John Bean Technologies (JBT) Lowered to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of John Bean Technologies (NYSE:JBT) from a buy rating to a hold rating in a report published on Friday morning.
According to Zacks, “John Bean Technologies Corporation designs, manufactures, tests, installs, and services products and systems for the food and beverage, and air transportation industries. The company operates through JBT FoodTech and JBT AeroTech segments. It provides chilling, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, frying, freezing, and weighing solutions for poultry, beef, pork, and seafood, as well as ready-to-eat meals, fruits, vegetables, dairy, and bakery products; solutions to extract, concentrate, and aseptically process citrus, tomato, and other fruits, vegetables, and juices; and solutions for the filling, closing, and preservation of fruits, vegetables, soups, sauces, and dairy and pet food products, as well as ready-to-eat meals. The company also offers automated guided vehicle systems for material handling in the manufacturing and warehouse industries; packaging material components, such as metal clips and hanging loops etc. “
JBT has been the subject of several other research reports. Robert W. Baird upped their price target on shares of John Bean Technologies from $107.00 to $115.00 and gave the stock an outperform rating in a research report on Wednesday, October 25th. Bank of America downgraded shares of John Bean Technologies from a neutral rating to an underperform rating in a report on Friday, December 8th. Finally, Wells Fargo & Co set a $125.00 price objective on shares of John Bean Technologies and gave the stock a buy rating in a report on Thursday. Two analysts have rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. John Bean Technologies currently has a consensus rating of Hold and an average price target of $107.50.
John Bean Technologies (NYSE:JBT) last released its quarterly earnings results on Monday, October 23rd. The industrial products company reported $0.82 EPS for the quarter, topping the consensus estimate of $0.78 by $0.04. The business had revenue of $420.80 million during the quarter, compared to analyst estimates of $414.17 million. John Bean Technologies had a net margin of 5.41% and a return on equity of 25.51%. The company’s quarterly revenue was up 20.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.69 earnings per share. research analysts expect that John Bean Technologies will post 3.07 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Monday, December 18th were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Friday, December 15th. John Bean Technologies’s payout ratio is currently 14.49%.
A number of hedge funds have recently bought and sold shares of JBT. Bamco Inc. NY lifted its holdings in John Bean Technologies by 93.3% in the third quarter. Bamco Inc. NY now owns 773,300 shares of the industrial products company’s stock worth $78,181,000 after purchasing an additional 373,300 shares during the period. Eagle Asset Management Inc. lifted its holdings in John Bean Technologies by 17.0% in the third quarter. Eagle Asset Management Inc. now owns 852,476 shares of the industrial products company’s stock worth $86,611,000 after purchasing an additional 123,801 shares during the period. Global X MANAGEMENT CO LLC lifted its holdings in John Bean Technologies by 181.6% in the third quarter. Global X MANAGEMENT CO LLC now owns 154,148 shares of the industrial products company’s stock worth $15,584,000 after purchasing an additional 99,407 shares during the period. American Century Companies Inc. lifted its holdings in John Bean Technologies by 13.6% in the third quarter. American Century Companies Inc. now owns 589,764 shares of the industrial products company’s stock worth $59,625,000 after purchasing an additional 70,721 shares during the period. Finally, Royal Bank of Canada lifted its holdings in John Bean Technologies by 36.0% in the second quarter. Royal Bank of Canada now owns 249,398 shares of the industrial products company’s stock worth $24,441,000 after purchasing an additional 66,027 shares during the period.
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About John Bean Technologies
John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food and beverage industry with focus on proteins, liquid foods and automated system solutions. It operates through two segments: JBT FoodTech and JBT AeroTech. The JBT FoodTech segment designs, manufactures and services technologically food processing systems used for fruit juice production, frozen food production, in-container food production, automated systems and convenience food preparation by the food industry.
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