Middleby Corp (MIDD) Expected to Post Earnings of $1.38 Per Share
Brokerages predict that Middleby Corp (NASDAQ:MIDD) will announce $1.38 earnings per share for the current quarter, according to Zacks. Four analysts have issued estimates for Middleby Corp’s earnings, with estimates ranging from $1.33 to $1.42. Middleby Corp reported earnings of $1.35 per share during the same quarter last year, which would indicate a positive year over year growth rate of 2.2%. The company is expected to issue its next earnings results on Wednesday, August 9th.
According to Zacks, analysts expect that Middleby Corp will report full year earnings of $5.66 per share for the current fiscal year, with EPS estimates ranging from $5.50 to $5.85. For the next year, analysts expect that the firm will post earnings of $6.18 per share, with EPS estimates ranging from $5.96 to $6.35. Zacks’ EPS calculations are an average based on a survey of analysts that cover Middleby Corp.
Middleby Corp (NASDAQ:MIDD) last issued its quarterly earnings results on Tuesday, May 9th. The industrial products company reported $1.26 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.12. Middleby Corp had a return on equity of 21.83% and a net margin of 11.50%. The firm had revenue of $530.30 million during the quarter, compared to analysts’ expectations of $542.50 million.
Several equities analysts recently issued reports on MIDD shares. KeyCorp started coverage on Middleby Corp in a report on Monday, February 13th. They set an “overweight” rating and a $157.00 price objective for the company. Zacks Investment Research raised Middleby Corp from a “sell” rating to a “hold” rating in a report on Thursday, March 2nd. Finally, BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of Middleby Corp in a report on Wednesday, May 17th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Middleby Corp currently has an average rating of “Hold” and a consensus target price of $144.00.
Shares of Middleby Corp (NASDAQ:MIDD) traded down 0.53% during mid-day trading on Wednesday, hitting $127.29. The company had a trading volume of 167,263 shares. Middleby Corp has a 12 month low of $108.45 and a 12 month high of $150.87. The firm has a 50-day moving average price of $135.27 and a 200 day moving average price of $134.74. The firm has a market capitalization of $7.32 billion, a P/E ratio of 24.20 and a beta of 1.56.
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In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the business’s stock in a transaction on Wednesday, March 8th. The stock was sold at an average price of $139.36, for a total value of $1,393,600.00. Following the completion of the transaction, the treasurer now directly owns 76,682 shares of the company’s stock, valued at $10,686,403.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Treasurer Martin M. Lindsay sold 5,000 shares of the business’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $139.41, for a total value of $697,050.00. Following the completion of the transaction, the treasurer now directly owns 76,682 shares of the company’s stock, valued at $10,690,237.62. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,199 shares of company stock valued at $2,397,235. Insiders own 2.00% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank boosted its position in Middleby Corp by 6.0% in the fourth quarter. Comerica Bank now owns 20,992 shares of the industrial products company’s stock worth $2,833,000 after buying an additional 1,196 shares during the period. HighTower Advisors LLC boosted its position in Middleby Corp by 98.8% in the third quarter. HighTower Advisors LLC now owns 3,590 shares of the industrial products company’s stock worth $443,000 after buying an additional 1,784 shares during the period. Macquarie Group Ltd. boosted its position in Middleby Corp by 0.8% in the fourth quarter. Macquarie Group Ltd. now owns 35,700 shares of the industrial products company’s stock worth $4,598,000 after buying an additional 300 shares during the period. Russell Investments Group Ltd. bought a new position in Middleby Corp during the fourth quarter worth $69,419,000. Finally, Congress Asset Management Co. MA bought a new position in Middleby Corp during the fourth quarter worth $53,661,000. 94.69% of the stock is owned by institutional investors.
About Middleby Corp
The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.
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