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

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

Middleby Stock Performance

Shares of MIDD opened at $130.16 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 2.81. The stock has a 50 day moving average price of $136.96 and a two-hundred day moving average price of $133.74. The firm has a market capitalization of $7.00 billion, a P/E ratio of 17.95 and a beta of 1.58. Middleby has a 52 week low of $111.75 and a 52 week high of $161.01.

Analyst Ratings Changes

A number of research analysts have recently issued reports on MIDD shares. KeyCorp dropped their price objective on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Canaccord Genuity Group dropped their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday. Robert W. Baird boosted their target price on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to MarketBeat, Middleby presently has an average 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.