Jefferies Financial Group Comments on The Middleby Co.’s FY2022 Earnings (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDDGet Rating) – Research analysts at Jefferies Financial Group cut their FY2022 earnings estimates for Middleby in a research report issued to clients and investors on Tuesday, May 10th. Jefferies Financial Group analyst S. Boroditsky now anticipates that the industrial products company will earn $9.78 per share for the year, down from their previous estimate of $10.17. Jefferies Financial Group also issued estimates for Middleby’s Q4 2022 earnings at $2.87 EPS.

Middleby (NASDAQ:MIDDGet Rating) last posted its quarterly earnings results on Tuesday, May 10th. The industrial products company reported $2.13 earnings per share for the quarter, topping the consensus estimate of $2.10 by $0.03. The company had revenue of $994.68 million for the quarter, compared to the consensus estimate of $934.97 million. Middleby had a return on equity of 19.69% and a net margin of 15.03%. The firm’s quarterly revenue was up 31.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.79 EPS.

Other analysts also recently issued reports about the company. Citigroup cut their target price on Middleby from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, April 4th. Barclays increased their target price on Middleby from $215.00 to $217.00 and gave the company an “overweight” rating in a research note on Thursday, January 13th. StockNews.com started coverage on Middleby in a research note on Thursday, March 31st. They set a “hold” rating on the stock. JPMorgan Chase & Co. cut their target price on Middleby from $198.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 28th. Finally, Robert W. Baird lowered their price target on Middleby from $211.00 to $201.00 in a report on Wednesday. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, Middleby presently has a consensus rating of “Buy” and a consensus price target of $195.00.

Middleby stock opened at $130.03 on Thursday. The stock’s 50 day moving average is $158.92 and its 200 day moving average is $177.20. The company has a quick ratio of 0.95, a current ratio of 1.87 and a debt-to-equity ratio of 0.96. Middleby has a twelve month low of $129.89 and a twelve month high of $201.34. The company has a market capitalization of $7.12 billion, a P/E ratio of 15.10 and a beta of 1.56.

Several institutional investors have recently modified their holdings of the company. Steward Partners Investment Advisory LLC grew its position in shares of Middleby by 39.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 191 shares of the industrial products company’s stock valued at $38,000 after purchasing an additional 54 shares in the last quarter. Rockefeller Capital Management L.P. grew its position in shares of Middleby by 0.4% during the third quarter. Rockefeller Capital Management L.P. now owns 14,118 shares of the industrial products company’s stock valued at $2,406,000 after purchasing an additional 55 shares in the last quarter. Fifth Third Bancorp grew its position in shares of Middleby by 17.0% during the fourth quarter. Fifth Third Bancorp now owns 400 shares of the industrial products company’s stock valued at $79,000 after purchasing an additional 58 shares in the last quarter. Arizona State Retirement System grew its position in shares of Middleby by 0.4% during the first quarter. Arizona State Retirement System now owns 15,037 shares of the industrial products company’s stock valued at $2,465,000 after purchasing an additional 65 shares in the last quarter. Finally, TownSquare Capital LLC grew its position in shares of Middleby by 1.3% during the third quarter. TownSquare Capital LLC now owns 5,845 shares of the industrial products company’s stock valued at $997,000 after purchasing an additional 75 shares in the last quarter. Hedge funds and other institutional investors own 99.88% of the company’s stock.

In other Middleby news, Director Robert A. Nerbonne purchased 600 shares of the business’s stock in a transaction on Monday, March 14th. The stock was acquired at an average price of $168.84 per share, for a total transaction of $101,304.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director John R. Miller III sold 2,769 shares of the stock in a transaction on Monday, March 7th. The stock was sold at an average price of $166.45, for a total value of $460,900.05. The disclosure for this sale can be found here. 1.24% of the stock is currently owned by company insiders.

Middleby Company Profile (Get Rating)

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of 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 conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.

Further Reading

Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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