Seaport Res Ptn Research Analysts Lower Earnings Estimates for The Middleby Co. (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD – Get Rating) – Investment analysts at Seaport Res Ptn lowered their Q2 2022 earnings per share (EPS) estimates for Middleby in a note issued to investors on Wednesday, May 11th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will post earnings per share of $2.10 for the quarter, down from their prior estimate of $2.30. Seaport Res Ptn also issued estimates for Middleby’s Q4 2022 earnings at $2.56 EPS, Q1 2023 earnings at $2.03 EPS, Q2 2023 earnings at $2.40 EPS, Q3 2023 earnings at $2.70 EPS, Q4 2023 earnings at $2.99 EPS and FY2023 earnings at $10.13 EPS.

Other equities analysts also recently issued reports about the stock. TheStreet downgraded shares of Middleby from a “b-” rating to a “c+” rating in a report on Wednesday. Zacks Investment Research downgraded shares of Middleby from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a report on Friday, February 25th. Barclays boosted their price target on shares of Middleby from $215.00 to $217.00 and gave the stock an “overweight” rating in a report on Thursday, January 13th. KeyCorp cut their price target on shares of Middleby from $200.00 to $182.00 in a report on Wednesday. Finally, StockNews.com assumed coverage on Middleby in a research note on Thursday, March 31st. They issued a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, Middleby currently has a consensus rating of “Buy” and a consensus price target of $195.00.

Shares of NASDAQ:MIDD opened at $132.26 on Friday. The company’s 50-day moving average is $158.92 and its 200 day moving average is $177.20. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.95 and a current ratio of 1.99. The company has a market capitalization of $7.25 billion, a P/E ratio of 15.49 and a beta of 1.56. Middleby has a fifty-two week low of $127.02 and a fifty-two week high of $201.34.

Middleby (NASDAQ:MIDD – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The industrial products company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates 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 net margin of 13.91% and a return on equity of 19.53%. The firm’s quarterly revenue was up 31.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.79 EPS.

In related news, Director Robert A. Nerbonne purchased 600 shares of the firm’s stock in a transaction dated Monday, March 14th. The shares were purchased at an average cost of $168.84 per share, for a total transaction of $101,304.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Miller III sold 2,769 shares of the company’s stock in a transaction dated Monday, March 7th. The shares were 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. Insiders own 1.24% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of MIDD. Ovata Capital Management Ltd purchased a new position in shares of Middleby during the third quarter worth about $2,864,000. Norges Bank bought a new position in Middleby during the fourth quarter valued at approximately $146,503,000. Boston Partners grew its position in Middleby by 7,624.4% during the fourth quarter. Boston Partners now owns 636,180 shares of the industrial products company’s stock valued at $125,200,000 after acquiring an additional 627,944 shares during the last quarter. Balyasny Asset Management LLC grew its position in Middleby by 1,266.0% during the third quarter. Balyasny Asset Management LLC now owns 349,795 shares of the industrial products company’s stock valued at $59,644,000 after acquiring an additional 379,795 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Middleby by 30.2% during the third quarter. Goldman Sachs Group Inc. now owns 1,418,498 shares of the industrial products company’s stock valued at $241,868,000 after acquiring an additional 329,235 shares during the last quarter. 99.88% of the stock is owned by institutional investors.

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.

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