Middleby Corp (MIDD) Expected to Post Quarterly Sales of $728.11 Million

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Analysts expect Middleby Corp (NASDAQ:MIDD) to post sales of $728.11 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have provided estimates for Middleby’s earnings, with estimates ranging from $713.00 million to $740.80 million. Middleby reported sales of $593.04 million in the same quarter last year, which indicates a positive year-over-year growth rate of 22.8%. The company is scheduled to report its next quarterly earnings report on Tuesday, November 6th.

According to Zacks, analysts expect that Middleby will report full-year sales of $2.74 billion for the current year, with estimates ranging from $2.70 billion to $2.79 billion. For the next year, analysts expect that the business will post sales of $3.00 billion, with estimates ranging from $2.94 billion to $3.05 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research analysts that cover Middleby.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, August 8th. The industrial products company reported $1.51 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.55 by ($0.04). Middleby had a net margin of 12.07% and a return on equity of 22.52%. The company had revenue of $668.13 million during the quarter, compared to analysts’ expectations of $645.88 million. During the same period last year, the business posted $1.35 earnings per share. The company’s quarterly revenue was up 15.3% on a year-over-year basis.

MIDD has been the subject of a number of recent research reports. Citigroup dropped their price objective on shares of Middleby from $120.00 to $116.00 and set a “neutral” rating for the company in a research note on Friday, June 8th. BidaskClub raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Tuesday, June 19th. Zacks Investment Research raised shares of Middleby from a “strong sell” rating to a “hold” rating in a research note on Tuesday, July 10th. ValuEngine raised shares of Middleby from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 8th. Finally, Robert W. Baird raised their price objective on shares of Middleby from $116.00 to $130.00 and gave the stock a “hold” rating in a research note on Thursday, August 9th. Five research analysts have rated the stock with a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $135.00.

Institutional investors and hedge funds have recently modified their holdings of the company. EdgePoint Investment Group Inc. boosted its position in Middleby by 152.2% during the second quarter. EdgePoint Investment Group Inc. now owns 5,005,532 shares of the industrial products company’s stock worth $522,678,000 after acquiring an additional 3,020,865 shares during the last quarter. Janus Henderson Group PLC boosted its position in Middleby by 29.1% during the second quarter. Janus Henderson Group PLC now owns 2,683,129 shares of the industrial products company’s stock worth $280,172,000 after acquiring an additional 604,451 shares during the last quarter. Waddell & Reed Financial Inc. boosted its position in Middleby by 98.8% during the second quarter. Waddell & Reed Financial Inc. now owns 799,138 shares of the industrial products company’s stock worth $83,446,000 after acquiring an additional 397,157 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Middleby by 41.0% during the first quarter. Handelsbanken Fonder AB now owns 516,000 shares of the industrial products company’s stock worth $63,876,000 after acquiring an additional 150,000 shares during the last quarter. Finally, Bank of Montreal Can acquired a new stake in Middleby during the second quarter worth approximately $10,595,000.

Middleby stock traded down $0.15 during mid-day trading on Wednesday, reaching $123.24. The company had a trading volume of 263,828 shares, compared to its average volume of 613,743. Middleby has a 1 year low of $98.06 and a 1 year high of $138.89. The company has a current ratio of 1.94, a quick ratio of 1.06 and a debt-to-equity ratio of 1.37. The stock has a market cap of $7.21 billion, a PE ratio of 20.01 and a beta of 1.84.

About Middleby

The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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