John Bean Technologies (JBT) Lifted to “Buy” at Zacks Investment Research
John Bean Technologies (NYSE:JBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The brokerage presently has a $124.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.73% from the company’s previous close.
According to Zacks, “John Bean Technologies Corporation designs, manufactures, tests, installs, and services products and systems for the food and beverage, and air transportation industries. The company operates through JBT FoodTech and JBT AeroTech segments. It provides chilling, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, frying, freezing, and weighing solutions for poultry, beef, pork, and seafood, as well as ready-to-eat meals, fruits, vegetables, dairy, and bakery products; solutions to extract, concentrate, and aseptically process citrus, tomato, and other fruits, vegetables, and juices; and solutions for the filling, closing, and preservation of fruits, vegetables, soups, sauces, and dairy and pet food products, as well as ready-to-eat meals. The company also offers automated guided vehicle systems for material handling in the manufacturing and warehouse industries; packaging material components, such as metal clips and hanging loops etc. “
Other equities analysts have also recently issued research reports about the company. Robert W. Baird set a $101.00 price target on John Bean Technologies and gave the stock a “buy” rating in a report on Thursday, August 24th. Bank of America cut John Bean Technologies from a “neutral” rating to an “underperform” rating in a report on Friday, December 8th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $104.86.
John Bean Technologies (NYSE:JBT) last released its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.04. The firm had revenue of $420.80 million during the quarter, compared to analysts’ expectations of $414.17 million. John Bean Technologies had a return on equity of 25.51% and a net margin of 5.41%. John Bean Technologies’s quarterly revenue was up 20.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.69 EPS. equities analysts anticipate that John Bean Technologies will post 3.07 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently made changes to their positions in JBT. Bamco Inc. NY raised its position in shares of John Bean Technologies by 93.3% in the 3rd quarter. Bamco Inc. NY now owns 773,300 shares of the industrial products company’s stock valued at $78,181,000 after purchasing an additional 373,300 shares in the last quarter. Eagle Asset Management Inc. raised its position in shares of John Bean Technologies by 30.0% in the 2nd quarter. Eagle Asset Management Inc. now owns 728,675 shares of the industrial products company’s stock valued at $71,410,000 after purchasing an additional 168,142 shares in the last quarter. Wells Fargo & Company MN raised its position in shares of John Bean Technologies by 6.9% in the 2nd quarter. Wells Fargo & Company MN now owns 1,667,276 shares of the industrial products company’s stock valued at $163,393,000 after purchasing an additional 106,955 shares in the last quarter. Global X MANAGEMENT CO LLC raised its position in shares of John Bean Technologies by 181.6% in the 3rd quarter. Global X MANAGEMENT CO LLC now owns 154,148 shares of the industrial products company’s stock valued at $15,584,000 after purchasing an additional 99,407 shares in the last quarter. Finally, American Century Companies Inc. raised its position in shares of John Bean Technologies by 13.6% in the 3rd quarter. American Century Companies Inc. now owns 589,764 shares of the industrial products company’s stock valued at $59,625,000 after purchasing an additional 70,721 shares in the last quarter. 99.26% of the stock is currently owned by institutional investors.
John Bean Technologies Company Profile
John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food and beverage industry with focus on proteins, liquid foods and automated system solutions. It operates through two segments: JBT FoodTech and JBT AeroTech. The JBT FoodTech segment designs, manufactures and services technologically food processing systems used for fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry.
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