Zacks: Analysts Anticipate Middleby Corp (NASDAQ:MIDD) Will Post Quarterly Sales of $762.30 Million

Wall Street analysts expect Middleby Corp (NASDAQ:MIDD) to report $762.30 million in sales for the current quarter, according to Zacks. Five analysts have made estimates for Middleby’s earnings, with the lowest sales estimate coming in at $758.60 million and the highest estimate coming in at $769.00 million. Middleby posted sales of $713.33 million in the same quarter last year, which would indicate a positive year over year growth rate of 6.9%. The business is expected to announce its next earnings report on Wednesday, November 6th.

According to Zacks, analysts expect that Middleby will report full year sales of $3.01 billion for the current fiscal year, with estimates ranging from $3.01 billion to $3.02 billion. For the next year, analysts anticipate that the firm will report sales of $3.15 billion, with estimates ranging from $3.10 billion to $3.18 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Middleby.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $1.70 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.77 by ($0.07). The firm had revenue of $761.00 million for the quarter, compared to analysts’ expectations of $774.13 million. Middleby had a net margin of 11.27% and a return on equity of 21.17%. The business’s quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $1.63 earnings per share.

A number of brokerages recently weighed in on MIDD. Zacks Investment Research cut Middleby from a “hold” rating to a “sell” rating and set a $119.00 price objective on the stock. in a report on Monday, October 14th. Buckingham Research set a $153.00 price objective on Middleby and gave the company a “buy” rating in a report on Wednesday, August 7th. ValuEngine cut Middleby from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. TheStreet cut Middleby from a “b-” rating to a “c” rating in a report on Thursday, August 29th. Finally, Citigroup decreased their price objective on Middleby from $138.00 to $125.00 and set a “neutral” rating on the stock in a report on Wednesday, August 14th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $140.57.

Shares of NASDAQ MIDD opened at $119.92 on Wednesday. The stock has a market cap of $6.52 billion, a price-to-earnings ratio of 19.66 and a beta of 1.62. The company has a current ratio of 2.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.11. Middleby has a 1-year low of $96.65 and a 1-year high of $142.98. The stock’s 50-day moving average is $115.04 and its 200 day moving average is $126.80.

In related news, Director Robert A. Nerbonne purchased 450 shares of the firm’s stock in a transaction on Friday, August 9th. The shares were acquired at an average cost of $113.85 per share, with a total value of $51,232.50. Following the purchase, the director now directly owns 1,282 shares of the company’s stock, valued at $145,955.70. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Robert A. Nerbonne purchased 455 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was bought at an average cost of $111.21 per share, for a total transaction of $50,600.55. Following the completion of the purchase, the director now directly owns 1,282 shares in the company, valued at $142,571.22. The disclosure for this purchase can be found here. 1.98% of the stock is owned by insiders.

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its position in shares of Middleby by 2.4% in the 2nd quarter. Royal Bank of Canada now owns 94,486 shares of the industrial products company’s stock worth $12,821,000 after buying an additional 2,189 shares during the last quarter. Andra AP fonden grew its position in shares of Middleby by 77.9% in the 2nd quarter. Andra AP fonden now owns 20,100 shares of the industrial products company’s stock worth $2,728,000 after buying an additional 8,800 shares during the last quarter. Leith Wheeler Investment Counsel Ltd. grew its position in shares of Middleby by 2.2% in the 3rd quarter. Leith Wheeler Investment Counsel Ltd. now owns 37,875 shares of the industrial products company’s stock worth $4,428,000 after buying an additional 810 shares during the last quarter. Pictet Asset Management Ltd. grew its position in shares of Middleby by 33.4% in the 2nd quarter. Pictet Asset Management Ltd. now owns 354,060 shares of the industrial products company’s stock worth $48,046,000 after buying an additional 88,590 shares during the last quarter. Finally, Aperio Group LLC grew its position in shares of Middleby by 1.6% in the 2nd quarter. Aperio Group LLC now owns 16,105 shares of the industrial products company’s stock worth $2,185,000 after buying an additional 258 shares during the last quarter. 95.24% of the stock is currently owned by institutional investors and hedge funds.

Middleby Company Profile

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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