Middleby Corp (NASDAQ:MIDD) fell 9.9% during mid-day trading on Wednesday after the company announced weaker than expected quarterly earnings. The company traded as low as $109.25 and last traded at $115.05, 2,137,701 shares changed hands during mid-day trading. An increase of 382% from the average session volume of 443,655 shares. The stock had previously closed at $127.70.
The industrial products company reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.77 by ($0.07). The company had revenue of $761.00 million during the quarter, compared to analysts’ expectations of $774.13 million. Middleby had a return on equity of 21.91% and a net margin of 11.35%. The business’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.63 EPS.
MIDD has been the subject of several research analyst reports. ValuEngine cut Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. BidaskClub cut Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Finally, Zacks Investment Research cut Middleby from a “buy” rating to a “hold” rating in a research report on Monday, May 13th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Middleby has an average rating of “Buy” and a consensus target price of $147.43.
Several large investors have recently added to or reduced their stakes in MIDD. Icon Wealth Partners LLC purchased a new stake in shares of Middleby during the first quarter worth about $33,000. Quadrant Capital Group LLC grew its position in shares of Middleby by 1,724.0% during the first quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 431 shares in the last quarter. Steward Partners Investment Advisory LLC purchased a new stake in shares of Middleby during the second quarter worth about $66,000. Parkside Financial Bank & Trust grew its position in shares of Middleby by 22.9% during the first quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock worth $79,000 after purchasing an additional 114 shares in the last quarter. Finally, Ellis Investment Partners LLC bought a new position in Middleby during the first quarter valued at approximately $82,000. Hedge funds and other institutional investors own 99.46% of the company’s stock.
The business’s 50 day moving average is $134.95. The stock has a market capitalization of $6.55 billion, a P/E ratio of 18.86 and a beta of 1.60. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.98 and a quick ratio of 0.95.
Middleby Company Profile (NASDAQ:MIDD)
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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