Envestnet Asset Management Inc. Sells 13,460 Shares of JBT Marel Corporation $JBTM

Envestnet Asset Management Inc. reduced its holdings in shares of JBT Marel Corporation (NYSE:JBTM) by 5.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 234,947 shares of the company’s stock after selling 13,460 shares during the period. Envestnet Asset Management Inc. owned about 0.45% of JBT Marel worth $32,998,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Summit Global Investments bought a new position in JBT Marel in the third quarter worth about $1,052,000. Diversified Trust Co purchased a new position in shares of JBT Marel in the 3rd quarter worth approximately $1,061,000. Confluence Investment Management LLC purchased a new position in shares of JBT Marel in the 3rd quarter worth approximately $12,034,000. Squarepoint Ops LLC raised its stake in shares of JBT Marel by 344.1% during the 2nd quarter. Squarepoint Ops LLC now owns 37,889 shares of the company’s stock worth $4,557,000 after acquiring an additional 29,358 shares in the last quarter. Finally, New York State Common Retirement Fund lifted its position in JBT Marel by 13.3% during the third quarter. New York State Common Retirement Fund now owns 120,212 shares of the company’s stock valued at $16,884,000 after acquiring an additional 14,105 shares during the last quarter. Hedge funds and other institutional investors own 98.92% of the company’s stock.

Analyst Ratings Changes

Several research firms have issued reports on JBTM. Jefferies Financial Group raised shares of JBT Marel from a “hold” rating to a “buy” rating and lifted their price target for the stock from $150.00 to $180.00 in a report on Wednesday, December 10th. Weiss Ratings restated a “hold (c-)” rating on shares of JBT Marel in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $174.50.

Insider Buying and Selling

In related news, Director Olafur S. Gudmundsson sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 10th. The shares were sold at an average price of $150.09, for a total value of $1,500,900.00. Following the transaction, the director owned 9,980 shares in the company, valued at approximately $1,497,898.20. This represents a 50.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.69% of the stock is currently owned by corporate insiders.

JBT Marel Stock Performance

Shares of JBTM stock opened at $165.09 on Thursday. The business has a fifty day moving average of $155.58 and a 200 day moving average of $144.17. JBT Marel Corporation has a 1 year low of $90.08 and a 1 year high of $170.19. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.93 and a quick ratio of 0.53. The firm has a market capitalization of $8.58 billion, a price-to-earnings ratio of -73.70, a price-to-earnings-growth ratio of 1.62 and a beta of 1.01.

JBT Marel Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 29th. Investors of record on Monday, December 15th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. JBT Marel’s payout ratio is -17.86%.

JBT Marel Company Profile

JBT Marel 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.