The Middleby Co. (NASDAQ:MIDD) Expected to Announce Quarterly Sales of $931.64 Million

Equities research analysts expect The Middleby Co. (NASDAQ:MIDD – Get Rating) to post $931.64 million in sales for the current quarter, according to Zacks. Five analysts have provided estimates for Middleby’s earnings, with the highest sales estimate coming in at $970.79 million and the lowest estimate coming in at $890.00 million. Middleby posted sales of $758.06 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 22.9%. The business is expected to report its next quarterly earnings report before the market opens on Monday, January 1st.

On average, analysts expect that Middleby will report full-year sales of $3.98 billion for the current year, with estimates ranging from $3.81 billion to $4.07 billion. For the next fiscal year, analysts expect that the firm will post sales of $4.17 billion, with estimates ranging from $3.92 billion to $4.34 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that follow Middleby.

Middleby (NASDAQ:MIDD – Get Rating) last announced its earnings results on Tuesday, February 22nd. The industrial products company reported $2.11 EPS for the quarter, topping the Zacks’ 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 for the quarter, compared to analysts’ expectations of $847.41 million. During the same period last year, the firm earned $1.62 EPS. Middleby’s revenue for the quarter was up 18.8% compared to the same quarter last year.

A number of equities research analysts have commented on MIDD shares. Zacks Investment Research cut Middleby from a “buy” rating to a “hold” rating and set a $180.00 price target on the stock. in a report on Friday, February 25th. StockNews.com started coverage on Middleby in a report on Thursday, March 31st. They set a “hold” rating on the stock. Barclays raised their price target on Middleby from $215.00 to $217.00 and gave the company an “overweight” rating in a report on Thursday, January 13th. JPMorgan Chase & Co. cut their price objective on Middleby from $198.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 28th. Finally, KeyCorp cut their price objective on Middleby from $220.00 to $200.00 and set an “overweight” rating for the company in a research report on Tuesday, April 26th. Three analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $206.75.

In other Middleby news, Director John R. Miller III sold 2,769 shares of the business’s stock in a transaction that occurred on Monday, March 7th. The stock was sold at an average price of $166.45, for a total transaction of $460,900.05. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert A. Nerbonne bought 600 shares of the company’s stock in a transaction on Monday, March 14th. The shares were acquired at an average price of $168.84 per share, with a total value of $101,304.00. The disclosure for this purchase can be found here. Company insiders own 1.24% of the company’s stock.

Large investors have recently made changes to their positions in the business. Massmutual Trust Co. FSB ADV boosted its position 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 valued at $25,000 after buying an additional 119 shares during the period. Freedman Financial Associates Inc. bought a new stake in shares of Middleby during the fourth quarter valued at approximately $35,000. Steward Partners Investment Advisory LLC raised its stake in shares of Middleby by 39.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 191 shares of the industrial products company’s stock valued at $38,000 after acquiring an additional 54 shares in the last quarter. O Shaughnessy Asset Management LLC raised its stake in shares of Middleby by 170.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 243 shares of the industrial products company’s stock valued at $41,000 after acquiring an additional 153 shares in the last quarter. Finally, First Horizon Advisors Inc. bought a new stake in shares of Middleby during the third quarter valued at approximately $44,000. Institutional investors and hedge funds own 99.88% of the company’s stock.

NASDAQ:MIDD opened at $162.91 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.87 and a debt-to-equity ratio of 0.96. The business’s 50-day simple moving average is $161.89 and its two-hundred day simple moving average is $178.14. The stock has a market cap of $8.93 billion, a PE ratio of 18.92 and a beta of 1.55. Middleby has a 52 week low of $145.31 and a 52 week high of $201.34.

Middleby Company Profile (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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