State of New Jersey Common Pension Fund D trimmed its stake in Welbilt, Inc (NYSE:WBT – Get Rating) by 9.9% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 107,084 shares of the industrial products company’s stock after selling 11,825 shares during the quarter. State of New Jersey Common Pension Fund D owned approximately 0.07% of Welbilt worth $2,543,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its stake in Welbilt by 76.5% in the fourth quarter. Millennium Management LLC now owns 5,618,286 shares of the industrial products company’s stock valued at $133,547,000 after buying an additional 2,434,481 shares during the last quarter. Versor Investments LP increased its holdings in shares of Welbilt by 11.2% during the fourth quarter. Versor Investments LP now owns 4,368,262 shares of the industrial products company’s stock valued at $103,834,000 after purchasing an additional 440,460 shares during the period. Bank of America Corp DE increased its holdings in shares of Welbilt by 28.4% during the fourth quarter. Bank of America Corp DE now owns 2,856,464 shares of the industrial products company’s stock valued at $67,898,000 after purchasing an additional 632,343 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Welbilt by 6.1% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,750,890 shares of the industrial products company’s stock valued at $65,389,000 after purchasing an additional 158,414 shares during the period. Finally, Alpine Associates Management Inc. increased its holdings in shares of Welbilt by 1.5% during the fourth quarter. Alpine Associates Management Inc. now owns 2,570,700 shares of the industrial products company’s stock valued at $61,106,000 after purchasing an additional 37,700 shares during the period. 87.52% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Separately, StockNews.com lowered Welbilt from a “hold” rating to a “sell” rating in a report on Monday, May 23rd.
Welbilt Price Performance
Welbilt (NYSE:WBT – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The industrial products company reported $0.10 EPS for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.02). The business had revenue of $330.00 million for the quarter, compared to analyst estimates of $346.80 million. Welbilt had a net margin of 4.18% and a return on equity of 29.17%. Welbilt’s revenue for the quarter was up 4.2% on a year-over-year basis. During the same period last year, the business posted $0.08 earnings per share. Equities analysts anticipate that Welbilt, Inc will post 1 EPS for the current year.
Welbilt Company 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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