John Bean Technologies (NYSE:JBT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The brokerage presently has a $124.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.37% from the stock’s previous close.
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 topic of several other reports. Bank of America downgraded shares of John Bean Technologies from a “neutral” rating to an “underperform” rating in a report on Friday, December 8th. Robert W. Baird upped their price objective on shares of John Bean Technologies from $107.00 to $115.00 and gave the company an “outperform” rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $104.86.
John Bean Technologies (NYSE:JBT) last issued its earnings results on Monday, October 23rd. The industrial products company reported $0.82 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.78 by $0.04. The business had revenue of $420.80 million for the quarter, compared to the consensus estimate of $414.17 million. John Bean Technologies had a net margin of 5.41% and a return on equity of 25.51%. The firm’s revenue for the quarter was up 20.4% on a year-over-year basis. During the same period in the previous year, the company earned $0.69 earnings per share. research analysts forecast that John Bean Technologies will post 3.07 EPS for the current year.
Institutional investors have recently made changes to their positions in the company. US Bancorp DE lifted its position in John Bean Technologies by 7.6% during the second quarter. US Bancorp DE now owns 1,830 shares of the industrial products company’s stock worth $180,000 after purchasing an additional 130 shares during the period. World Asset Management Inc bought a new stake in John Bean Technologies during the second quarter worth about $204,000. Sei Investments Co. lifted its position in John Bean Technologies by 31.7% during the second quarter. Sei Investments Co. now owns 5,300 shares of the industrial products company’s stock worth $520,000 after purchasing an additional 1,275 shares during the period. TD Asset Management Inc. lifted its position in John Bean Technologies by 12.9% during the second quarter. TD Asset Management Inc. now owns 34,056 shares of the industrial products company’s stock worth $3,337,000 after purchasing an additional 3,900 shares during the period. Finally, Schwab Charles Investment Management Inc. lifted its position in John Bean Technologies by 4.3% during the second quarter. Schwab Charles Investment Management Inc. now owns 132,297 shares of the industrial products company’s stock worth $12,966,000 after purchasing an additional 5,444 shares during the period. 99.26% of the stock is owned by institutional investors.
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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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