KeyBanc analyst Jeffrey Hammond downgraded Welbilt (WBT) to Hold today. The company’s shares closed last Wednesday at $22.58, close to its 52-week high of $22.60.
According to TipRanks.com, Hammond is a 4-star analyst with an average return of 14.1% and a 63.0% success rate. Hammond covers the Industrial Goods sector, focusing on stocks such as Gates Industrial, Carrier Global, and Regal Beloit.
Currently, the analyst consensus on Welbilt is a Moderate Buy with an average price target of $18.00.
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Based on Welbilt’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $320 million and net profit of $20.2 million. In comparison, last year the company earned revenue of $382 million and had a net profit of $18.4 million.
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Welbilt, Inc. engages in the provision of foodservice equipment. It designs, manufactures and supplies food and beverage equipment for the global commercial foodservice market. It operates through following geographic segments: Americas, EMEA and APAC. The Americas segment includes the United States, Canada and Latin America. The EMEA segment is made up of markets in Europe, including Russia and the Commonwealth of Independent States, Middle East and Africa. The APAC segment is comprises of markets in China, Australia, Japan, Philippines, South Korea, Singapore, Indonesia, Taiwan, Hong Kong, Thailand, Malaysia, and New Zealand. The company was founded in 1873 and is headquartered in New Port Richey, FL.
