The Middleby Corporation (MIDD) Expected to Post Q3 2017 Earnings of $1.39 Per Share

The Middleby Corporation (NASDAQ:MIDD) – Equities researchers at KeyCorp cut their Q3 2017 EPS estimates for shares of The Middleby Corporation in a research note issued to investors on Sunday. KeyCorp analyst J. Picariello now forecasts that the industrial products company will earn $1.39 per share for the quarter, down from their prior forecast of $1.45. KeyCorp also issued estimates for The Middleby Corporation’s FY2017 earnings at $5.55 EPS and FY2018 earnings at $6.10 EPS.

Several other brokerages have also weighed in on MIDD. Susquehanna Bancshares Inc initiated coverage on The Middleby Corporation in a report on Wednesday, September 27th. They issued a “positive” rating and a $141.00 price objective for the company. BidaskClub lowered The Middleby Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, August 11th. Robert W. Baird decreased their price objective on The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating for the company in a report on Friday, August 11th. BMO Capital Markets reissued a “buy” rating and issued a $150.00 price objective (down previously from $155.00) on shares of The Middleby Corporation in a report on Friday, June 23rd. Finally, Zacks Investment Research lowered The Middleby Corporation from a “hold” rating to a “sell” rating in a report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. The Middleby Corporation presently has an average rating of “Hold” and an average price target of $142.50.

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The Middleby Corporation (MIDD) opened at 118.61 on Tuesday. The Middleby Corporation has a 1-year low of $108.45 and a 1-year high of $150.87. The company has a 50 day moving average of $123.21 and a 200 day moving average of $127.41. The firm has a market capitalization of $6.83 billion, a P/E ratio of 22.22 and a beta of 1.82.

The Middleby Corporation (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.01. The Middleby Corporation had a net margin of 13.38% and a return on equity of 23.05%. The business had revenue of $579.34 million for the quarter, compared to the consensus estimate of $587.49 million.

In other The Middleby Corporation news, Director Gordon Obrien sold 5,600 shares of The Middleby Corporation stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total transaction of $679,896.00. Following the completion of the transaction, the director now owns 11,050 shares of the company’s stock, valued at approximately $1,341,580.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John R. Miller III sold 8,500 shares of The Middleby Corporation stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $118.50, for a total value of $1,007,250.00. Following the transaction, the director now directly owns 16,000 shares of the company’s stock, valued at approximately $1,896,000. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.

A number of hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in The Middleby Corporation by 1.2% during the 2nd quarter. Vanguard Group Inc. now owns 4,541,273 shares of the industrial products company’s stock valued at $551,811,000 after buying an additional 54,010 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in The Middleby Corporation by 19.9% during the 2nd quarter. Goldman Sachs Group Inc. now owns 2,859,086 shares of the industrial products company’s stock valued at $347,407,000 after buying an additional 474,506 shares in the last quarter. BlackRock Inc. grew its holdings in The Middleby Corporation by 2.7% during the 2nd quarter. BlackRock Inc. now owns 2,701,818 shares of the industrial products company’s stock valued at $328,297,000 after buying an additional 69,896 shares in the last quarter. Fiera Capital Corp grew its holdings in The Middleby Corporation by 19.3% during the 2nd quarter. Fiera Capital Corp now owns 2,480,553 shares of the industrial products company’s stock valued at $301,412,000 after buying an additional 401,561 shares in the last quarter. Finally, William Blair Investment Management LLC grew its holdings in The Middleby Corporation by 40.4% during the 2nd quarter. William Blair Investment Management LLC now owns 1,809,903 shares of the industrial products company’s stock valued at $219,921,000 after buying an additional 520,906 shares in the last quarter. 95.21% of the stock is owned by institutional investors and hedge funds.

About The Middleby Corporation

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

Earnings History and Estimates for The Middleby Corporation (NASDAQ:MIDD)

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