Middleby (NASDAQ:MIDD) Announces Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Middleby (NASDAQ:MIDD) released its quarterly earnings data on Wednesday. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.05 by ($0.16), Briefing.com reports. Middleby had a return on equity of 16.99% and a net margin of 9.93%. The company had revenue of $926.90 million for the quarter, compared to analyst estimates of $979.05 million. During the same quarter in the prior year, the company earned $2.19 earnings per share. The business’s revenue was down 8.0% compared to the same quarter last year.

Middleby Trading Down 1.7 %

NASDAQ:MIDD traded down $2.30 during mid-day trading on Thursday, hitting $136.28. The company had a trading volume of 552,460 shares, compared to its average volume of 350,511. The firm has a market cap of $7.31 billion, a P/E ratio of 18.37 and a beta of 1.58. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The business’s fifty day moving average is $149.24 and its two-hundred day moving average is $140.32. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.21 and a current ratio of 2.31.

Wall Street Analyst Weigh In

A number of research firms have commented on MIDD. Canaccord Genuity Group reduced their price target on shares of Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a research report on Thursday. Jefferies Financial Group increased their target price on Middleby from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $158.50.

Insider Activity at Middleby

In related news, Director Cathy L. Mccarthy sold 1,000 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total value of $153,120.00. Following the completion of the sale, the director now owns 7,971 shares in the company, valued at approximately $1,220,519.52. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of Middleby stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total value of $153,120.00. Following the transaction, the director now owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Chapin Sarah Palisi sold 350 shares of the business’s stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total transaction of $53,014.50. Following the completion of the sale, the director now directly owns 6,306 shares in the company, valued at $955,169.82. The disclosure for this sale can be found here. Corporate insiders own 1.16% of the company’s stock.

About Middleby

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and 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; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.