KeyCorp Research Analysts Cut Earnings Estimates for The Middleby Corporation (NASDAQ:MIDD)

The Middleby Corporation (NASDAQ:MIDD) – Equities researchers at KeyCorp decreased their Q3 2017 EPS estimates for The Middleby Corporation in a research report issued to clients and investors on Thursday. KeyCorp analyst J. Picariello now anticipates that the industrial products company will post earnings per share of $1.45 for the quarter, down from their prior estimate of $1.48. KeyCorp also issued estimates for The Middleby Corporation’s Q4 2017 earnings at $1.50 EPS, FY2017 earnings at $5.60 EPS and FY2018 earnings at $6.20 EPS.

The Middleby Corporation (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.38 by $0.01. The firm had revenue of $579.34 million for the quarter, compared to analysts’ expectations of $587.49 million. The Middleby Corporation had a net margin of 13.16% and a return on equity of 23.45%.

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Other research analysts have also recently issued reports about the stock. BidaskClub cut shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday. Robert W. Baird lowered their price target on shares of The Middleby Corporation from $145.00 to $142.00 and set an “outperform” rating on the stock in a research report on Friday. BMO Capital Markets reissued a “buy” rating and issued a $150.00 price target on shares of The Middleby Corporation in a research report on Friday. Zacks Investment Research raised shares of The Middleby Corporation from a “hold” rating to a “buy” rating and set a $142.00 price target on the stock in a research report on Tuesday, July 18th. Finally, Wellington Shields raised shares of The Middleby Corporation from a “hold” rating to a “gradually accumulate” rating in a research report on Tuesday, July 11th. One research analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $141.71.

The Middleby Corporation (MIDD) opened at 122.53 on Friday. The firm has a 50-day moving average of $125.63 and a 200 day moving average of $132.64. The company has a market capitalization of $7.02 billion, a PE ratio of 22.95 and a beta of 1.82. The Middleby Corporation has a 12-month low of $108.45 and a 12-month high of $150.87.

Several hedge funds have recently bought and sold shares of the stock. Dimensional Fund Advisors LP raised its stake in The Middleby Corporation by 2.9% in the second quarter. Dimensional Fund Advisors LP now owns 220,550 shares of the industrial products company’s stock valued at $26,797,000 after buying an additional 6,218 shares during the period. Teachers Retirement System of The State of Kentucky raised its stake in The Middleby Corporation by 5.1% in the second quarter. Teachers Retirement System of The State of Kentucky now owns 53,479 shares of the industrial products company’s stock valued at $6,498,000 after buying an additional 2,589 shares during the period. Parametric Portfolio Associates LLC raised its stake in The Middleby Corporation by 7.3% in the second quarter. Parametric Portfolio Associates LLC now owns 342,757 shares of the industrial products company’s stock valued at $41,648,000 after buying an additional 23,443 shares during the period. Advisor Group Inc. raised its stake in The Middleby Corporation by 2.8% in the second quarter. Advisor Group Inc. now owns 10,627 shares of the industrial products company’s stock valued at $1,252,000 after buying an additional 287 shares during the period. Finally, Nordea Investment Management AB raised its stake in The Middleby Corporation by 98.7% in the second quarter. Nordea Investment Management AB now owns 61,306 shares of the industrial products company’s stock valued at $7,449,000 after buying an additional 30,457 shares during the period. 95.63% of the stock is currently owned by institutional investors.

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)

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