Middleby Corp (NASDAQ:MIDD) – Equities research analysts at KeyCorp dropped their Q2 2020 earnings per share estimates for Middleby in a research report issued on Sunday, June 28th. KeyCorp analyst J. Hammond now anticipates that the industrial products company will post earnings of $0.36 per share for the quarter, down from their prior forecast of $0.42. KeyCorp currently has a “Overweight” rating and a $90.00 price target on the stock. KeyCorp also issued estimates for Middleby’s Q3 2020 earnings at $0.92 EPS and FY2021 earnings at $5.65 EPS.
Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, May 7th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.39 by $0.07. Middleby had a net margin of 12.10% and a return on equity of 20.40%. The company had revenue of $677.50 million for the quarter, compared to analyst estimates of $677.37 million. During the same period in the prior year, the business earned $1.24 earnings per share. Middleby’s quarterly revenue was down 1.4% on a year-over-year basis.
Shares of MIDD stock opened at $79.93 on Tuesday. Middleby has a 1 year low of $41.73 and a 1 year high of $142.98. The firm’s 50 day moving average is $72.22 and its 200-day moving average is $85.03. The firm has a market capitalization of $4.06 billion, a price-to-earnings ratio of 12.45 and a beta of 1.60. The company has a current ratio of 2.48, a quick ratio of 1.46 and a debt-to-equity ratio of 1.15.
Hedge funds have recently bought and sold shares of the business. State Street Corp increased its position in Middleby by 1.2% during the first quarter. State Street Corp now owns 1,187,851 shares of the industrial products company’s stock worth $67,565,000 after buying an additional 13,836 shares during the last quarter. FDx Advisors Inc. acquired a new position in Middleby during the first quarter worth approximately $470,000. Waddell & Reed Financial Inc. increased its position in Middleby by 3.5% during the first quarter. Waddell & Reed Financial Inc. now owns 1,057,990 shares of the industrial products company’s stock worth $60,178,000 after buying an additional 36,258 shares during the last quarter. Advisor Group Holdings Inc. acquired a new position in Middleby during the first quarter worth approximately $152,000. Finally, AQR Capital Management LLC increased its position in Middleby by 195.9% during the first quarter. AQR Capital Management LLC now owns 13,971 shares of the industrial products company’s stock worth $795,000 after buying an additional 9,250 shares during the last quarter. Hedge funds and other institutional investors own 96.34% of the company’s stock.
In other Middleby news, Director Robert A. Nerbonne bought 1,750 shares of Middleby stock in a transaction on Wednesday, May 13th. The shares were purchased at an average cost of $56.76 per share, for a total transaction of $99,330.00. Also, Director Robert A. Nerbonne bought 2,700 shares of Middleby stock in a transaction on Friday, May 29th. The shares were acquired at an average price of $72.73 per share, for a total transaction of $196,371.00. Following the completion of the acquisition, the director now owns 2,443 shares of the company’s stock, valued at approximately $177,679.39. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 7,660 shares of company stock worth $495,723. Company insiders own 1.98% of the company’s stock.
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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