Brokerages predict that Middleby Corp (NASDAQ:MIDD) will report $726.93 million in sales for the current quarter, according to Zacks. Four analysts have made estimates for Middleby’s earnings, with the highest sales estimate coming in at $740.80 million and the lowest estimate coming in at $713.00 million. Middleby posted sales of $593.04 million during the same quarter last year, which suggests a positive year over year growth rate of 22.6%. The firm is expected to issue its next quarterly earnings report on Tuesday, November 6th.
According to Zacks, analysts expect that Middleby will report full year sales of $2.74 billion for the current fiscal year, with estimates ranging from $2.70 billion to $2.79 billion. For the next year, analysts anticipate that the company will report sales of $3.00 billion, with estimates ranging from $2.95 billion to $3.05 billion. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Middleby.
Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Wednesday, August 8th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.04). Middleby had a net margin of 12.07% and a return on equity of 22.52%. The business had revenue of $668.13 million during the quarter, compared to the consensus estimate of $645.88 million. During the same period in the previous year, the business posted $1.35 earnings per share. Middleby’s revenue was up 15.3% compared to the same quarter last year.
A number of equities analysts have recently weighed in on the stock. Zacks Investment Research raised shares of Middleby from a “strong sell” rating to a “hold” rating in a research report on Tuesday, July 10th. Citigroup lifted their price target on shares of Middleby from $116.00 to $117.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 15th. BidaskClub cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Thursday. Wellington Shields raised shares of Middleby from a “hold” rating to a “gradually accumulate” rating in a research report on Thursday, August 9th. Finally, Buckingham Research raised shares of Middleby from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $115.00 to $174.00 in a research report on Monday, September 24th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Middleby currently has a consensus rating of “Hold” and a consensus target price of $135.57.
Several hedge funds and other institutional investors have recently made changes to their positions in MIDD. EdgePoint Investment Group Inc. raised its holdings in shares of Middleby by 152.2% during the second quarter. EdgePoint Investment Group Inc. now owns 5,005,532 shares of the industrial products company’s stock worth $522,678,000 after acquiring an additional 3,020,865 shares during the period. Fiera Capital Corp raised its holdings in shares of Middleby by 1.9% during the second quarter. Fiera Capital Corp now owns 2,848,263 shares of the industrial products company’s stock worth $297,415,000 after acquiring an additional 52,753 shares during the period. Janus Henderson Group PLC raised its holdings in shares of Middleby by 29.1% during the second quarter. Janus Henderson Group PLC now owns 2,683,129 shares of the industrial products company’s stock worth $280,172,000 after acquiring an additional 604,451 shares during the period. Waddell & Reed Financial Inc. raised its holdings in shares of Middleby by 98.8% during the second quarter. Waddell & Reed Financial Inc. now owns 799,138 shares of the industrial products company’s stock worth $83,446,000 after acquiring an additional 397,157 shares during the period. Finally, Handelsbanken Fonder AB raised its holdings in shares of Middleby by 41.0% during the first quarter. Handelsbanken Fonder AB now owns 516,000 shares of the industrial products company’s stock worth $63,876,000 after acquiring an additional 150,000 shares during the period.
Shares of NASDAQ MIDD opened at $114.67 on Friday. The firm has a market cap of $6.55 billion, a PE ratio of 18.60 and a beta of 1.84. Middleby has a twelve month low of $98.06 and a twelve month high of $138.89. The company has a current ratio of 1.94, a quick ratio of 1.06 and a debt-to-equity ratio of 1.37.
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.
Featured Article: Why do company’s buyback their stock?
Get a free copy of the Zacks research report on Middleby (MIDD)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Middleby Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Middleby and related companies with MarketBeat.com's FREE daily email newsletter.