Middleby Corp (NASDAQ:MIDD) – Investment analysts at William Blair dropped their Q4 2019 EPS estimates for Middleby in a research note issued to investors on Wednesday, November 6th, Zacks Investment Research reports. William Blair analyst L. De. Maria now expects that the industrial products company will post earnings per share of $1.80 for the quarter, down from their previous estimate of $1.91. William Blair also issued estimates for Middleby’s FY2020 earnings at $7.00 EPS.
Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Wednesday, November 6th. The industrial products company reported $1.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.63 by $0.09. The company had revenue of $724.00 million during the quarter, compared to analysts’ expectations of $760.88 million. Middleby had a net margin of 11.55% and a return on equity of 20.81%. The firm’s revenue for the quarter was up 1.5% on a year-over-year basis. During the same period in the prior year, the business posted $1.56 earnings per share.
A number of other brokerages have also recently commented on MIDD. ValuEngine cut shares of Middleby from a “hold” rating to a “sell” rating in a research report on Monday, November 4th. Citigroup reduced their target price on shares of Middleby from $138.00 to $125.00 and set a “neutral” rating for the company in a research report on Wednesday, August 14th. TheStreet cut shares of Middleby from a “b-” rating to a “c” rating in a research report on Thursday, August 29th. Wellington Shields cut shares of Middleby from a “gradually accumulate” rating to a “hold” rating in a research report on Thursday, November 7th. Finally, BidaskClub upgraded shares of Middleby from a “sell” rating to a “hold” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, three have given a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $141.57.
Shares of NASDAQ MIDD traded up $0.22 during mid-day trading on Friday, reaching $115.76. The company’s stock had a trading volume of 176,710 shares, compared to its average volume of 289,025. The stock has a 50-day moving average of $117.56 and a two-hundred day moving average of $123.73. The stock has a market capitalization of $6.49 billion, a P/E ratio of 18.98 and a beta of 1.63. The company has a debt-to-equity ratio of 1.05, a quick ratio of 1.00 and a current ratio of 2.05. Middleby has a 1-year low of $96.65 and a 1-year high of $142.98.
A number of institutional investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC purchased a new position in shares of Middleby in the second quarter valued at approximately $40,000. Steward Partners Investment Advisory LLC purchased a new position in Middleby in the second quarter worth approximately $66,000. Tower Research Capital LLC TRC lifted its stake in Middleby by 5,606.7% in the third quarter. Tower Research Capital LLC TRC now owns 856 shares of the industrial products company’s stock worth $100,000 after acquiring an additional 841 shares during the last quarter. CNB Bank lifted its stake in Middleby by 266.4% in the third quarter. CNB Bank now owns 894 shares of the industrial products company’s stock worth $105,000 after acquiring an additional 650 shares during the last quarter. Finally, Quest Capital Management Inc. ADV purchased a new position in Middleby in the third quarter worth approximately $114,000. Hedge funds and other institutional investors own 93.32% of the company’s stock.
In other news, Director Robert A. Nerbonne acquired 420 shares of the business’s stock in a transaction that occurred on Friday, November 8th. The stock was purchased at an average cost of $120.24 per share, for a total transaction of $50,500.80. Following the completion of the transaction, the director now owns 1,282 shares in the company, valued at $154,147.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.98% of the stock is currently owned by company insiders.
About Middleby
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.
