Manitowoc Food Service’s (WBT) “Buy” Rating Reiterated at KeyCorp
Manitowoc Food Service, Inc. (NYSE:WBT)‘s stock had its “buy” rating restated by stock analysts at KeyCorp in a report released on Thursday. They presently have a $25.00 price target on the industrial products company’s stock. KeyCorp’s price objective would suggest a potential upside of 13.02% from the stock’s previous close. KeyCorp also issued estimates for Manitowoc Food Service’s Q3 2017 earnings at $0.24 EPS and FY2018 earnings at $0.97 EPS.
WBT has been the topic of several other research reports. Zacks Investment Research raised Manitowoc Food Service from a “hold” rating to a “buy” rating and set a $21.00 target price on the stock in a research note on Thursday, July 13th. Dougherty & Co reissued a “neutral” rating on shares of Manitowoc Food Service in a research note on Thursday, August 17th. Robert W. Baird set a $22.00 target price on Manitowoc Food Service and gave the company a “buy” rating in a research note on Thursday, August 24th. Finally, Longbow Research assumed coverage on Manitowoc Food Service in a research note on Tuesday. They issued a “neutral” rating on the stock. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $22.00.
Shares of Manitowoc Food Service (NYSE WBT) traded down 0.09% during midday trading on Thursday, reaching $22.12. 842,283 shares of the company’s stock traded hands. The stock’s 50 day moving average price is $19.64 and its 200 day moving average price is $19.46. Manitowoc Food Service has a 52-week low of $14.93 and a 52-week high of $23.46. The firm has a market capitalization of $3.07 billion, a P/E ratio of 38.20 and a beta of 2.46.
Manitowoc Food Service (NYSE:WBT) last posted its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.04. The business had revenue of $371.10 million for the quarter, compared to analysts’ expectations of $367.28 million. Manitowoc Food Service had a negative return on equity of 280.03% and a net margin of 5.57%. The business’s quarterly revenue was up .7% on a year-over-year basis. On average, equities research analysts anticipate that Manitowoc Food Service will post $0.78 EPS for the current fiscal year.
In other Manitowoc Food Service news, Director Brian R. Gamache purchased 10,000 shares of the company’s stock in a transaction dated Tuesday, August 29th. The shares were bought at an average price of $19.68 per share, with a total value of $196,800.00. Following the completion of the transaction, the director now directly owns 14,776 shares in the company, valued at approximately $290,791.68. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.67% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Metropolitan Life Insurance Co. NY acquired a new stake in shares of Manitowoc Food Service during the first quarter worth about $115,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Manitowoc Food Service during the first quarter worth about $203,000. Teacher Retirement System of Texas acquired a new stake in shares of Manitowoc Food Service during the first quarter worth about $203,000. Great West Life Assurance Co. Can acquired a new stake in shares of Manitowoc Food Service during the first quarter worth about $236,000. Finally, UBS Group AG acquired a new stake in shares of Manitowoc Food Service during the first quarter worth about $247,000. 87.85% of the stock is currently owned by institutional investors.
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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