Paloma Partners Management Co lessened its stake in Welbilt, Inc (NYSE:WBT) by 63.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,700 shares of the industrial products company’s stock after selling 26,709 shares during the quarter. Paloma Partners Management Co’s holdings in Welbilt were worth $350,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WBT. Fort L.P. bought a new stake in Welbilt in the second quarter valued at about $126,000. Quantbot Technologies LP increased its holdings in Welbilt by 6,330.8% in the first quarter. Quantbot Technologies LP now owns 10,032 shares of the industrial products company’s stock valued at $195,000 after purchasing an additional 9,876 shares during the last quarter. Cornerstone Wealth Management LLC bought a new stake in Welbilt in the second quarter valued at about $200,000. Diamond Hill Capital Management Inc. bought a new stake in Welbilt in the second quarter valued at about $210,000. Finally, Thompson Investment Management Inc. bought a new stake in Welbilt in the second quarter valued at about $217,000. Institutional investors and hedge funds own 89.56% of the company’s stock.
Shares of Welbilt stock opened at $21.42 on Thursday. Welbilt, Inc has a 1 year low of $18.34 and a 1 year high of $23.85. The stock has a market capitalization of $3.05 billion, a price-to-earnings ratio of 27.82, a price-to-earnings-growth ratio of 2.50 and a beta of 1.07. The company has a quick ratio of 0.80, a current ratio of 1.41 and a debt-to-equity ratio of 10.00.
Welbilt (NYSE:WBT) last announced its quarterly earnings results on Thursday, August 9th. The industrial products company reported $0.20 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.20. Welbilt had a return on equity of 110.60% and a net margin of 8.14%. The company had revenue of $420.70 million during the quarter, compared to the consensus estimate of $401.45 million. During the same period in the prior year, the company earned $0.23 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. research analysts predict that Welbilt, Inc will post 0.87 EPS for the current fiscal year.
A number of equities research analysts recently commented on WBT shares. Zacks Investment Research downgraded Welbilt from a “buy” rating to a “hold” rating in a report on Saturday, July 7th. Barclays set a $25.00 price objective on Welbilt and gave the company a “buy” rating in a report on Monday, August 20th. CL King began coverage on Welbilt in a report on Thursday, June 28th. They issued a “neutral” rating for the company. Finally, Citigroup increased their price target on Welbilt from $21.00 to $23.00 and gave the stock a “neutral” rating in a report on Friday, June 8th. Two investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $24.50.
In other Welbilt news, EVP Richard N. Caron sold 9,000 shares of the stock in a transaction dated Thursday, September 6th. The stock was sold at an average price of $21.88, for a total value of $196,920.00. Following the completion of the sale, the executive vice president now directly owns 100 shares in the company, valued at $2,188. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.37% of the stock is owned by corporate insiders.
Welbilt is a leading global supplier of commercial foodservice equipment. Their broad, award-winning hot- and cold-side product portfolio includes many brands, including Cleveland Range, Convotherm, Delfield, Frymaster, Garland, Kolpak, Lincoln, Manitowac, Merco, Merrychef, and Multiplex Beverage.
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