Weber (NYSE:WEBR) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Weber (NYSE:WEBRGet Rating) from a hold rating to a buy rating in a research report sent to investors on Wednesday morning, Zacks.com reports. The brokerage currently has $11.00 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. “

Several other brokerages have also recently weighed in on WEBR. The Goldman Sachs Group cut shares of Weber from a buy rating to a neutral rating and set a $11.00 price target on the stock. in a research report on Thursday, February 24th. Wells Fargo & Company lowered their price target on shares of Weber from $14.00 to $11.00 and set an equal weight rating on the stock in a research report on Tuesday, February 15th. Bank of America cut shares of Weber from a buy rating to a neutral rating and lowered their price target for the company from $17.00 to $12.00 in a research report on Wednesday, January 19th. JPMorgan Chase & Co. cut shares of Weber from an overweight rating to a neutral rating and lowered their price target for the company from $13.00 to $9.50 in a research report on Tuesday, February 15th. Finally, Citigroup lowered their price target on shares of Weber from $14.00 to $12.00 and set a neutral rating on the stock in a research report on Tuesday, February 15th. Seven analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Weber currently has an average rating of Hold and a consensus target price of $11.36.

Weber stock opened at $9.49 on Wednesday. Weber has a 52-week low of $8.56 and a 52-week high of $20.44. The company has a fifty day simple moving average of $10.48 and a 200-day simple moving average of $12.29.

Weber (NYSE:WEBRGet Rating) last released its earnings results on Monday, February 14th. The company reported ($0.09) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.09). The business had revenue of $283.10 million for the quarter, compared to analysts’ expectations of $310.78 million. The firm’s revenue for the quarter was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Weber will post 0.44 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, March 18th. Shareholders of record on Tuesday, March 8th were given a $0.04 dividend. The ex-dividend date was Monday, March 7th. This represents a $0.16 dividend on an annualized basis and a yield of 1.69%.

In other Weber news, CEO Chris M. Scherzinger purchased 20,000 shares of Weber stock in a transaction dated Tuesday, February 22nd. The shares were acquired at an average price of $9.96 per share, with a total value of $199,200.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Susan T. Congalton purchased 10,000 shares of Weber stock in a transaction dated Thursday, February 17th. The shares were acquired at an average cost of $10.59 per share, for a total transaction of $105,900.00. The disclosure for this purchase can be found here. Corporate insiders own 0.36% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in WEBR. Strs Ohio purchased a new stake in shares of Weber during the third quarter worth approximately $68,000. Commonwealth Equity Services LLC purchased a new stake in shares of Weber during the third quarter worth approximately $313,000. Janney Montgomery Scott LLC purchased a new stake in shares of Weber during the third quarter worth approximately $295,000. SG Americas Securities LLC purchased a new stake in shares of Weber during the third quarter worth approximately $156,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Weber during the third quarter worth approximately $209,000. Hedge funds and other institutional investors own 12.50% 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.

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