Zacks: Analysts Anticipate Manitowoc Food Service, Inc. (WBT) Will Announce Quarterly Sales of $387.38 Million
Analysts expect Manitowoc Food Service, Inc. (NYSE:WBT) to post $387.38 million in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Manitowoc Food Service’s earnings. The highest sales estimate is $394.80 million and the lowest is $379.50 million. Manitowoc Food Service posted sales of $384.00 million during the same quarter last year, which suggests a positive year over year growth rate of 0.9%. The company is scheduled to report its next earnings results on Monday, November 6th.
On average, analysts expect that Manitowoc Food Service will report full year sales of $387.38 million for the current financial year, with estimates ranging from $1.46 billion to $1.48 billion. For the next fiscal year, analysts anticipate that the business will post sales of $1.53 billion per share, with estimates ranging from $1.50 billion to $1.54 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Manitowoc Food Service.
Manitowoc Food Service (NYSE:WBT) last posted its earnings results on Wednesday, August 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04. The company had revenue of $371.10 million during the quarter, compared to analysts’ expectations of $367.28 million. Manitowoc Food Service had a net margin of 5.57% and a negative return on equity of 280.03%. The business’s quarterly revenue was up .7% on a year-over-year basis.
A number of equities analysts recently weighed in on WBT shares. Zacks Investment Research raised shares of Manitowoc Food Service from a “hold” rating to a “buy” rating and set a $23.00 price target on the stock in a report on Friday, April 28th. Barclays PLC boosted their price target on shares of Manitowoc Food Service from $19.00 to $20.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 19th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Manitowoc Food Service currently has a consensus rating of “Buy” and a consensus target price of $21.40.
Shares of Manitowoc Food Service (NYSE:WBT) opened at 19.64 on Wednesday. The firm has a market cap of $2.73 billion, a PE ratio of 33.92 and a beta of 2.28. Manitowoc Food Service has a 1-year low of $14.93 and a 1-year high of $21.13. The stock’s 50 day moving average is $19.33 and its 200-day moving average is $19.37.
In related news, SVP Joel H. Horn sold 1,561 shares of the business’s stock in a transaction dated Wednesday, June 14th. The shares were sold at an average price of $19.23, for a total value of $30,018.03. Following the transaction, the senior vice president now directly owns 3,515 shares of the company’s stock, valued at approximately $67,593.45. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.67% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in WBT. Kensico Capital Management Corp purchased a new stake in shares of Manitowoc Food Service during the first quarter worth about $228,493,000. Vanguard Group Inc. acquired a new position in shares of Manitowoc Food Service during the first quarter worth approximately $213,092,000. Abrams Capital Management L.P. acquired a new position in shares of Manitowoc Food Service during the first quarter worth approximately $148,031,000. Investec Asset Management LTD acquired a new position in shares of Manitowoc Food Service during the first quarter worth approximately $134,818,000. Finally, BlackRock Inc. acquired a new position in shares of Manitowoc Food Service during the first quarter worth approximately $100,454,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.
Manitowoc Food Service Company Profile
Welbilt, Inc, formerly Manitowoc Foodservice, Inc, is a commercial foodservice equipment company. The Company designs, manufactures and supplies food and beverage equipment for the global commercial foodservice market, offering customers operator and patron insights, kitchen solutions, culinary expertise, and implementation support and service.
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