Zacks: Analysts Expect Middleby Corp (MIDD) Will Announce Quarterly Sales of $649.37 Million

Equities research analysts forecast that Middleby Corp (NASDAQ:MIDD) will report sales of $649.37 million for the current fiscal quarter, Zacks Investment Research reports. Five analysts have provided estimates for Middleby’s earnings, with estimates ranging from $633.00 million to $656.87 million. Middleby reported sales of $596.82 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 8.8%. The company is expected to issue its next quarterly earnings report on Tuesday, February 27th.

According to Zacks, analysts expect that Middleby will report full year sales of $649.37 million for the current fiscal year, with estimates ranging from $2.34 billion to $2.36 billion. For the next fiscal year, analysts expect that the firm will post sales of $2.58 billion per share, with estimates ranging from $2.49 billion to $2.65 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that follow Middleby.

Middleby (NASDAQ:MIDD) last posted its earnings results on Tuesday, November 7th. The industrial products company reported $1.36 EPS for the quarter, missing the Zacks’ consensus estimate of $1.41 by ($0.05). Middleby had a net margin of 13.22% and a return on equity of 23.28%. The business had revenue of $593.04 million for the quarter, compared to analyst estimates of $588.17 million.

MIDD has been the topic of a number of analyst reports. Zacks Investment Research upgraded Middleby from a “sell” rating to a “hold” rating in a research report on Tuesday, October 17th. BMO Capital Markets restated a “buy” rating and set a $150.00 target price on shares of Middleby in a research report on Wednesday, November 8th. Citigroup dropped their target price on Middleby from $132.00 to $120.00 and set a “neutral” rating on the stock in a research report on Friday, November 10th. Deutsche Bank dropped their target price on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a research report on Friday, November 17th. Finally, BidaskClub upgraded Middleby from a “sell” rating to a “hold” rating in a research report on Friday, December 15th. Five investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Middleby presently has an average rating of “Buy” and a consensus target price of $141.56.

In related news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction dated Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the sale, the treasurer now directly owns 61,726 shares in the company, valued at approximately $7,993,517. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of MIDD. Cubist Systematic Strategies LLC acquired a new stake in Middleby in the 2nd quarter worth about $154,000. Zions Bancorporation acquired a new stake in Middleby in the 3rd quarter worth about $198,000. Fulton Bank N.A. acquired a new stake in Middleby in the 3rd quarter worth about $209,000. Ironwood Investment Management LLC acquired a new stake in Middleby in the 3rd quarter worth about $229,000. Finally, Beacon Investment Advisory Services Inc. acquired a new stake in Middleby in the 3rd quarter worth about $231,000. Institutional investors own 98.89% of the company’s stock.

Shares of Middleby (NASDAQ:MIDD) opened at $132.76 on Friday. Middleby has a 12-month low of $107.53 and a 12-month high of $150.87. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.02 and a current ratio of 1.93. The company has a market capitalization of $7,420.00, a PE ratio of 24.95 and a beta of 1.78.

Middleby announced that its board has initiated a stock buyback program on Tuesday, November 14th that permits the company to repurchase 2,500,000 outstanding shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.

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About Middleby

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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