Middleby (NASDAQ:MIDD) Releases Quarterly Earnings Results, Misses Expectations By $0.16 EPS

Middleby (NASDAQ:MIDD) released its earnings results on Wednesday. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16), Briefing.com reports. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The company had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. During the same quarter last year, the business posted $2.19 earnings per share. The company’s revenue for the quarter was down 8.0% on a year-over-year basis.

Middleby Price Performance

MIDD stock opened at $138.09 on Friday. The stock has a market cap of $7.40 billion, a price-to-earnings ratio of 19.23 and a beta of 1.58. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The company has a quick ratio of 1.21, a current ratio of 2.40 and a debt-to-equity ratio of 0.72. The business has a 50 day moving average price of $148.61 and a 200 day moving average price of $140.45.

Insiders Place Their Bets

In related news, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total value of $153,120.00. Following the transaction, the director now directly owns 7,971 shares of the company’s stock, valued at approximately $1,220,519.52. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Chapin Sarah Palisi sold 350 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total transaction of $53,014.50. Following the transaction, the director now directly owns 6,306 shares in the company, valued at $955,169.82. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total value of $153,120.00. Following the completion of the sale, the director now directly owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The disclosure for this sale can be found here. 1.16% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group decreased their price objective on Middleby from $166.00 to $159.00 and set a “buy” rating for the company in a research note on Thursday. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $158.50.

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.