Middleby Corp (MIDD) Expected to Announce Earnings of $1.79 Per Share

Equities research analysts expect that Middleby Corp (NASDAQ:MIDD) will post earnings per share (EPS) of $1.79 for the current fiscal quarter, according to Zacks. Five analysts have issued estimates for Middleby’s earnings, with estimates ranging from $1.70 to $1.84. Middleby reported earnings of $1.63 per share in the same quarter last year, which would suggest a positive year over year growth rate of 9.8%. The business is scheduled to announce its next earnings results on Wednesday, August 14th.

According to Zacks, analysts expect that Middleby will report full year earnings of $6.92 per share for the current year, with EPS estimates ranging from $6.85 to $7.00. For the next financial year, analysts expect that the firm will report earnings of $7.77 per share, with EPS estimates ranging from $7.33 to $8.15. Zacks’ earnings per share averages are an average based on a survey of research analysts that that provide coverage for Middleby.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $1.38 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.01. The business had revenue of $686.80 million during the quarter, compared to analyst estimates of $683.01 million. Middleby had a return on equity of 21.91% and a net margin of 11.35%. Middleby’s revenue for the quarter was up 17.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.20 earnings per share.

Several brokerages have issued reports on MIDD. ValuEngine raised Middleby from a “hold” rating to a “buy” rating in a research note on Wednesday, May 15th. Zacks Investment Research raised Middleby from a “hold” rating to a “buy” rating and set a $154.00 target price for the company in a research note on Tuesday, May 7th. BidaskClub lowered Middleby from a “strong-buy” rating to a “buy” rating in a research note on Friday, March 22nd. Jefferies Financial Group began coverage on Middleby in a research note on Wednesday, April 3rd. They issued a “hold” rating and a $135.00 target price for the company. Finally, Robert W. Baird raised Middleby from a “neutral” rating to an “outperform” rating and set a $142.00 target price for the company in a research note on Tuesday, January 22nd. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $147.43.

MIDD traded up $2.90 during midday trading on Tuesday, hitting $138.58. The stock had a trading volume of 427,400 shares, compared to its average volume of 481,193. The firm has a market cap of $7.55 billion, a P/E ratio of 22.72 and a beta of 1.79. The company has a debt-to-equity ratio of 1.09, a current ratio of 1.98 and a quick ratio of 0.95. Middleby has a 1 year low of $96.65 and a 1 year high of $140.15.

In other news, Director John R. Miller III sold 2,000 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $126.37, for a total transaction of $252,740.00. Following the completion of the sale, the director now owns 16,000 shares of the company’s stock, valued at $2,021,920. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Chapin Sarah Palisi sold 300 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $124.18, for a total value of $37,254.00. Following the sale, the director now directly owns 5,100 shares of the company’s stock, valued at approximately $633,318. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,400 shares of company stock valued at $303,494. Insiders own 1.98% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Icon Wealth Partners LLC purchased a new stake in shares of Middleby during the first quarter valued at approximately $33,000. Enlightenment Research LLC purchased a new stake in shares of Middleby during the fourth quarter valued at approximately $41,000. Cresset Asset Management LLC purchased a new stake in shares of Middleby during the first quarter valued at approximately $57,000. Quadrant Capital Group LLC boosted its stake in shares of Middleby by 1,724.0% during the first quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 431 shares during the period. Finally, Dubuque Bank & Trust Co. boosted its stake in shares of Middleby by 161.3% during the fourth quarter. Dubuque Bank & Trust Co. now owns 499 shares of the industrial products company’s stock valued at $51,000 after purchasing an additional 308 shares during the period.

About Middleby

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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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