Seaport Global Securities Weighs in on Middleby Corp’s FY2019 Earnings (NASDAQ:MIDD)

Middleby Corp (NASDAQ:MIDD) – Equities research analysts at Seaport Global Securities reduced their FY2019 earnings per share estimates for shares of Middleby in a report issued on Wednesday, November 6th. Seaport Global Securities analyst W. Liptak now forecasts that the industrial products company will post earnings of $6.50 per share for the year, down from their previous estimate of $6.61. Seaport Global Securities also issued estimates for Middleby’s Q4 2019 earnings at $1.70 EPS, Q2 2020 earnings at $1.79 EPS, Q3 2020 earnings at $1.75 EPS, Q4 2020 earnings at $2.09 EPS and FY2020 earnings at $7.01 EPS.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, November 6th. The industrial products company reported $1.72 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.63 by $0.09. Middleby had a return on equity of 21.17% and a net margin of 11.27%. The business had revenue of $724.00 million during the quarter, compared to analysts’ expectations of $760.88 million. During the same period in the previous year, the business posted $1.56 earnings per share. The firm’s revenue for the quarter was up 1.5% compared to the same quarter last year.

Other analysts have also issued reports about the company. TheStreet lowered Middleby from a “b-” rating to a “c” rating in a research note on Thursday, August 29th. Wellington Shields lowered Middleby from a “gradually accumulate” rating to a “hold” rating in a research note on Thursday. BidaskClub raised Middleby from a “sell” rating to a “hold” rating in a research note on Wednesday, October 23rd. Citigroup cut their price target on Middleby from $138.00 to $125.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 14th. Finally, Buckingham Research set a $153.00 price target on Middleby and gave the company a “buy” rating in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $141.57.

Shares of Middleby stock traded down $0.11 during trading on Friday, reaching $118.51. The company’s stock had a trading volume of 518 shares, compared to its average volume of 238,813. The stock has a 50-day moving average price of $116.65 and a two-hundred day moving average price of $125.61. The stock has a market capitalization of $6.94 billion, a P/E ratio of 19.45 and a beta of 1.63. The company has a current ratio of 2.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.11. Middleby has a one year low of $96.65 and a one year high of $142.98.

In related news, Director Robert A. Nerbonne acquired 455 shares of the stock in a transaction dated Wednesday, August 14th. The stock was bought at an average cost of $111.21 per share, for a total transaction of $50,600.55. Following the completion of the transaction, the director now directly owns 1,282 shares of the company’s stock, valued at $142,571.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.98% of the stock is owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Royal Bank of Canada increased its holdings in Middleby by 2.4% in the second quarter. Royal Bank of Canada now owns 94,486 shares of the industrial products company’s stock worth $12,821,000 after purchasing an additional 2,189 shares in the last quarter. Andra AP fonden boosted its position in shares of Middleby by 77.9% during the second quarter. Andra AP fonden now owns 20,100 shares of the industrial products company’s stock valued at $2,728,000 after buying an additional 8,800 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. boosted its position in shares of Middleby by 2.2% during the third quarter. Leith Wheeler Investment Counsel Ltd. now owns 37,875 shares of the industrial products company’s stock valued at $4,428,000 after buying an additional 810 shares during the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Middleby by 33.4% during the second quarter. Pictet Asset Management Ltd. now owns 354,060 shares of the industrial products company’s stock valued at $48,046,000 after buying an additional 88,590 shares during the last quarter. Finally, Aperio Group LLC boosted its position in shares of Middleby by 1.6% during the second quarter. Aperio Group LLC now owns 16,105 shares of the industrial products company’s stock valued at $2,185,000 after buying an additional 258 shares during the last quarter. Institutional investors own 94.74% of the company’s stock.

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.

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Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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