The Middleby Given “Neutral” Rating at Zacks (MIDD)
The Middleby (NASDAQ:MIDD)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Tuesday. They currently have a $91.00 price objective on the stock. Zacks‘s price objective indicates a potential upside of 5.53% from the company’s current price.
Zacks’ analyst wrote, “Middleby reported strong results for second-quarter 2014, with earnings of $0.85 per share versus $0.67 earned in the year-ago quarter. Quarterly revenues rose 17% year over year to $424.8 million, driven by organic as well as inorganic growth. The acquisition of Viking along with Celfrost, Wunder-Bar, Market Forge and Processing Equipment Solutions are proving beneficial to the company. Moreover, Middleby is also increasing its market share through organic growth, with strength across all segments. However, Middleby’s overseas operations expose it to various risks including social, political and those related to foreign exchange transactions. Additionally, Middleby’s overdependence on food processing units is a cause of concern. The volatility of raw material prices also impacts the company’s strategies. Based on these factors, we prefer to have a balanced view on the stock and maintain our Neutral recommendation.”
Shares of The Middleby (NASDAQ:MIDD) traded up 1.91% during mid-day trading on Tuesday, hitting $87.88. 116,939 shares of the company’s stock traded hands. The Middleby has a 52-week low of $61.9333 and a 52-week high of $102.04. The stock’s 50-day moving average is $80.0 and its 200-day moving average is $83.83. The company has a market cap of $5.032 billion and a price-to-earnings ratio of 28.34. The Middleby also was the recipient of a significant decline in short interest during the month of August. As of August 15th, there was short interest totalling 768,227 shares, a decline of 24.8% from the July 31st total of 1,022,180 shares. Based on an average daily trading volume, of 522,912 shares, the days-to-cover ratio is presently 1.5 days. Approximately 1.4% of the shares of the stock are short sold.
The Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.85 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.75 by $0.10. The company had revenue of $424.78 million for the quarter, compared to the consensus estimate of $407.98 million. During the same quarter in the prior year, the company posted $2.00 earnings per share. The company’s quarterly revenue was up 16.8% on a year-over-year basis. On average, analysts predict that The Middleby will post $3.30 earnings per share for the current fiscal year.
The Middleby Corporation (NASDAQ:MIDD) through its operating subsidiary Middleby Marshall Inc (Middleby Marshall) and its subsidiaries, is engaged in the design, manufacture, marketing, distribution, and service of a line of cooking and warming equipment used in all types of commercial restaurants and institutional kitchens, and food preparation, cooking and packaging equipment for food processing operations.
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