Middleby (NASDAQ:MIDD) Releases Quarterly Earnings Results, Misses Estimates By $0.15 EPS

Middleby (NASDAQ:MIDD) released its quarterly earnings data on Thursday. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15), Briefing.com reports. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same period last year, the business earned $2.35 EPS. The company’s revenue was down 3.9% compared to the same quarter last year.

Middleby Stock Up 0.4 %

Shares of MIDD opened at $130.16 on Friday. The company has a market capitalization of $7.00 billion, a PE ratio of 17.95 and a beta of 1.58. Middleby has a 12 month low of $111.75 and a 12 month high of $161.01. The stock’s 50-day moving average price is $136.96 and its two-hundred day moving average price is $133.74. The company has a current ratio of 2.81, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66.

Analyst Upgrades and Downgrades

MIDD has been the topic of several recent research reports. Robert W. Baird raised their price objective on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group cut their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday. Canaccord Genuity Group reissued a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. JPMorgan Chase & Co. raised their price objective on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, KeyCorp cut their price objective on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

About Middleby

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.