Middleby Corp (NASDAQ:MIDD) – KeyCorp lowered their Q2 2020 earnings estimates for shares of Middleby in a report issued on Sunday, June 28th. KeyCorp analyst J. Hammond now anticipates that the industrial products company will earn $0.36 per share for the quarter, down from their prior forecast of $0.42. KeyCorp has a “Overweight” rating and a $90.00 price objective on the stock. KeyCorp also issued estimates for Middleby’s Q3 2020 earnings at $0.92 EPS and FY2021 earnings at $5.65 EPS.
Several other equities research analysts have also issued reports on the company. Zacks Investment Research lowered Middleby from a “hold” rating to a “sell” rating and set a $57.00 price target for the company. in a report on Tuesday, May 5th. Citigroup lifted their price target on Middleby from $64.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. ValuEngine raised Middleby from a “sell” rating to a “hold” rating in a research report on Monday, June 1st. BidaskClub upgraded Middleby from a “sell” rating to a “hold” rating in a report on Saturday, May 9th. Finally, CL King assumed coverage on shares of Middleby in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $86.00 price objective for the company. One analyst has rated the stock with a sell rating, four have given a hold rating and three have issued a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $94.20.
Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, May 7th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. The firm had revenue of $677.50 million for the quarter, compared to analyst estimates of $677.37 million. Middleby had a return on equity of 20.40% and a net margin of 12.10%. Middleby’s revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $1.24 earnings per share.
In other news, Director Robert A. Nerbonne purchased 1,670 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The stock was purchased at an average cost of $61.06 per share, with a total value of $101,970.20. Following the acquisition, the director now directly owns 2,443 shares of the company’s stock, valued at approximately $149,169.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert A. Nerbonne purchased 1,540 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were purchased at an average cost of $63.67 per share, with a total value of $98,051.80. Following the completion of the acquisition, the director now directly owns 2,443 shares in the company, valued at $155,545.81. The disclosure for this purchase can be found here. Over the last quarter, insiders have bought 7,660 shares of company stock worth $495,723. 1.98% of the stock is owned by company insiders.
Hedge funds have recently made changes to their positions in the stock. Sunbelt Securities Inc. acquired a new stake in shares of Middleby in the 4th quarter valued at about $3,860,000. Verus Capital Partners LLC acquired a new stake in shares of Middleby in the 4th quarter valued at about $31,000. Point72 Hong Kong Ltd acquired a new stake in shares of Middleby in the 4th quarter valued at about $64,000. Penserra Capital Management LLC increased its position in shares of Middleby by 111.9% in the fourth quarter. Penserra Capital Management LLC now owns 784 shares of the industrial products company’s stock valued at $86,000 after acquiring an additional 414 shares during the last quarter. Finally, Total Clarity Wealth Management Inc. acquired a new stake in shares of Middleby in the fourth quarter valued at about $115,000. 96.34% of the stock is owned by hedge funds and other institutional investors.
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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