Middleby Corp (NASDAQ:MIDD) Expected to Post Earnings of $0.38 Per Share

Analysts expect that Middleby Corp (NASDAQ:MIDD) will report earnings of $0.38 per share for the current fiscal quarter, according to Zacks. Five analysts have made estimates for Middleby’s earnings, with the lowest EPS estimate coming in at $0.24 and the highest estimate coming in at $0.46. Middleby posted earnings per share of $1.70 in the same quarter last year, which suggests a negative year over year growth rate of 77.6%. The firm is scheduled to report its next earnings results on Wednesday, August 5th.

On average, analysts expect that Middleby will report full year earnings of $4.00 per share for the current year, with EPS estimates ranging from $3.85 to $4.25. For the next fiscal year, analysts expect that the firm will post earnings of $5.16 per share, with EPS estimates ranging from $3.85 to $6.36. Zacks Investment Research’s EPS averages are a mean average based on a survey of sell-side research analysts that cover Middleby.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, May 7th. The industrial products company reported $1.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.39 by $0.07. Middleby had a net margin of 12.10% and a return on equity of 20.40%. The company had revenue of $677.50 million for the quarter, compared to the consensus estimate of $677.37 million. During the same quarter in the prior year, the firm earned $1.24 earnings per share. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year.

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

In other Middleby news, Director Robert A. Nerbonne acquired 1,750 shares of the company’s stock in a transaction dated Wednesday, May 13th. The stock was purchased at an average price of $56.76 per share, with a total value of $99,330.00. Also, Director Robert A. Nerbonne acquired 2,700 shares of the company’s stock in a transaction dated Friday, May 29th. The stock was acquired at an average cost of $72.73 per share, with a total value of $196,371.00. Following the purchase, the director now owns 2,443 shares of the company’s stock, valued at $177,679.39. The disclosure for this purchase can be found here. Over the last quarter, insiders acquired 7,660 shares of company stock valued at $495,723. Company insiders own 1.98% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MIDD. Verus Capital Partners LLC purchased a new position in Middleby in the fourth quarter valued at $31,000. Point72 Hong Kong Ltd bought a new stake in shares of Middleby in the fourth quarter valued at approximately $64,000. Penserra Capital Management LLC grew its position in Middleby by 111.9% during the fourth quarter. Penserra Capital Management LLC now owns 784 shares of the industrial products company’s stock worth $86,000 after buying an additional 414 shares in the last quarter. Rockefeller Capital Management L.P. grew its holdings in shares of Middleby by 416.6% during the 4th quarter. Rockefeller Capital Management L.P. now owns 904 shares of the industrial products company’s stock worth $99,000 after purchasing an additional 729 shares in the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in Middleby by 532.9% during the first quarter. Canada Pension Plan Investment Board now owns 1,886 shares of the industrial products company’s stock worth $107,000 after buying an additional 1,588 shares in the last quarter. Institutional investors and hedge funds own 96.34% of the company’s stock.

Shares of MIDD stock traded down $0.11 on Friday, reaching $74.98. The stock had a trading volume of 1,186,621 shares, compared to its average volume of 1,918,086. The stock has a market cap of $4.17 billion, a P/E ratio of 11.68 and a beta of 1.64. Middleby has a 1 year low of $41.73 and a 1 year high of $142.98. 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 has a 50 day simple moving average of $72.74 and a 200 day simple moving average of $84.71.

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 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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