Brokerages forecast that Middleby Corp (NASDAQ:MIDD) will post sales of $777.94 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Middleby’s earnings, with estimates ranging from $758.90 million to $797.20 million. Middleby posted sales of $668.13 million during the same quarter last year, which suggests a positive year over year growth rate of 16.4%. The business is scheduled to issue its next earnings report on Wednesday, August 14th.
According to Zacks, analysts expect that Middleby will report full year sales of $3.04 billion for the current year, with estimates ranging from $3.02 billion to $3.06 billion. For the next year, analysts expect that the company will post sales of $3.19 billion, with estimates ranging from $3.13 billion to $3.23 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Middleby.
Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The company had revenue of $686.80 million for the quarter, compared to the consensus estimate of $683.01 million. Middleby had a return on equity of 21.91% and a net margin of 11.35%. The company’s quarterly revenue was up 17.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.20 earnings per share.
A number of equities research analysts have weighed in on MIDD shares. BidaskClub downgraded Middleby from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 10th. BMO Capital Markets boosted their target price on Middleby to $150.00 and gave the stock a “positive” rating in a report on Friday, March 8th. TheStreet raised Middleby from a “c+” rating to a “b” rating in a report on Friday, January 25th. CL King raised Middleby from a “buy” rating to a “strong-buy” rating and set a $160.00 target price on the stock in a report on Wednesday, April 3rd. Finally, Jefferies Financial Group started coverage on Middleby in a report on Wednesday, April 3rd. They issued a “hold” rating and a $135.00 target price on the stock. Three analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. Middleby presently has an average rating of “Buy” and a consensus target price of $147.43.
In other news, Director Chapin Sarah Palisi sold 300 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $124.18, for a total value of $37,254.00. Following the transaction, the director now directly owns 5,100 shares of the company’s stock, valued at approximately $633,318. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $126.37, for a total transaction of $252,740.00. Following the completion of the transaction, the director now owns 16,000 shares of the company’s stock, valued at approximately $2,021,920. The disclosure for this sale can be found here. Insiders sold a total of 2,400 shares of company stock worth $303,494 over the last three months. 1.98% of the stock is owned by company insiders.
A number of hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc raised its position in Middleby by 1.0% in the 3rd quarter. Vanguard Group Inc now owns 4,755,844 shares of the industrial products company’s stock worth $615,168,000 after purchasing an additional 47,899 shares during the last quarter. BlackRock Inc. raised its position in Middleby by 2.5% in the 4th quarter. BlackRock Inc. now owns 2,739,448 shares of the industrial products company’s stock worth $281,424,000 after purchasing an additional 67,104 shares during the last quarter. Janus Henderson Group PLC raised its position in Middleby by 1.6% in the 1st quarter. Janus Henderson Group PLC now owns 2,428,973 shares of the industrial products company’s stock worth $315,839,000 after purchasing an additional 37,407 shares during the last quarter. JPMorgan Chase & Co. raised its position in Middleby by 0.8% in the 1st quarter. JPMorgan Chase & Co. now owns 1,845,531 shares of the industrial products company’s stock worth $239,975,000 after purchasing an additional 14,143 shares during the last quarter. Finally, CI Investments Inc. bought a new position in Middleby in the 4th quarter worth approximately $121,121,000.
NASDAQ MIDD traded down $2.21 during trading on Thursday, reaching $136.97. 248,800 shares of the company traded hands, compared to its average volume of 476,821. The company has a current ratio of 1.98, a quick ratio of 0.95 and a debt-to-equity ratio of 1.09. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of 22.45 and a beta of 1.79. Middleby has a 1-year low of $96.65 and a 1-year high of $140.15.
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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