Middleby (NASDAQ:MIDD) Posts Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Middleby (NASDAQ:MIDD) announced its quarterly earnings results on Wednesday. The industrial products company reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16), Briefing.com reports. Middleby had a return on equity of 16.99% and a net margin of 9.93%. The business had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. During the same quarter in the prior year, the business earned $2.19 EPS. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis.

Middleby Stock Down 1.7 %

Shares of NASDAQ:MIDD traded down $2.30 during trading on Thursday, hitting $136.28. 552,460 shares of the company were exchanged, compared to its average volume of 350,511. The company has a current ratio of 2.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.73. The firm has a fifty day moving average price of $149.24 and a two-hundred day moving average price of $140.32. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The stock has a market cap of $7.31 billion, a price-to-earnings ratio of 18.37 and a beta of 1.58.

Analyst Ratings Changes

A number of analysts recently commented on MIDD shares. Canaccord Genuity Group lowered their price objective on shares of Middleby from $166.00 to $159.00 and set a “buy” rating for the company in a research report on Thursday. Jefferies Financial Group increased their target price on Middleby from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Two investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $158.50.

Insider Buying and Selling at Middleby

In related news, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the transaction, the director now owns 7,971 shares in the company, valued at $1,220,519.52. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at $955,169.82. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Cathy L. Mccarthy sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the sale, the director now owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The disclosure for this sale can be found here. Corporate insiders own 1.16% of the company’s stock.

Middleby Company Profile

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.