Middleby (NASDAQ:MIDD) Issues Earnings Results

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

Middleby Stock Performance

NASDAQ:MIDD traded up $2.25 during midday trading on Tuesday, hitting $170.40. The company’s stock had a trading volume of 197,357 shares, compared to its average volume of 812,631. Middleby has a fifty-two week low of $118.41 and a fifty-two week high of $182.73. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The firm has a market cap of $9.17 billion, a P/E ratio of 23.50 and a beta of 1.64. The firm’s 50 day moving average is $151.06 and its 200-day moving average is $142.76.

Analysts Set New Price Targets

MIDD has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Middleby from $134.00 to $145.00 and gave the stock an “underweight” rating in a report on Monday, February 3rd. Jefferies Financial Group restated a “hold” rating and set a $160.00 target price (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. KeyCorp increased their price target on Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Canaccord Genuity Group boosted their price target on Middleby from $155.00 to $192.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Finally, StockNews.com lowered shares of Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus 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.