FY2018 Earnings Forecast for Manitowoc Food Service, Inc. Issued By KeyCorp (WBT)

Manitowoc Food Service, Inc. (NYSE:WBT) – Analysts at KeyCorp upped their FY2018 earnings per share estimates for Manitowoc Food Service in a report released on Sunday. KeyCorp analyst J. Picariello now anticipates that the industrial products company will post earnings of $0.97 per share for the year, up from their prior estimate of $0.92.

Manitowoc Food Service (NYSE:WBT) last issued its quarterly earnings data on Wednesday, August 9th. The industrial products company reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.18 by $0.04. The company had revenue of $371.10 million for the quarter, compared to analysts’ expectations of $367.28 million. Manitowoc Food Service had a negative return on equity of 280.03% and a net margin of 5.57%. The company’s quarterly revenue was up .7% on a year-over-year basis.

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A number of other research firms have also recently issued reports on WBT. Longbow Research assumed coverage on shares of Manitowoc Food Service in a report on Tuesday. They set a “neutral” rating for the company. Dougherty & Co restated a “neutral” rating on shares of Manitowoc Food Service in a report on Thursday, August 17th. Zacks Investment Research upgraded shares of Manitowoc Food Service from a “hold” rating to a “buy” rating and set a $22.00 price target for the company in a report on Saturday, August 12th. Finally, Robert W. Baird set a $22.00 price target on shares of Manitowoc Food Service and gave the company a “buy” rating in a report on Thursday, August 24th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $21.40.

Shares of Manitowoc Food Service (NYSE:WBT) traded down 0.384% on Tuesday, hitting $22.055. The company’s stock had a trading volume of 384,958 shares. The stock’s 50 day moving average price is $19.64 and its 200 day moving average price is $19.46. The stock has a market capitalization of $3.07 billion, a P/E ratio of 38.092 and a beta of 2.46. Manitowoc Food Service has a 52 week low of $14.93 and a 52 week high of $23.46.

Several institutional investors and hedge funds have recently made changes to their positions in WBT. Kensico Capital Management Corp acquired a new position in shares of Manitowoc Food Service during the first quarter valued at about $228,493,000. Vanguard Group Inc. acquired a new position in shares of Manitowoc Food Service during the first quarter valued at about $213,092,000. Abrams Capital Management L.P. acquired a new position in shares of Manitowoc Food Service during the first quarter valued at about $148,031,000. BlackRock Inc. acquired a new position in shares of Manitowoc Food Service during the first quarter valued at about $100,454,000. Finally, Morgan Stanley acquired a new position in shares of Manitowoc Food Service during the first quarter valued at about $77,776,000. 87.85% of the stock is owned by institutional investors and hedge funds.

In other news, Director Brian R. Gamache purchased 10,000 shares of the firm’s stock in a transaction on Tuesday, August 29th. The stock was bought at an average cost of $19.68 per share, for a total transaction of $196,800.00. Following the completion of the acquisition, the director now directly owns 14,776 shares of the company’s stock, valued at $290,791.68. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.67% of the stock is owned by corporate insiders.

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.

Earnings History and Estimates for Manitowoc Food Service (NYSE:WBT)

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