Middleby (NASDAQ:MIDD) Issues Quarterly Earnings Results

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

Middleby Price Performance

Shares of NASDAQ:MIDD traded down $10.68 during midday trading on Thursday, hitting $129.70. The stock had a trading volume of 2,537,438 shares, compared to its average volume of 495,600. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $6.97 billion, a P/E ratio of 18.14 and a beta of 1.58. The company’s 50-day moving average price is $137.39 and its 200-day moving average price is $133.86. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the company. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. KeyCorp reduced their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price target on shares of Middleby in a report on Friday, September 13th. JPMorgan Chase & Co. upped 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, Robert W. Baird lifted their price target on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $156.17.

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.