Middleby Corp (NASDAQ:MIDD) – Equities researchers at Jefferies Financial Group cut their Q3 2019 earnings per share estimates for Middleby in a research note issued to investors on Monday, August 12th, Zacks Investment Research reports. Jefferies Financial Group analyst S. Boroditsky now anticipates that the industrial products company will post earnings per share of $1.62 for the quarter, down from their previous estimate of $1.77. Jefferies Financial Group also issued estimates for Middleby’s Q4 2019 earnings at $1.73 EPS, FY2019 earnings at $6.44 EPS, Q1 2020 earnings at $1.63 EPS, Q2 2020 earnings at $1.87 EPS, Q3 2020 earnings at $1.87 EPS, Q4 2020 earnings at $2.00 EPS, FY2020 earnings at $7.38 EPS, Q1 2021 earnings at $1.75 EPS, Q2 2021 earnings at $2.00 EPS, FY2021 earnings at $7.88 EPS and FY2022 earnings at $8.46 EPS.
A number of other research firms have also commented on MIDD. BidaskClub lowered shares of Middleby from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine lowered shares of Middleby from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Buckingham Research set a $153.00 price target on shares of Middleby and gave the company a “buy” rating in a report on Wednesday, August 7th. Zacks Investment Research raised shares of Middleby from a “sell” rating to a “hold” rating and set a $118.00 price target for the company in a report on Wednesday, August 14th. Finally, TheStreet lowered shares of Middleby from a “b-” rating to a “c” rating in a research note on Thursday, August 29th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $140.43.
MIDD traded up $1.10 during trading on Wednesday, reaching $113.45. 312,500 shares of the company’s stock were exchanged, compared to its average volume of 445,865. The company’s fifty day moving average price is $120.14 and its 200-day moving average price is $129.14. The company has a debt-to-equity ratio of 1.11, a quick ratio of 1.01 and a current ratio of 2.10. Middleby has a fifty-two week low of $96.65 and a fifty-two week high of $142.98. The firm has a market capitalization of $6.25 billion, a PE ratio of 18.60 and a beta of 1.60.
Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, August 7th. The industrial products company reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.77 by ($0.07). Middleby had a return on equity of 21.17% and a net margin of 11.27%. The business had revenue of $761.00 million for the quarter, compared to analyst estimates of $774.13 million. During the same period in the prior year, the firm posted $1.63 EPS. Middleby’s revenue was up 13.9% on a year-over-year basis.
A number of large investors have recently bought and sold shares of the business. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in Middleby by 3.0% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 10,780 shares of the industrial products company’s stock worth $1,463,000 after purchasing an additional 313 shares during the period. BlackRock Inc. grew its holdings in shares of Middleby by 1.6% during the second quarter. BlackRock Inc. now owns 2,760,992 shares of the industrial products company’s stock valued at $374,667,000 after buying an additional 43,929 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Middleby by 2.4% during the second quarter. Royal Bank of Canada now owns 94,486 shares of the industrial products company’s stock valued at $12,821,000 after buying an additional 2,189 shares during the last quarter. UBS Group AG grew its holdings in shares of Middleby by 112.2% during the second quarter. UBS Group AG now owns 56,162 shares of the industrial products company’s stock valued at $7,621,000 after buying an additional 29,692 shares during the last quarter. Finally, Ladenburg Thalmann Financial Services Inc. grew its holdings in shares of Middleby by 13.6% during the second quarter. Ladenburg Thalmann Financial Services Inc. now owns 8,055 shares of the industrial products company’s stock valued at $1,106,000 after buying an additional 962 shares during the last quarter. Institutional investors and hedge funds own 98.49% of the company’s stock.
In related news, Director Robert A. Nerbonne purchased 450 shares of Middleby stock in a transaction on Friday, August 9th. The stock was acquired at an average cost of $113.85 per share, for a total transaction of $51,232.50. Following the completion of the acquisition, the director now owns 1,282 shares of the company’s stock, valued at approximately $145,955.70. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert A. Nerbonne purchased 455 shares of Middleby stock in a transaction on Wednesday, August 14th. The stock was bought at an average price of $111.21 per share, with a total value of $50,600.55. Following the completion of the acquisition, the director now directly owns 1,282 shares of the company’s stock, valued at approximately $142,571.22. The disclosure for this purchase can be found here. 1.98% of the stock is owned by company insiders.
Middleby Company Profile
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.