John Bean Technologies (NYSE:JBT) Shares Gap Up After Strong Earnings

John Bean Technologies Co. (NYSE:JBT)’s share price gapped up before the market opened on Wednesday following a better than expected earnings announcement. The stock had previously closed at $95.26, but opened at $100.00. John Bean Technologies shares last traded at $104.97, with a volume of 113,933 shares changing hands.

The industrial products company reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.09. The firm had revenue of $453.80 million during the quarter, compared to analyst estimates of $442.20 million. John Bean Technologies had a net margin of 36.66% and a return on equity of 9.67%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.11 earnings per share.

John Bean Technologies Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were paid a $0.10 dividend. The ex-dividend date of this dividend was Monday, August 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.34%. John Bean Technologies’s dividend payout ratio is currently 2.13%.

Institutional Investors Weigh In On John Bean Technologies

Several large investors have recently modified their holdings of JBT. Diversified Trust Co grew its stake in shares of John Bean Technologies by 36.6% in the 1st quarter. Diversified Trust Co now owns 13,216 shares of the industrial products company’s stock valued at $1,386,000 after purchasing an additional 3,541 shares during the period. Pullen Investment Management LLC bought a new stake in shares of John Bean Technologies in the 1st quarter valued at approximately $437,000. Texas Permanent School Fund Corp grew its stake in shares of John Bean Technologies by 1.3% in the 1st quarter. Texas Permanent School Fund Corp now owns 27,865 shares of the industrial products company’s stock valued at $2,923,000 after purchasing an additional 360 shares during the period. Duality Advisers LP grew its position in John Bean Technologies by 20.6% during the 1st quarter. Duality Advisers LP now owns 4,655 shares of the industrial products company’s stock worth $488,000 after acquiring an additional 796 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. bought a new stake in John Bean Technologies during the 1st quarter worth approximately $238,000. 98.92% of the stock is currently owned by institutional investors.

John Bean Technologies Stock Performance

The firm has a market capitalization of $3.76 billion, a P/E ratio of 6.30, a price-to-earnings-growth ratio of 1.35 and a beta of 1.25. The stock has a 50-day moving average of $93.77 and a 200 day moving average of $93.93. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.96 and a current ratio of 2.54.

John Bean Technologies Company Profile

John Bean Technologies Corporation provides technology solutions to food and beverage industry in North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. It offers value-added processing that includes chilling, mixing/grinding, injecting, blending, marinating, tumbling, flattening, forming, portioning, coating, cooking, frying, freezing, extracting, pasteurizing, sterilizing, concentrating, high pressure processing, weighing, inspecting, filling, closing, sealing, end of line material handling, and packaging solutions to the food, beverage, and health market.