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

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

Middleby Stock Performance

Middleby stock traded up $0.45 during midday trading on Friday, hitting $136.73. 116,655 shares of the company’s stock were exchanged, compared to its average volume of 349,960. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.21 and a current ratio of 2.31. The stock has a market cap of $7.33 billion, a price-to-earnings ratio of 18.39 and a beta of 1.58. The firm’s 50 day simple moving average is $148.93 and its 200 day simple moving average is $140.29.

Insiders Place Their Bets

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

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. 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 shares of Middleby from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Two investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $158.50.

About Middleby

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.