Weber (NYSE:WEBR) Price Target Cut to $8.00 by Analysts at Citigroup

Weber (NYSE:WEBRGet Rating) had its price objective lowered by equities researchers at Citigroup from $12.00 to $8.00 in a report released on Tuesday, The Fly reports. Citigroup’s price target suggests a potential upside of 12.52% from the company’s current price.

A number of other research firms have also recently issued reports on WEBR. Zacks Investment Research upgraded Weber from a “hold” rating to a “buy” rating and set a $7.75 target price for the company in a report on Friday. Wells Fargo & Company lowered their target price on Weber from $14.00 to $11.00 and set an “equal weight” rating for the company in a report on Tuesday, February 15th. Bank of America cut Weber from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $17.00 to $12.00 in a report on Wednesday, January 19th. JPMorgan Chase & Co. cut Weber from an “overweight” rating to a “neutral” rating and lowered their target price for the stock from $13.00 to $9.50 in a report on Tuesday, February 15th. Finally, BMO Capital Markets reduced their price objective on shares of Weber from $16.00 to $13.00 in a research note on Tuesday, February 15th. Seven analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.75.

WEBR opened at $7.11 on Tuesday. Weber has a 12 month low of $5.72 and a 12 month high of $20.44. The company has a fifty day simple moving average of $9.68 and a 200 day simple moving average of $11.33.

Weber (NYSE:WEBRGet Rating) last released its quarterly earnings data on Monday, May 16th. The company reported ($1.02) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($1.20). The company had revenue of $607.30 million for the quarter, compared to analyst estimates of $659.06 million. Weber’s revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts forecast that Weber will post 0.44 earnings per share for the current fiscal year.

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

A number of large investors have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Weber during the third quarter worth approximately $156,000. New York State Common Retirement Fund acquired a new stake in Weber during the third quarter worth approximately $209,000. Raymond James & Associates acquired a new stake in Weber during the third quarter worth approximately $207,000. Deutsche Bank AG acquired a new stake in Weber during the third quarter worth approximately $172,000. Finally, Advisor Group Holdings Inc. acquired a new stake in Weber during the third quarter worth approximately $115,000. Institutional investors and hedge funds own 13.54% of the company’s stock.

About Weber (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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