Zacks: Analysts Anticipate Middleby Corp (MIDD) to Announce $1.79 EPS

Equities research analysts expect that Middleby Corp (NASDAQ:MIDD) will announce earnings per share of $1.79 for the current quarter, according to Zacks Investment Research. Five analysts have issued estimates for Middleby’s earnings. The highest EPS estimate is $1.84 and the lowest is $1.70. Middleby posted earnings per share of $1.63 in the same quarter last year, which indicates a positive year over year growth rate of 9.8%. The business is scheduled to issue its next earnings results on Wednesday, August 14th.

On average, analysts expect that Middleby will report full-year earnings of $6.92 per share for the current fiscal year, with EPS estimates ranging from $6.85 to $7.00. For the next financial year, analysts forecast that the company will report earnings of $7.81 per share, with EPS estimates ranging from $7.33 to $8.20. Zacks Investment Research’s earnings per share averages are an average based on a survey of sell-side research firms that follow Middleby.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.38 earnings per share for the quarter, beating analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $686.80 million during the quarter, compared to the consensus estimate of $683.01 million. Middleby had a return on equity of 22.41% and a net margin of 11.35%. The company’s revenue was up 17.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.20 EPS.

MIDD has been the subject of a number of analyst reports. Zacks Investment Research upgraded Middleby from a “hold” rating to a “buy” rating and set a $154.00 price target for the company in a research note on Tuesday, May 7th. BidaskClub cut Middleby from a “strong-buy” rating to a “buy” rating in a research report on Friday, March 22nd. Jefferies Financial Group started coverage on Middleby in a research report on Wednesday, April 3rd. They set a “hold” rating and a $135.00 price target on the stock. Robert W. Baird upgraded Middleby from a “neutral” rating to an “outperform” rating and set a $142.00 price target on the stock in a research report on Tuesday, January 22nd. Finally, CL King upgraded Middleby from a “buy” rating to a “strong-buy” rating and set a $160.00 price target on the stock in a research report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Middleby presently has an average rating of “Buy” and a consensus target price of $147.43.

Shares of NASDAQ:MIDD traded up $1.86 during trading on Tuesday, reaching $136.36. 7,420 shares of the company traded hands, compared to its average volume of 478,012. The company has a market cap of $7.55 billion, a price-to-earnings ratio of 22.32 and a beta of 1.79. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.97 and a current ratio of 1.90. Middleby has a 52 week low of $96.65 and a 52 week high of $138.88.

In related news, Director Chapin Sarah Palisi sold 300 shares of Middleby stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $124.18, for a total value of $37,254.00. Following the transaction, the director now directly owns 5,100 shares in the company, valued at approximately $633,318. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Miller III sold 2,000 shares of Middleby stock in a transaction on Monday, March 11th. The stock was sold at an average price of $126.37, for a total value of $252,740.00. Following the completion of the transaction, the director now owns 16,000 shares in the company, valued at $2,021,920. The disclosure for this sale can be found here. Insiders own 1.98% of the company’s stock.

Hedge funds and other institutional investors have recently modified their holdings of the stock. ETF Managers Group LLC lifted its holdings in Middleby by 7.7% during the 1st quarter. ETF Managers Group LLC now owns 1,156 shares of the industrial products company’s stock worth $150,000 after buying an additional 83 shares in the last quarter. Parkside Financial Bank & Trust raised its position in shares of Middleby by 22.9% during the 1st quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock valued at $79,000 after acquiring an additional 114 shares during the last quarter. Cerity Partners LLC raised its position in shares of Middleby by 2.7% during the 4th quarter. Cerity Partners LLC now owns 5,087 shares of the industrial products company’s stock valued at $523,000 after acquiring an additional 134 shares during the last quarter. M&T Bank Corp raised its position in shares of Middleby by 3.7% during the 4th quarter. M&T Bank Corp now owns 4,398 shares of the industrial products company’s stock valued at $452,000 after acquiring an additional 156 shares during the last quarter. Finally, First Manhattan Co. raised its position in shares of Middleby by 31.0% during the 1st quarter. First Manhattan Co. now owns 676 shares of the industrial products company’s stock valued at $87,000 after acquiring an additional 160 shares during the last quarter.

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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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