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

Middleby (NASDAQ:MIDD) announced 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 net margin of 9.93% and a return on equity of 16.99%. The company had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. During the same quarter in the previous year, the business posted $2.19 EPS. The business’s quarterly revenue was down 8.0% compared to the same quarter last year.

Middleby Price Performance

MIDD stock traded down $2.30 on Thursday, reaching $136.28. 545,036 shares of the company’s stock were exchanged, compared to its average volume of 352,539. The company has a quick ratio of 1.21, a current ratio of 2.31 and a debt-to-equity ratio of 0.73. Middleby has a twelve month low of $109.59 and a twelve month high of $161.01. The stock has a fifty day moving average of $149.24 and a 200-day moving average of $140.32. The firm has a market cap of $7.31 billion, a PE ratio of 18.39 and a beta of 1.58.

Analysts Set New Price Targets

Several brokerages recently commented on MIDD. Jefferies Financial Group lifted their price target 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 lowered their target price on shares of Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a research report on Thursday. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $158.50.

Insider Buying and Selling

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

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.