$441.70 Million in Sales Expected for Middleby Corp (NASDAQ:MIDD) This Quarter

Analysts forecast that Middleby Corp (NASDAQ:MIDD) will report $441.70 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Middleby’s earnings. The highest sales estimate is $456.70 million and the lowest is $410.30 million. Middleby posted sales of $761.00 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 42%. The business is expected to report its next quarterly earnings report on Wednesday, August 5th.

According to Zacks, analysts expect that Middleby will report full year sales of $2.30 billion for the current financial year, with estimates ranging from $2.19 billion to $2.44 billion. For the next year, analysts anticipate that the firm will post sales of $2.53 billion, with estimates ranging from $2.32 billion to $2.85 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that that provide coverage for Middleby.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $1.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.39 by $0.07. Middleby had a return on equity of 20.40% and a net margin of 12.10%. The company had revenue of $677.50 million during the quarter, compared to analysts’ expectations of $677.37 million. During the same quarter in the previous year, the company posted $1.24 earnings per share. The business’s revenue was down 1.4% on a year-over-year basis.

A number of equities analysts recently commented on MIDD shares. CL King initiated coverage on shares of Middleby in a research note on Tuesday, June 2nd. They set a “buy” rating and a $86.00 target price for the company. Citigroup increased their price objective on Middleby from $64.00 to $85.00 and gave the company a “neutral” rating in a report on Thursday, June 18th. KeyCorp raised Middleby from a “sector weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research report on Monday. They noted that the move was a valuation call. ValuEngine raised Middleby from a “sell” rating to a “hold” rating in a research report on Monday, June 1st. Finally, BidaskClub raised Middleby from a “sell” rating to a “hold” rating in a research report on Saturday, May 9th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $94.20.

Shares of MIDD traded down $0.11 during midday trading on Tuesday, hitting $74.98. The company had a trading volume of 1,186,621 shares, compared to its average volume of 1,918,086. Middleby has a 1 year low of $41.73 and a 1 year high of $142.98. The firm has a market capitalization of $4.17 billion, a P/E ratio of 11.68 and a beta of 1.64. The company has a debt-to-equity ratio of 1.15, a quick ratio of 1.46 and a current ratio of 2.48. The company’s 50-day simple moving average is $72.74 and its 200-day simple moving average is $84.71.

In related news, Director Robert A. Nerbonne purchased 1,670 shares of the business’s stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $61.06 per share, with a total value of $101,970.20. Following the acquisition, the director now owns 2,443 shares in the company, valued at approximately $149,169.58. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Robert A. Nerbonne acquired 2,700 shares of Middleby stock in a transaction that occurred on Friday, May 29th. The shares were bought at an average price of $72.73 per share, with a total value of $196,371.00. Following the transaction, the director now directly owns 2,443 shares in the company, valued at $177,679.39. The disclosure for this purchase can be found here. Insiders have acquired 7,660 shares of company stock worth $495,723 over the last three months. 1.98% of the stock is owned by corporate insiders.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its position in shares of Middleby by 11.2% in the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 190,653 shares of the industrial products company’s stock worth $20,851,000 after purchasing an additional 19,140 shares in the last quarter. Geode Capital Management LLC lifted its position in Middleby by 2.3% in the first quarter. Geode Capital Management LLC now owns 641,800 shares of the industrial products company’s stock worth $36,473,000 after buying an additional 14,216 shares during the last quarter. Tobam bought a new stake in Middleby in the first quarter worth $2,067,000. Federated Hermes Inc. lifted its position in Middleby by 224.3% in the first quarter. Federated Hermes Inc. now owns 174,172 shares of the industrial products company’s stock worth $9,906,000 after buying an additional 120,463 shares during the last quarter. Finally, Man Group plc lifted its position in Middleby by 26.7% in the fourth quarter. Man Group plc now owns 20,627 shares of the industrial products company’s stock worth $2,259,000 after buying an additional 4,352 shares during the last quarter. 96.34% of the stock is currently owned by institutional investors.

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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Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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