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

Middleby (NASDAQ:MIDD) released its quarterly earnings results on Thursday. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15), Briefing.com reports. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. During the same quarter last year, the firm posted $2.35 earnings per share. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year.

Middleby Stock Performance

Shares of MIDD stock traded up $1.68 during trading hours on Friday, reaching $131.38. The company had a trading volume of 182,936 shares, compared to its average volume of 493,885. The business has a fifty day moving average price of $137.39 and a 200-day moving average price of $133.86. Middleby has a one year low of $111.75 and a one year high of $161.01. The firm has a market cap of $7.06 billion, a PE ratio of 18.14 and a beta of 1.58. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.43 and a current ratio of 2.50.

Analyst Upgrades and Downgrades

MIDD has been the topic of several analyst reports. KeyCorp cut their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Robert W. Baird boosted their target price on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. Finally, Canaccord Genuity Group dropped their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Middleby presently has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Company Profile

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.