Longbow Research initiated coverage on shares of Manitowoc Food Service, Inc. (NYSE:WBT) in a research report sent to investors on Tuesday. The firm issued a neutral rating on the industrial products company’s stock.
Other equities research analysts have also recently issued reports about the stock. Robert W. Baird set a $22.00 price objective on shares of Manitowoc Food Service and gave the company a buy rating in a research report on Thursday, August 24th. Zacks Investment Research raised shares of 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, Dougherty & Co reissued a neutral rating on shares of Manitowoc Food Service in a research report on Thursday, August 17th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Manitowoc Food Service currently has a consensus rating of Buy and an average target price of $21.40.
Shares of Manitowoc Food Service (WBT) opened at 22.19 on Tuesday. The stock’s 50 day moving average is $19.64 and its 200-day moving average is $19.46. Manitowoc Food Service has a 12-month low of $14.93 and a 12-month high of $23.46. The stock has a market capitalization of $3.08 billion, a price-to-earnings ratio of 38.32 and a beta of 2.46.
Manitowoc Food Service (NYSE:WBT) last released its quarterly earnings data 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 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%. Manitowoc Food Service’s revenue for the quarter was up .7% on a year-over-year basis. On average, analysts expect that Manitowoc Food Service will post $0.78 earnings per share for the current year.
In related news, Director Brian R. Gamache acquired 10,000 shares of the stock in a transaction on Tuesday, August 29th. The stock was bought at an average cost of $19.68 per share, with a total value of $196,800.00. Following the transaction, the director now directly owns 14,776 shares in the company, valued at $290,791.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.67% of the stock is owned by insiders.
Several institutional investors and hedge funds have recently made changes to their positions in the company. Kensico Capital Management Corp purchased a new stake in shares of Manitowoc Food Service in the 1st quarter worth approximately $228,493,000. Vanguard Group Inc. purchased a new stake in shares of Manitowoc Food Service in the 1st quarter worth approximately $213,092,000. Abrams Capital Management L.P. purchased a new stake in shares of Manitowoc Food Service in the 1st quarter worth approximately $148,031,000. BlackRock Inc. purchased a new stake in shares of Manitowoc Food Service in the 1st quarter worth approximately $100,454,000. Finally, Morgan Stanley purchased a new stake in shares of Manitowoc Food Service in the 1st quarter worth approximately $77,776,000. 87.85% of the stock is owned by hedge funds and other 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.
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