Middleby Corp (NASDAQ:MIDD) Expected to Announce Quarterly Sales of $777.94 Million

Equities research analysts expect Middleby Corp (NASDAQ:MIDD) to post sales of $777.94 million for the current quarter, according to Zacks. Five analysts have issued estimates for Middleby’s earnings, with estimates ranging from $758.90 million to $797.20 million. Middleby reported sales of $668.13 million in the same quarter last year, which indicates a positive year over year growth rate of 16.4%. The business is expected to announce its next earnings results on Wednesday, August 14th.

On average, analysts expect that Middleby will report full year sales of $3.04 billion for the current year, with estimates ranging from $3.02 billion to $3.06 billion. For the next year, analysts forecast that the business will post sales of $3.19 billion, with estimates ranging from $3.13 billion to $3.23 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that that provide coverage for 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 the Thomson Reuters’ consensus estimate of $1.37 by $0.01. The company had revenue of $686.80 million for the quarter, compared to the consensus estimate of $683.01 million. Middleby had a return on equity of 21.91% and a net margin of 11.35%. Middleby’s quarterly revenue was up 17.4% compared to the same quarter last year. During the same period in the previous year, the business earned $1.20 earnings per share.

Several equities analysts recently weighed in on MIDD shares. BidaskClub downgraded Middleby from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, April 10th. CL King upgraded Middleby from a “buy” rating to a “strong-buy” rating and set a $160.00 price objective on the stock in a research report on Wednesday, April 3rd. Jefferies Financial Group initiated coverage on Middleby in a research report on Wednesday, April 3rd. They issued a “hold” rating and a $135.00 price objective on the stock. ValuEngine upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Wednesday, May 15th. Finally, Zacks Investment Research downgraded Middleby from a “buy” rating to a “hold” rating in a research report on Monday, May 13th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. Middleby has a consensus rating of “Buy” and an average price target of $147.43.

Several large investors have recently bought and sold shares of MIDD. Icon Wealth Partners LLC purchased a new stake in shares of Middleby in the first quarter worth about $33,000. Quadrant Capital Group LLC lifted its position in shares of Middleby by 1,724.0% in the first quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock worth $58,000 after buying an additional 431 shares in the last quarter. Parkside Financial Bank & Trust lifted its position in shares of Middleby by 22.9% in the first quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock worth $79,000 after buying an additional 114 shares in the last quarter. Ellis Investment Partners LLC bought a new stake in Middleby during the first quarter worth approximately $82,000. Finally, Crewe Advisors LLC increased its stake in Middleby by 2,985.7% during the first quarter. Crewe Advisors LLC now owns 648 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 627 shares during the last quarter. Institutional investors own 99.74% of the company’s stock.

NASDAQ MIDD traded down $2.61 on Monday, hitting $135.79. 449,500 shares of the company traded hands, compared to its average volume of 446,160. The firm has a market cap of $7.70 billion, a P/E ratio of 22.26 and a beta of 1.64. The company has a quick ratio of 0.95, a current ratio of 1.98 and a debt-to-equity ratio of 1.09. The business has a 50 day simple moving average of $134.28. Middleby has a 52-week low of $96.65 and a 52-week high of $140.15.

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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Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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