Middleby (NASDAQ:MIDD) Shares Gap Up on Earnings Beat

The Middleby Co. (NASDAQ:MIDDGet Rating)’s stock price gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $147.53, but opened at $159.27. Middleby shares last traded at $148.35, with a volume of 1,907 shares changing hands.

The industrial products company reported $2.23 EPS for the quarter, topping the consensus estimate of $2.16 by $0.07. Middleby had a net margin of 13.91% and a return on equity of 19.53%. The company had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $995.84 million. During the same quarter last year, the business earned $2.11 EPS. The business’s revenue was up 25.3% on a year-over-year basis.

Analyst Ratings Changes

Several research firms have recently commented on MIDD. Robert W. Baird reduced their target price on shares of Middleby from $211.00 to $201.00 in a research note on Wednesday, May 11th. KeyCorp cut their price target on shares of Middleby from $182.00 to $175.00 and set an “overweight” rating for the company in a report on Friday, July 22nd. JPMorgan Chase & Co. cut their price target on shares of Middleby from $160.00 to $135.00 and set a “neutral” rating for the company in a report on Tuesday, July 12th. TheStreet downgraded shares of Middleby from a “b-” rating to a “c+” rating in a report on Wednesday, May 11th. Finally, Citigroup cut their price target on shares of Middleby from $180.00 to $160.00 in a report on Thursday, July 7th. Two equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $177.60.

Insider Buying and Selling at Middleby

In other Middleby news, Director Robert A. Nerbonne bought 1,450 shares of the company’s stock in a transaction on Friday, May 13th. The stock was purchased at an average cost of $139.57 per share, for a total transaction of $202,376.50. Following the acquisition, the director now owns 17,276 shares of the company’s stock, valued at approximately $2,411,211.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Middleby news, Director Robert A. Nerbonne bought 1,450 shares of the company’s stock in a transaction on Friday, May 13th. The stock was purchased at an average cost of $139.57 per share, for a total transaction of $202,376.50. Following the acquisition, the director now owns 17,276 shares of the company’s stock, valued at approximately $2,411,211.32. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Timothy John Fitzgerald bought 7,500 shares of the company’s stock in a transaction on Thursday, May 12th. The shares were acquired at an average price of $132.29 per share, with a total value of $992,175.00. Following the completion of the acquisition, the chief executive officer now directly owns 20,000 shares in the company, valued at approximately $2,645,800. The disclosure for this purchase can be found here. In the last three months, insiders acquired 10,985 shares of company stock worth $1,470,966. 1.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Middleby

A number of hedge funds and other institutional investors have recently modified their holdings of MIDD. Steward Partners Investment Advisory LLC grew its holdings in shares of Middleby by 55.8% during the second quarter. Steward Partners Investment Advisory LLC now owns 254 shares of the industrial products company’s stock worth $32,000 after buying an additional 91 shares in the last quarter. Parallel Advisors LLC grew its holdings in shares of Middleby by 52.4% during the second quarter. Parallel Advisors LLC now owns 291 shares of the industrial products company’s stock worth $36,000 after buying an additional 100 shares in the last quarter. Elequin Capital LP purchased a new stake in shares of Middleby during the first quarter worth about $41,000. Ellevest Inc. grew its holdings in shares of Middleby by 689.1% during the second quarter. Ellevest Inc. now owns 434 shares of the industrial products company’s stock worth $54,000 after buying an additional 379 shares in the last quarter. Finally, First Horizon Advisors Inc. grew its holdings in shares of Middleby by 143.5% during the second quarter. First Horizon Advisors Inc. now owns 448 shares of the industrial products company’s stock worth $56,000 after buying an additional 264 shares in the last quarter. 99.88% of the stock is currently owned by hedge funds and other institutional investors.

Middleby Trading Up 0.3 %

The business’s fifty day moving average price is $135.27 and its 200 day moving average price is $154.98. The company has a quick ratio of 0.98, a current ratio of 1.99 and a debt-to-equity ratio of 1.06. The firm has a market capitalization of $7.98 billion, a PE ratio of 17.18 and a beta of 1.59.

About Middleby

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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, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and 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.

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