an additional 375,909 shares in the last quarter. Two Sigma Investments LP boosted its holdings in shares of Welbilt by 64.5% in the first quarter. Two Sigma Investments LP now owns 744,220 shares of the industrial products company’s stock valued at $3,818,000 after acquiring an additional 291,789 shares in the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in shares of Welbilt by 164.4% in the first quarter. Two Sigma Advisers LP now owns 369,600 shares of the industrial products company’s stock valued at $1,896,000 after acquiring an additional 229,800 shares in the last quarter. 91.82% of the stock is currently owned by institutional investors and hedge funds.
WBT has been the topic of several analyst reports. Zacks Investment Research raised shares of Welbilt from a “sell” rating to a “hold” rating in a report on Friday, June 26th. Citigroup downgraded shares of Welbilt from a “buy” rating to a “neutral” rating and set a $8.00 price objective on the stock. in a report on Friday, July 17th. ValuEngine raised shares of Welbilt from a “sell” rating to a “hold” rating in a report on Thursday, May 7th. Finally, CL King assumed coverage on shares of Welbilt in a report on Wednesday, July 8th. They set a “buy” rating and a $8.00 price objective on the stock. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $12.83.
WBT stock opened at $6.08 on Friday. The company has a market cap of $860.32 million, a P/E ratio of 20.27 and a beta of 1.94. Welbilt, Inc has a 52 week low of $3.17 and a 52 week high of $19.81. The company’s 50-day moving average price is $6.07 and its 200 day moving average price is $8.11. The company has a current ratio of 2.03, a quick ratio of 1.33 and a debt-to-equity ratio of 7.20.
Welbilt (NYSE:WBT) last announced its quarterly earnings results on Tuesday, May 5th. The industrial products company reported $0.01 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.01. Welbilt had a net margin of 2.80% and a return on equity of 39.54%. The company had revenue of $328.90 million for the quarter, compared to the consensus estimate of $323.10 million. During the same quarter in the prior year, the firm earned $0.05 earnings per share. The company’s revenue for the quarter was down 12.4% compared to the same quarter last year. On average, equities research analysts expect that Welbilt, Inc will post -0.06 earnings per share for the current year.
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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