Middleby (NASDAQ:MIDD) Issues Quarterly Earnings Results, Beats Estimates By $0.38 EPS

Middleby (NASDAQ:MIDD) announced its quarterly earnings results on Tuesday. The industrial products company reported $2.88 earnings per share for the quarter, beating the consensus estimate of $2.50 by $0.38, Zacks reports. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $996.69 million. During the same quarter last year, the firm earned $2.65 EPS. The firm’s revenue for the quarter was up .4% compared to the same quarter last year.

Middleby Stock Up 0.7 %

MIDD opened at $169.25 on Wednesday. The company has a 50 day moving average of $151.72 and a 200 day moving average of $143.00. The company has a market cap of $9.10 billion, a PE ratio of 23.34 and a beta of 1.64. Middleby has a 12 month low of $118.41 and a 12 month high of $182.73. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Wall Street Analyst Weigh In

Several research firms have commented on MIDD. Jefferies Financial Group reiterated a “hold” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Middleby in a research note on Thursday, December 12th. StockNews.com lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Monday, January 27th. Canaccord Genuity Group increased their price objective on shares of Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Robert W. Baird increased their price objective on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Middleby from $134.00 to $145.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $178.83.

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.