Wall Street brokerages expect that Middleby Corp (NASDAQ:MIDD) will report $646.83 million in sales for the current quarter, Zacks reports. Five analysts have provided estimates for Middleby’s earnings, with estimates ranging from $633.00 million to $653.70 million. Middleby posted sales of $596.82 million in the same quarter last year, which suggests a positive year-over-year growth rate of 8.4%. The firm is expected to issue its next quarterly earnings report on Tuesday, February 27th.
According to Zacks, analysts expect that Middleby will report full year sales of $646.83 million for the current fiscal year, with estimates ranging from $2.34 billion to $2.36 billion. For the next fiscal year, analysts forecast that the business will report sales of $2.59 billion per share, with estimates ranging from $2.49 billion to $2.65 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that follow Middleby.
A number of research firms have recently weighed in on MIDD. Zacks Investment Research cut Middleby from a “buy” rating to a “hold” rating in a research report on Wednesday, January 24th. Citigroup raised their price objective on Middleby from $120.00 to $150.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 30th. BidaskClub cut Middleby from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Finally, BMO Capital Markets reaffirmed a “buy” rating and set a $150.00 price target on shares of Middleby in a research report on Wednesday, November 8th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $139.38.
Middleby announced that its Board of Directors has approved a share buyback program on Tuesday, November 14th that permits the company to buyback 2,500,000 shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s board believes its stock is undervalued.
In other Middleby news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the completion of the sale, the treasurer now owns 61,726 shares of the company’s stock, valued at approximately $7,993,517. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the business. Pacer Advisors Inc. lifted its position in Middleby by 15.4% during the 3rd quarter. Pacer Advisors Inc. now owns 10,654 shares of the industrial products company’s stock worth $1,366,000 after acquiring an additional 1,419 shares during the period. Cubist Systematic Strategies LLC purchased a new position in shares of Middleby during the 2nd quarter valued at about $154,000. Westpac Banking Corp raised its stake in shares of Middleby by 163.6% during the 3rd quarter. Westpac Banking Corp now owns 46,528 shares of the industrial products company’s stock valued at $5,963,000 after buying an additional 28,878 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Middleby by 171.2% during the 3rd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 6,401 shares of the industrial products company’s stock valued at $820,000 after buying an additional 4,041 shares during the last quarter. Finally, Strs Ohio raised its stake in shares of Middleby by 15.7% during the 4th quarter. Strs Ohio now owns 547,795 shares of the industrial products company’s stock valued at $73,924,000 after buying an additional 74,531 shares during the last quarter. 99.85% of the stock is owned by institutional investors.
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The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.
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