Prudential Financial Inc. Invests $219,000 in Welbilt, Inc (NYSE:WBT)

Prudential Financial Inc. purchased a new position in shares of Welbilt, Inc (NYSE:WBT) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 13,111 shares of the industrial products company’s stock, valued at approximately $219,000.

Several other hedge funds have also modified their holdings of the company. Private Advisors LLC lifted its holdings in shares of Welbilt by 16.0% during the second quarter. Private Advisors LLC now owns 73,100 shares of the industrial products company’s stock worth $1,221,000 after purchasing an additional 10,100 shares during the period. JPMorgan Chase & Co. increased its position in shares of Welbilt by 207.8% in the second quarter. JPMorgan Chase & Co. now owns 3,541,701 shares of the industrial products company’s stock valued at $58,083,000 after buying an additional 2,391,225 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Welbilt by 14.8% in the second quarter. Wells Fargo & Company MN now owns 832,669 shares of the industrial products company’s stock valued at $13,906,000 after buying an additional 107,317 shares in the last quarter. Jennison Associates LLC increased its position in shares of Welbilt by 43.2% during the second quarter. Jennison Associates LLC now owns 1,262,672 shares of the industrial products company’s stock worth $21,087,000 after purchasing an additional 380,629 shares in the last quarter. Finally, Teacher Retirement System of Texas purchased a new stake in shares of Welbilt during the second quarter worth approximately $7,698,000.

In other Welbilt news, CEO William Johnson purchased 13,496 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were acquired at an average price of $14.82 per share, with a total value of $200,010.72. Following the purchase, the chief executive officer now directly owns 78,502 shares in the company, valued at approximately $1,163,399.64. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.37% of the company’s stock.



Several brokerages recently commented on WBT. Citigroup upgraded Welbilt from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $17.00 to $19.00 in a research report on Wednesday, July 10th. ValuEngine upgraded Welbilt from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $19.67.

NYSE:WBT traded up $0.22 during trading hours on Wednesday, hitting $17.22. The company had a trading volume of 39,443 shares, compared to its average volume of 1,066,194. The company has a current ratio of 1.70, a quick ratio of 1.07 and a debt-to-equity ratio of 6.81. The company has a 50-day moving average of $16.05 and a 200 day moving average of $16.21. The company has a market cap of $2.38 billion, a P/E ratio of 22.04 and a beta of 1.66. Welbilt, Inc has a 1 year low of $10.66 and a 1 year high of $21.96.

Welbilt (NYSE:WBT) last issued its earnings results on Tuesday, August 6th. The industrial products company reported $0.22 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.18 by $0.04. Welbilt had a return on equity of 52.45% and a net margin of 4.23%. The company had revenue of $426.30 million during the quarter, compared to analysts’ expectations of $427.07 million. During the same period in the prior year, the business earned $0.20 EPS. The firm’s quarterly revenue was up 1.3% on a year-over-year basis. On average, analysts forecast that Welbilt, Inc will post 0.73 earnings per share for the current year.

Welbilt Profile

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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Institutional Ownership by Quarter for Welbilt (NYSE:WBT)

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