Middleby (NASDAQ:MIDD) Announces Quarterly Earnings Results

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

Middleby Stock Down 1.7 %

Shares of NASDAQ MIDD traded down $2.30 during mid-day trading on Thursday, reaching $136.28. 545,036 shares of the company’s stock traded hands, compared to its average volume of 352,539. The stock has a market cap of $7.31 billion, a P/E ratio of 18.39 and a beta of 1.58. Middleby has a 1-year low of $109.59 and a 1-year high of $161.01. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.31 and a quick ratio of 1.21. The business has a 50-day simple moving average of $149.24 and a 200 day simple moving average of $140.32.

Analysts Set New Price Targets

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

Insider Buying and Selling at Middleby

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

Middleby Company Profile

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.