Weber (NYSE:WEBR) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Weber (NYSE:WEBRGet Rating) from a hold rating to a buy rating in a report published on Friday, Zacks.com reports. The firm currently has $7.75 price objective on the stock.

According to Zacks, “WEBER INC. is a barbecue brand. It offers a comprehensive, innovative product portfolio, including charcoal, gas, pellet and electric grills, smokers and accessories designed to help outdoor cooking enthusiasts. WEBER INC. is headquartered in Palatine, IL. “

A number of other research analysts have also issued reports on WEBR. Citigroup dropped their price objective on shares of Weber from $14.00 to $12.00 and set a neutral rating for the company in a report on Tuesday, February 15th. Bank of America lowered shares of Weber from a buy rating to a neutral rating and dropped their price objective for the company from $17.00 to $12.00 in a report on Wednesday, January 19th. The Goldman Sachs Group lowered shares of Weber from a buy rating to a neutral rating and set a $11.00 price objective for the company. in a report on Thursday, February 24th. BMO Capital Markets dropped their price objective on shares of Weber from $16.00 to $13.00 in a report on Tuesday, February 15th. Finally, JPMorgan Chase & Co. lowered shares of Weber from an overweight rating to a neutral rating and dropped their price objective for the company from $13.00 to $9.50 in a report on Tuesday, February 15th. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $10.89.

Shares of WEBR stock traded down $0.22 on Friday, hitting $7.14. The company’s stock had a trading volume of 802,746 shares, compared to its average volume of 371,463. The stock’s 50 day moving average is $9.75 and its 200-day moving average is $11.39. Weber has a fifty-two week low of $6.52 and a fifty-two week high of $20.44.

Weber (NYSE:WEBRGet Rating) last announced its quarterly earnings data on Monday, February 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.09). The firm had revenue of $283.10 million for the quarter, compared to analyst estimates of $310.78 million. The company’s revenue for the quarter was down 8.4% compared to the same quarter last year. On average, analysts forecast that Weber will post 0.44 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 17th. Shareholders of record on Tuesday, June 7th will be issued a dividend of $0.04 per share. This represents a $0.16 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Monday, June 6th.

In other Weber news, CEO Chris M. Scherzinger bought 20,000 shares of the stock in a transaction dated Tuesday, February 22nd. The shares were bought at an average cost of $9.96 per share, for a total transaction of $199,200.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Susan T. Congalton bought 10,000 shares of the stock in a transaction dated Thursday, February 17th. The shares were acquired at an average price of $10.59 per share, for a total transaction of $105,900.00. The disclosure for this purchase can be found here. 0.36% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in WEBR. BlackRock Inc. bought a new stake in Weber in the 3rd quarter valued at about $14,327,000. Bank of America Corp DE raised its stake in Weber by 707.8% in the 4th quarter. Bank of America Corp DE now owns 473,402 shares of the company’s stock valued at $6,121,000 after acquiring an additional 414,801 shares during the period. Geode Capital Management LLC bought a new stake in Weber in the 3rd quarter valued at about $4,420,000. Ghisallo Capital Management LLC bought a new stake in Weber in the 3rd quarter valued at about $2,814,000. Finally, Teacher Retirement System of Texas bought a new stake in Weber in the 3rd quarter valued at about $2,639,000. Institutional investors own 13.54% of the company’s stock.

Weber Company Profile (Get Rating)

Weber Inc, an outdoor cooking company, manufactures and distributes outdoor cooking products, accessories, consumables, and services in North America, Europe, Australia, and internationally. Its products include charcoal and gas grills, smokers, pellet and electric grills, and Weber Connect Smart Grilling Hub; and accessories, consumables, and services.

Further Reading

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