Middleby (NASDAQ:MIDD) Posts Earnings Results, Misses Expectations By $0.15 EPS

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

Middleby Price Performance

NASDAQ MIDD traded down $10.68 on Thursday, hitting $129.70. 2,537,438 shares of the company’s stock were exchanged, compared to its average volume of 495,600. The stock has a 50-day moving average of $137.39 and a 200-day moving average of $133.86. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01. The stock has a market cap of $6.97 billion, a price-to-earnings ratio of 18.14 and a beta of 1.58.

Analysts Set New Price Targets

Several brokerages recently issued reports on MIDD. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price target on shares of Middleby in a research note on Saturday, September 14th. JPMorgan Chase & Co. boosted their price target on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price target on shares of Middleby in a research note on Friday, September 13th. Robert W. Baird boosted their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Finally, KeyCorp cut their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.17.

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.