John Bean Technologies (NYSE:JBT) Shares Gap Up After Better-Than-Expected Earnings

John Bean Technologies Co. (NYSE:JBT - Get Free Report)'s stock price gapped up prior to trading 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 traded.

The industrial products company reported $1.50 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.09. John Bean Technologies had a return on equity of 9.67% and a net margin of 36.66%. The company had revenue of $453.80 million during the quarter, compared to analysts' expectations of $442.20 million. During the same period in the prior year, the business earned $1.11 earnings per share. John Bean Technologies's revenue for the quarter was up 12.4% compared to the same quarter last year.

John Bean Technologies Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 19th were given a $0.10 dividend. The ex-dividend date was Monday, August 19th. This represents a $0.40 annualized dividend and a dividend yield of 0.36%. John Bean Technologies's dividend payout ratio is 2.13%.

Institutional Investors Weigh In On John Bean Technologies

Several hedge funds have recently modified their holdings of the business. Arizona State Retirement System raised its stake in shares of John Bean Technologies by 1.7% in the second quarter. Arizona State Retirement System now owns 8,900 shares of the industrial products company's stock valued at $845,000 after purchasing an additional 150 shares in the last quarter. CWM LLC raised its stake in shares of John Bean Technologies by 113.2% in the second quarter. CWM LLC now owns 324 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 172 shares in the last quarter. Diversified Trust Co raised its stake in shares of John Bean Technologies by 1.4% in the second quarter. Diversified Trust Co now owns 13,400 shares of the industrial products company's stock valued at $1,273,000 after purchasing an additional 184 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of John Bean Technologies by 1.3% in the second quarter. Louisiana State Employees Retirement System now owns 16,000 shares of the industrial products company's stock valued at $1,520,000 after purchasing an additional 200 shares in the last quarter. Finally, Inspire Investing LLC raised its stake in shares of John Bean Technologies by 6.4% in the second quarter. Inspire Investing LLC now owns 3,648 shares of the industrial products company's stock valued at $346,000 after purchasing an additional 218 shares in the last quarter. 98.92% of the stock is owned by institutional investors.

John Bean Technologies Stock Up 17.7 %

The business has a 50 day moving average of $92.70 and a 200 day moving average of $93.64. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.54 and a quick ratio of 1.96. The firm has a market capitalization of $3.57 billion, a price-to-earnings ratio of 5.98, a price-to-earnings-growth ratio of 1.35 and a beta of 1.25.

About John Bean Technologies

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.