Middleby (NASDAQ:MIDD) Posts Quarterly Earnings Results, Beats Expectations By $0.38 EPS

Middleby (NASDAQ:MIDD) announced its earnings results on Tuesday. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.38, Zacks reports. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $996.69 million. During the same period last year, the company posted $2.65 earnings per share. The firm’s quarterly revenue was up .4% compared to the same quarter last year.

Middleby Stock Up 2.3 %

MIDD opened at $172.07 on Tuesday. The stock has a market cap of $9.26 billion, a PE ratio of 23.66 and a beta of 1.64. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $151.06 and its 200 day simple moving average is $142.76. Middleby has a 1-year low of $118.41 and a 1-year high of $177.90.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Canaccord Genuity Group raised their price objective on shares of Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a research report on Monday, January 27th. StockNews.com cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. JPMorgan Chase & Co. boosted their price target on shares of Middleby from $134.00 to $145.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. Robert W. Baird increased their price target on Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Finally, Jefferies Financial Group reissued a “hold” rating and issued a $160.00 target price (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Middleby currently has an average rating of “Hold” and a consensus price target of $178.83.

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.