Seaport Global Securities Analysts Cut Earnings Estimates for Middleby Corp (MIDD)
Middleby Corp (NASDAQ:MIDD) – Analysts at Seaport Global Securities lowered their Q3 2018 earnings estimates for Middleby in a research report issued to clients and investors on Thursday, August 9th. Seaport Global Securities analyst W. Liptak now expects that the industrial products company will earn $1.54 per share for the quarter, down from their previous forecast of $1.61. Seaport Global Securities also issued estimates for Middleby’s Q4 2018 earnings at $1.66 EPS, FY2018 earnings at $6.04 EPS, Q1 2019 earnings at $1.30 EPS, Q2 2019 earnings at $2.01 EPS, Q3 2019 earnings at $1.71 EPS, Q4 2019 earnings at $1.78 EPS and FY2019 earnings at $6.80 EPS.
Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Wednesday, August 8th. The industrial products company reported $1.51 EPS for the quarter, missing the consensus estimate of $1.55 by ($0.04). The firm had revenue of $668.13 million for the quarter, compared to analysts’ expectations of $645.88 million. Middleby had a return on equity of 23.05% and a net margin of 12.07%. The firm’s quarterly revenue was up 15.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.35 earnings per share.
NASDAQ MIDD opened at $115.50 on Monday. The company has a quick ratio of 1.10, a current ratio of 2.11 and a debt-to-equity ratio of 0.72. The firm has a market cap of $6.48 billion, a price-to-earnings ratio of 18.75 and a beta of 1.73. Middleby has a 52 week low of $98.06 and a 52 week high of $138.89.
Hedge funds have recently added to or reduced their stakes in the stock. Private Capital Group LLC raised its holdings in shares of Middleby by 261.6% in the first quarter. Private Capital Group LLC now owns 886 shares of the industrial products company’s stock valued at $110,000 after acquiring an additional 641 shares in the last quarter. Integrated Investment Consultants LLC bought a new stake in shares of Middleby in the second quarter valued at about $118,000. IFM Investors Pty Ltd bought a new stake in shares of Middleby in the second quarter valued at about $229,000. Standard Life Aberdeen plc bought a new stake in shares of Middleby in the second quarter valued at about $311,000. Finally, BNP Paribas Arbitrage SA raised its holdings in shares of Middleby by 43.5% in the first quarter. BNP Paribas Arbitrage SA now owns 3,531 shares of the industrial products company’s stock valued at $437,000 after acquiring an additional 1,071 shares in the last quarter.
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 cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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