Middleby Corp (NASDAQ:MIDD) Expected to Post Earnings of $1.30 Per Share

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Equities analysts forecast that Middleby Corp (NASDAQ:MIDD) will report earnings of $1.30 per share for the current fiscal quarter, Zacks reports. Five analysts have issued estimates for Middleby’s earnings, with the lowest EPS estimate coming in at $1.23 and the highest estimate coming in at $1.34. Middleby posted earnings per share of $1.70 during the same quarter last year, which would suggest a negative year-over-year growth rate of 23.5%. The company is expected to issue its next earnings results on Wednesday, August 5th.

On average, analysts expect that Middleby will report full year earnings of $3.93 per share for the current fiscal year, with EPS estimates ranging from $3.85 to $4.05. For the next year, analysts anticipate that the business will report earnings of $5.16 per share, with EPS estimates ranging from $3.85 to $6.36. Zacks’ EPS averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Middleby.

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

Several brokerages have recently commented on MIDD. Zacks Investment Research lowered Middleby from a “hold” rating to a “sell” rating and set a $57.00 price target on the stock. in a research note on Tuesday, May 5th. BidaskClub raised Middleby from a “sell” rating to a “hold” rating in a research note on Saturday, May 9th. CL King began coverage on Middleby in a research note on Tuesday, June 2nd. They issued a “buy” rating and a $86.00 price target on the stock. KeyCorp raised Middleby from a “sector weight” rating to an “overweight” rating and set a $90.00 price target on the stock in a research note on Monday. They noted that the move was a valuation call. Finally, ValuEngine raised 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 assigned a hold rating and three have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $94.20.

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

A number of hedge funds and other institutional investors have recently modified their holdings of the business. State Street Corp increased its holdings in Middleby by 1.2% during the 1st quarter. State Street Corp now owns 1,187,851 shares of the industrial products company’s stock worth $67,565,000 after purchasing an additional 13,836 shares during the period. FDx Advisors Inc. purchased a new stake in Middleby during the 1st quarter worth about $470,000. Waddell & Reed Financial Inc. increased its holdings in Middleby by 3.5% during the 1st quarter. Waddell & Reed Financial Inc. now owns 1,057,990 shares of the industrial products company’s stock worth $60,178,000 after purchasing an additional 36,258 shares during the period. Advisor Group Holdings Inc. purchased a new stake in Middleby during the 1st quarter worth about $152,000. Finally, AQR Capital Management LLC increased its holdings in Middleby by 195.9% during the 1st quarter. AQR Capital Management LLC now owns 13,971 shares of the industrial products company’s stock worth $795,000 after purchasing an additional 9,250 shares during the period. Institutional investors own 96.34% of the company’s stock.

Shares of Middleby stock opened at $79.93 on Friday. Middleby has a 52 week low of $41.73 and a 52 week high of $142.98. The business’s fifty day simple moving average is $72.22 and its 200-day simple moving average is $85.03. The firm has a market cap of $4.44 billion, a PE ratio of 11.62 and a beta of 1.61. The company has a quick ratio of 1.46, a current ratio of 2.48 and a debt-to-equity ratio of 1.15.

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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