Analysts Anticipate Manitowoc Food Service, Inc. (WBT) Will Announce Quarterly Sales of $387.38 Million
Wall Street brokerages forecast that Manitowoc Food Service, Inc. (NYSE:WBT) will report $387.38 million in sales for the current fiscal quarter, Zacks Investment Research reports. Four analysts have provided 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 reported sales of $384.00 million in the same quarter last year, which would suggest a positive year over year growth rate of 0.9%. The firm is scheduled to issue its next earnings report on Monday, November 6th.
On average, analysts expect that Manitowoc Food Service will report full year sales of $387.38 million for the current fiscal year, with estimates ranging from $1.46 billion to $1.48 billion. For the next financial year, analysts anticipate that the firm will post sales of $1.53 billion per share, with estimates ranging from $1.50 billion to $1.54 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of research firms that that provide coverage for Manitowoc Food Service.
Manitowoc Food Service (NYSE:WBT) last posted its quarterly earnings data on Wednesday, August 9th. The industrial products company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04. Manitowoc Food Service had a negative return on equity of 280.03% and a net margin of 5.57%. The company had revenue of $371.10 million during the quarter, compared to analysts’ expectations of $367.28 million. The firm’s revenue was up .7% compared to the same quarter last year.
A number of equities analysts have commented on the company. Dougherty & Co restated a “neutral” rating on shares of Manitowoc Food Service in a research note on Thursday, August 17th. Longbow Research began coverage on Manitowoc Food Service in a research report on Tuesday. They set a “neutral” rating for the company. Zacks Investment Research upgraded Manitowoc Food Service from a “hold” rating to a “buy” rating and set a $22.00 price objective for the company in a research report on Saturday, August 12th. Finally, Robert W. Baird set a $22.00 price objective on Manitowoc Food Service and gave the stock a “buy” rating in a research report on Thursday, August 24th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $21.40.
Manitowoc Food Service (NYSE WBT) traded down 0.18% during mid-day trading on Wednesday, reaching $22.16. The company’s stock had a trading volume of 50,317 shares. Manitowoc Food Service has a 52 week low of $14.93 and a 52 week high of $23.46. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 38.27 and a beta of 2.46. The firm has a 50-day moving average of $19.64 and a 200-day moving average of $19.46.
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In other Manitowoc Food Service news, Director Brian R. Gamache acquired 10,000 shares of Manitowoc Food Service stock in a transaction dated Tuesday, August 29th. The stock was acquired at an average cost of $19.68 per share, for a total transaction of $196,800.00. Following the completion of the transaction, the director now owns 14,776 shares in the company, valued at approximately $290,791.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.67% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital Research Global Investors boosted its position in shares of Manitowoc Food Service by 91.3% during the second quarter. Capital Research Global Investors now owns 3,000,000 shares of the industrial products company’s stock worth $56,550,000 after buying an additional 1,431,642 shares during the period. Franklin Parlapiano Turner & Welch LLC bought a new stake in Manitowoc Food Service during the first quarter worth approximately $331,000. Public Employees Retirement System of Ohio bought a new stake in Manitowoc Food Service during the first quarter worth approximately $1,132,000. CCM Investment Advisers LLC bought a new stake in Manitowoc Food Service during the first quarter worth approximately $392,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in Manitowoc Food Service during the first quarter worth approximately $623,000. Institutional investors and hedge funds own 87.85% of the company’s stock.
About Manitowoc Food Service
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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