John Bean Technologies (NYSE:JBT) was upgraded by Zacks Investment Research from a "strong sell" rating to a "hold" rating in a research note issued to investors on Thursday, Zacks.com reports. The brokerage currently has a $154.00 price target on the industrial products company's stock. Zacks Investment Research's target price would indicate a potential upside of 8.60% from the company's current price.
According to Zacks, "John Bean’s adjusted earnings per share and revenues both declined year over year but beat the respective Zacks Consensus Estimate. The company has been witnessing sequential improvement in orders in both segments lately, which is promising. It projects adjusted earnings per share between $4.30 and $4.55 for 2021. The mid-point of the range suggests growth of 12% from 2020. The FoodTech segment is gaining from higher demand for packaged food purchases and "eat-at-home" trend amid the pandemic. However, weak foodservice demand remains a woe. In AeroTech, low passenger air travel is impacting mobile equipment demand. However, demand for infrastructure, cargo and military holds promise. Nevertheless, cost-cutting actions will bolster margins. Acquisitions and developing innovative products will also aid growth."
Other equities analysts have also issued research reports about the company. Robert W. Baird raised their target price on John Bean Technologies from $115.00 to $148.00 and gave the stock a "neutral" rating in a research note on Tuesday. Wells Fargo & Company boosted their price target on shares of John Bean Technologies from $145.00 to $160.00 and gave the stock an "overweight" rating in a report on Wednesday. BMO Capital Markets increased their price objective on John Bean Technologies from $110.00 to $140.00 and gave the company an "outperform" rating in a research note on Monday, December 14th. William Blair reaffirmed an "outperform" rating on shares of John Bean Technologies in a report on Tuesday. Finally, TheStreet upgraded shares of John Bean Technologies from a "c+" rating to a "b-" rating in a report on Thursday, December 3rd. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. The company currently has an average rating of "Buy" and an average target price of $140.40.
Shares of NYSE:JBT traded down $4.52 during trading on Thursday, hitting $141.80. The company had a trading volume of 1,317 shares, compared to its average volume of 174,994. John Bean Technologies has a one year low of $56.17 and a one year high of $148.94. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.46 and a quick ratio of 0.95. The company has a fifty day simple moving average of $125.75 and a two-hundred day simple moving average of $108.27. The stock has a market cap of $4.50 billion, a price-to-earnings ratio of 37.67 and a beta of 1.58.
John Bean Technologies (NYSE:JBT) last issued its earnings results on Sunday, February 21st. The industrial products company reported $1.02 EPS for the quarter, topping the Zacks' consensus estimate of $0.89 by $0.13. John Bean Technologies had a net margin of 6.59% and a return on equity of 24.17%. The business had revenue of $439.00 million for the quarter, compared to analyst estimates of $426.31 million. During the same period last year, the company posted $1.50 earnings per share. The company's quarterly revenue was down 19.5% compared to the same quarter last year. On average, equities research analysts anticipate that John Bean Technologies will post 3.83 earnings per share for the current year.
In other John Bean Technologies news, Director Polly B. Kawalek sold 3,857 shares of the firm's stock in a transaction on Monday, December 21st. The stock was sold at an average price of $118.11, for a total transaction of $455,550.27. Following the completion of the transaction, the director now owns 70,302 shares of the company's stock, valued at $8,303,369.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Caroline Maury Devine sold 300 shares of John Bean Technologies stock in a transaction dated Thursday, December 17th. The stock was sold at an average price of $121.49, for a total transaction of $36,447.00. Following the sale, the director now owns 50,115 shares of the company's stock, valued at $6,088,471.35. The disclosure for this sale can be found here. Insiders sold a total of 6,657 shares of company stock valued at $810,147 over the last three months. Insiders own 2.20% of the company's stock.
Several institutional investors have recently added to or reduced their stakes in JBT. Envestnet Asset Management Inc. increased its holdings in John Bean Technologies by 20.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 5,567 shares of the industrial products company's stock worth $512,000 after purchasing an additional 932 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of John Bean Technologies by 10.0% in the 3rd quarter. Nisa Investment Advisors LLC now owns 8,275 shares of the industrial products company's stock worth $760,000 after acquiring an additional 750 shares during the period. XTX Markets LLC bought a new position in John Bean Technologies during the 3rd quarter valued at $301,000. Comerica Bank grew its holdings in John Bean Technologies by 34.5% during the third quarter. Comerica Bank now owns 83,325 shares of the industrial products company's stock worth $7,477,000 after acquiring an additional 21,384 shares during the period. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of John Bean Technologies by 121.0% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 10,004 shares of the industrial products company's stock worth $919,000 after purchasing an additional 5,477 shares in the last quarter.
About John Bean Technologies
John Bean Technologies Corporation provides technology solutions to food and beverage industry and equipment and services to air transportation industries. The company operates through JBT FoodTech and JBT AeroTech segments. It offers poultry processing, mixing/grinding, injecting, marinating, tumbling, portioning, packaging, coating, cooking, frying, freezing, weighing, and X-ray food inspection.
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