Seaport Global Securities Research Analysts Lower Earnings Estimates for The Middleby Corporation (MIDD)

The Middleby Corporation (NASDAQ:MIDD) – Analysts at Seaport Global Securities dropped their FY2017 earnings per share estimates for shares of The Middleby Corporation in a research note issued to investors on Thursday. Seaport Global Securities analyst W. Liptak now anticipates that the industrial products company will earn $5.38 per share for the year, down from their prior estimate of $5.52. Seaport Global Securities also issued estimates for The Middleby Corporation’s Q4 2017 earnings at $1.48 EPS, Q2 2018 earnings at $1.57 EPS, Q3 2018 earnings at $1.49 EPS, Q4 2018 earnings at $1.55 EPS and FY2018 earnings at $5.87 EPS.

The Middleby Corporation (NASDAQ:MIDD) last issued its earnings results on Wednesday, August 9th. The industrial products company reported $1.39 EPS for the quarter, beating the consensus estimate of $1.38 by $0.01. The Middleby Corporation had a return on equity of 23.17% and a net margin of 13.22%. The business had revenue of $579.34 million for the quarter, compared to the consensus estimate of $587.49 million.

WARNING: This story was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this story on another website, it was copied illegally and reposted in violation of US & international trademark and copyright legislation. The original version of this story can be accessed at https://www.dispatchtribunal.com/2017/11/12/seaport-global-securities-research-analysts-lower-earnings-estimates-for-the-middleby-corporation-midd.html.

Several other analysts also recently commented on MIDD. Citigroup Inc. cut their target price on The Middleby Corporation from $132.00 to $120.00 and set a “neutral” rating on the stock in a research note on Friday. BMO Capital Markets dropped their price target on The Middleby Corporation from $150.00 to $145.00 and set an “outperform” rating on the stock in a research note on Thursday. BidaskClub downgraded The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. Robert W. Baird dropped their price target on The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating on the stock in a research note on Friday, August 11th. Finally, Zacks Investment Research upgraded The Middleby Corporation from a “hold” rating to a “buy” rating and set a $142.00 price target on the stock in a research note on Tuesday, July 18th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $140.63.

Shares of The Middleby Corporation (NASDAQ:MIDD) opened at $109.84 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.04 and a current ratio of 1.99. The Middleby Corporation has a 52 week low of $107.68 and a 52 week high of $150.87. The company has a market capitalization of $6,078.85, a price-to-earnings ratio of 20.06 and a beta of 1.87.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wells Fargo & Company MN lifted its position in The Middleby Corporation by 170.9% during the third quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock valued at $122,680,000 after purchasing an additional 603,869 shares in the last quarter. Vision Capital Management Inc. lifted its position in The Middleby Corporation by 51.7% during the third quarter. Vision Capital Management Inc. now owns 15,019 shares of the industrial products company’s stock valued at $1,925,000 after purchasing an additional 5,118 shares in the last quarter. Twin Capital Management Inc. purchased a new position in The Middleby Corporation during the third quarter valued at $636,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in The Middleby Corporation by 171.2% during the third quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,401 shares of the industrial products company’s stock valued at $820,000 after purchasing an additional 4,041 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its position in The Middleby Corporation by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 1,165,111 shares of the industrial products company’s stock valued at $148,912,000 after purchasing an additional 42,185 shares in the last quarter. Institutional investors own 94.41% of the company’s stock.

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

The Middleby Corporation Company Profile

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)

Receive News & Ratings for The Middleby Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Middleby Corporation and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply