Middleby (MIDD) Shares Down 0.8% on Disappointing Earnings

Middleby Co. (NASDAQ:MIDD)’s share price fell 0.8% on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $100.32 and last traded at $107.88. 43,399 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 433,882 shares. The stock had previously closed at $107.04.

The industrial products company reported $1.48 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.48. Middleby had a return on equity of 22.33% and a net margin of 12.25%. The firm had revenue of $632.86 million during the quarter, compared to analysts’ expectations of $646.83 million.

Several research firms have recently weighed in on MIDD. BidaskClub upgraded Middleby from a “strong sell” rating to a “sell” rating in a research note on Tuesday, March 13th. ValuEngine cut Middleby from a “sell” rating to a “strong sell” rating in a research report on Thursday. BMO Capital Markets reiterated an “outperform” rating and set a $130.00 price objective on shares of Middleby in a research report on Friday. Zacks Investment Research upgraded Middleby from a “hold” rating to a “buy” rating and set a $151.00 price objective for the company in a research report on Wednesday, January 17th. Finally, Robert W. Baird cut Middleby from an “outperform” rating to a “neutral” rating and set a $142.00 price objective for the company. in a research report on Thursday. One analyst has rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $134.50.

In other news, Director Nassem Ziyad acquired 2,000 shares of Middleby stock in a transaction that occurred on Thursday, March 8th. The stock was bought at an average price of $118.50 per share, for a total transaction of $237,000.00. Following the completion of the transaction, the director now owns 2,000 shares in the company, valued at $237,000. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.90% of the stock is currently owned by corporate insiders.

Institutional investors have recently bought and sold shares of the stock. Truewealth LLC purchased a new stake in Middleby during the fourth quarter valued at $102,000. American International Group Inc. bought a new stake in Middleby during the fourth quarter valued at about $176,000. Crossmark Global Holdings Inc. bought a new stake in Middleby during the fourth quarter valued at about $202,000. ETRADE Capital Management LLC bought a new stake in Middleby during the fourth quarter valued at about $246,000. Finally, Water Island Capital LLC bought a new stake in Middleby during the fourth quarter valued at about $258,000.

The company has a quick ratio of 1.07, a current ratio of 1.97 and a debt-to-equity ratio of 0.75. The firm has a market cap of $6.05 billion, a PE ratio of 17.40 and a beta of 1.81.

Middleby Company Profile

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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