Manitowoc Food Service, Inc. (NYSE:WBT) had its target price raised by equities research analysts at Citigroup Inc. from $20.00 to $24.00 in a note issued to investors on Friday. The firm presently has a “neutral” rating on the industrial products company’s stock. Citigroup Inc.’s target price would suggest a potential upside of 8.50% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Robert W. Baird set a $22.00 target price on Manitowoc Food Service and gave the stock a “buy” rating in a research report on Thursday, August 24th. KeyCorp reaffirmed a “buy” rating and set a $25.00 target price on shares of Manitowoc Food Service in a research report on Thursday. Longbow Research assumed coverage on Manitowoc Food Service in a research report on Tuesday. They set a “neutral” rating on the stock. Zacks Investment Research raised Manitowoc Food Service from a “hold” rating to a “buy” rating and set a $22.00 target price on the stock in a research report on Saturday, August 12th. Finally, Dougherty & Co reaffirmed a “neutral” rating on shares of Manitowoc Food Service in a research report on Thursday, August 17th. Four research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Manitowoc Food Service has an average rating of “Buy” and a consensus target price of $22.29.

Shares of Manitowoc Food Service (NYSE WBT) traded up 0.565% on Friday, hitting $22.245. The stock had a trading volume of 42,775 shares. Manitowoc Food Service has a 12-month low of $14.93 and a 12-month high of $23.46. The company’s 50-day moving average price is $19.64 and its 200 day moving average price is $19.46. The firm has a market cap of $3.09 billion, a P/E ratio of 38.420 and a beta of 2.46.

Manitowoc Food Service (NYSE:WBT) last announced its quarterly earnings data on Wednesday, August 9th. The industrial products company reported $0.22 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.04. The business had revenue of $371.10 million during the quarter, compared to analyst estimates 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 revenue for the quarter was up .7% on a year-over-year basis. On average, equities research analysts forecast that Manitowoc Food Service will post $0.78 earnings per share for the current fiscal year.

TRADEMARK VIOLATION NOTICE: This story was first reported by American Banking News and is the property of of American Banking News. If you are accessing this story on another publication, it was illegally copied and reposted in violation of U.S. & international trademark and copyright laws. The original version of this story can be viewed at https://www.americanbankingnews.com/2017/10/13/manitowoc-food-service-inc-wbt-price-target-increased-to-24-00-by-analysts-at-citigroup-inc.html.

In related news, Director Brian R. Gamache bought 10,000 shares of the business’s stock in a transaction dated Tuesday, August 29th. The shares were bought at an average cost 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 of the company’s stock, valued at $290,791.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.67% of the stock is owned by insiders.

Several institutional investors have recently made changes to their positions in WBT. Great West Life Assurance Co. Can acquired a new stake in shares of Manitowoc Food Service during the first quarter worth $236,000. Bank of New York Mellon Corp acquired a new stake in shares of Manitowoc Food Service during the first quarter worth $9,887,000. UBS Asset Management Americas Inc. acquired a new stake in shares of Manitowoc Food Service during the first quarter worth $2,157,000. Karp Capital Management Corp acquired a new stake in shares of Manitowoc Food Service during the first quarter worth $798,000. Finally, Ameriprise Financial Inc. acquired a new stake in shares of Manitowoc Food Service during the first quarter worth $4,510,000. 87.85% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Manitowoc Food Service (NYSE:WBT)

Receive News & Ratings for Manitowoc Food Service Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Manitowoc Food Service Inc. and related companies with MarketBeat.com's FREE daily email newsletter.