Zacks: Analysts Expect The Middleby Co. (NASDAQ:MIDD) Will Post Earnings of $2.12 Per Share

Analysts expect that The Middleby Co. (NASDAQ:MIDDGet Rating) will announce earnings per share (EPS) of $2.12 for the current quarter, Zacks reports. Five analysts have provided estimates for Middleby’s earnings, with the highest EPS estimate coming in at $2.32 and the lowest estimate coming in at $1.83. Middleby reported earnings per share of $1.79 in the same quarter last year, which would indicate a positive year over year growth rate of 18.4%. The company is expected to announce its next quarterly earnings report on Monday, January 1st.

On average, analysts expect that Middleby will report full-year earnings of $9.98 per share for the current financial year, with EPS estimates ranging from $9.31 to $10.33. For the next fiscal year, analysts forecast that the firm will report earnings of $10.99 per share, with EPS estimates ranging from $10.35 to $11.40. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side analysts that cover Middleby.

Middleby (NASDAQ:MIDDGet Rating) last posted its quarterly earnings data on Tuesday, February 22nd. The industrial products company reported $2.11 earnings per share for the quarter, topping the consensus estimate of $2.07 by $0.04. Middleby had a return on equity of 19.69% and a net margin of 15.03%. The company had revenue of $866.40 million during the quarter, compared to analysts’ expectations of $847.41 million. During the same period in the prior year, the firm earned $1.62 earnings per share. Middleby’s revenue for the quarter was up 18.8% compared to the same quarter last year.

A number of brokerages recently issued reports on MIDD. Zacks Investment Research downgraded Middleby from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a research report on Friday, February 25th. JPMorgan Chase & Co. reduced their price objective on Middleby from $198.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 28th. StockNews.com initiated coverage on Middleby in a report on Thursday, March 31st. They set a “hold” rating on the stock. Citigroup dropped their price objective on Middleby from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, April 4th. Finally, Barclays upped their price target on Middleby from $215.00 to $217.00 and gave the stock an “overweight” rating in a research note on Thursday, January 13th. Three equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Middleby presently has an average rating of “Buy” and a consensus target price of $210.44.

In other news, Director Robert A. Nerbonne acquired 600 shares of the business’s stock in a transaction on Monday, March 14th. The stock was bought at an average cost of $168.84 per share, for a total transaction of $101,304.00. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John R. Miller III sold 2,769 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The shares were sold at an average price of $166.45, for a total value of $460,900.05. The disclosure for this sale can be found here. 1.24% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Massmutual Trust Co. FSB ADV boosted its stake in shares of Middleby by 410.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 148 shares of the industrial products company’s stock worth $25,000 after buying an additional 119 shares during the period. Freedman Financial Associates Inc. purchased a new position in shares of Middleby during the 4th quarter worth approximately $35,000. Steward Partners Investment Advisory LLC increased its stake in shares of Middleby by 39.4% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 191 shares of the industrial products company’s stock worth $38,000 after purchasing an additional 54 shares in the last quarter. O Shaughnessy Asset Management LLC grew its stake in Middleby by 170.0% in the 3rd quarter. O Shaughnessy Asset Management LLC now owns 243 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 153 shares during the period. Finally, First Horizon Advisors Inc. purchased a new stake in Middleby in the 3rd quarter worth approximately $44,000. Institutional investors and hedge funds own 99.64% of the company’s stock.

Shares of NASDAQ MIDD opened at $146.57 on Tuesday. The firm has a market cap of $8.03 billion, a P/E ratio of 17.02 and a beta of 1.62. The company has a current ratio of 1.87, a quick ratio of 0.95 and a debt-to-equity ratio of 0.96. Middleby has a 1-year low of $146.32 and a 1-year high of $201.34. The business’s 50 day moving average is $173.49 and its 200-day moving average is $180.49.

About Middleby (Get Rating)

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of 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 conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, 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; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.

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