Seaport Res Ptn Comments on The Middleby Co.’s Q2 2021 Earnings (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD) – Investment analysts at Seaport Res Ptn upped their Q2 2021 earnings per share (EPS) estimates for shares of The Middleby in a report issued on Friday, May 14th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will earn $1.88 per share for the quarter, up from their previous forecast of $1.78. Seaport Res Ptn also issued estimates for The Middleby’s Q3 2021 earnings at $2.06 EPS, Q1 2022 earnings at $1.95 EPS, Q2 2022 earnings at $2.11 EPS and Q3 2022 earnings at $2.26 EPS.

The Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, May 6th. The industrial products company reported $1.79 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.63 by $0.16. The company had revenue of $758.06 million for the quarter, compared to the consensus estimate of $714.50 million. The Middleby had a return on equity of 15.18% and a net margin of 10.28%. The Middleby’s quarterly revenue was up 11.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.46 earnings per share.

Several other brokerages have also recently issued reports on MIDD. KeyCorp lifted their target price on The Middleby from $195.00 to $210.00 and gave the stock an “overweight” rating in a report on Wednesday, April 28th. CL King raised The Middleby from a “neutral” rating to a “buy” rating in a research note on Thursday, April 22nd. BMO Capital Markets upped their target price on The Middleby from $225.00 to $250.00 and gave the company an “outperform” rating in a research note on Monday. Jefferies Financial Group boosted their price target on The Middleby from $190.00 to $220.00 in a report on Thursday, April 22nd. Finally, Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell upped their target price on The Middleby from $140.00 to $185.00 and gave the stock a “neutral” rating in a report on Monday, March 15th. Three analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $180.44.

NASDAQ MIDD opened at $171.66 on Monday. The company has a market capitalization of $9.55 billion, a PE ratio of 35.91 and a beta of 1.77. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.15 and a current ratio of 2.08. The business’s fifty day moving average is $172.74 and its 200 day moving average is $147.15. The Middleby has a fifty-two week low of $62.11 and a fifty-two week high of $186.20.

Several institutional investors and hedge funds have recently modified their holdings of MIDD. Victory Capital Management Inc. increased its position in shares of The Middleby by 2,310.4% in the 1st quarter. Victory Capital Management Inc. now owns 1,707,514 shares of the industrial products company’s stock valued at $283,021,000 after acquiring an additional 1,636,674 shares during the period. Sarasin & Partners LLP increased its position in shares of The Middleby by 1,413.3% in the 4th quarter. Sarasin & Partners LLP now owns 1,301,470 shares of the industrial products company’s stock valued at $167,786,000 after acquiring an additional 1,215,470 shares during the period. Norges Bank acquired a new position in shares of The Middleby in the 4th quarter valued at $120,526,000. Nordea Investment Management AB acquired a new position in shares of The Middleby in the 4th quarter valued at $115,212,000. Finally, Westwood Holdings Group Inc. acquired a new position in shares of The Middleby in the 1st quarter valued at $77,072,000.

About The Middleby

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of 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 conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers; steam cooking, food warming, catering, induction cooking, countertop cooking, and kitchen ventilation equipment; heated cabinets, charbroilers, ventless cooking systems, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.

Further Reading: Economic Reports

Earnings History and Estimates for The Middleby (NASDAQ:MIDD)

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