The Middleby Corporation [NASDAQ: MIDD] gained 16.30% on the last trading session, reaching $99.70 price per share at the time. The company report on August 5, 2020 that The Middleby Corporation Reports Second Quarter Results.
The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the 2020 second quarter of $21.2 million or $0.39 diluted earnings per share on net sales of $472.0 million. Adjusted net earnings were $30.4 million or $0.55 adjusted diluted earnings per share. A full reconciliation between GAAP and non-GAAP measures are provided at the end of this press release.
“While the COVID-19 pandemic has had a major impact on our business, we moved swiftly to adapt, which required significant changes to our business processes and the workplace environment. We are proud to have maintained uninterrupted service and support to our customers given this sizable disruption. Our solid financial performance was a result of successfully reducing our cost structure and maintaining strong levels of profitability across all three of our business segments, despite revenue decreases. Most importantly, our priority is ensuring the continued safety of our employees. We are very grateful for the unwavering commitment of our employees around the world and for their extraordinary efforts during this difficult period,” said Middleby Chief Executive Officer Tim FitzGerald.
The Middleby Corporation represents 55.40 million in outstanding shares, while the company has a total market value of $5.69 billion with the latest information. MIDD stock price has been found in the range of $91.00 to $99.87.
If compared to the average trading volume of 1.37M shares, MIDD reached a trading volume of 1357074 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about The Middleby Corporation [MIDD]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for MIDD shares is $83.86 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on MIDD stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
KeyBanc Capital Markets have made an estimate for The Middleby Corporation shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on June 29, 2020. While these analysts kept the previous recommendation, CL King raised their target price to Buy. The new note on the price target was released on June 02, 2020, representing the official price target for The Middleby Corporation stock.
The Average True Range (ATR) for The Middleby Corporation is set at 3.97, with the Price to Sales ratio for MIDD stock in the period of the last 12 months amounting to 1.93. The Price to Book ratio for the last quarter was 2.92, with the Price to Cash per share for the same quarter was set at 6.67. Price to Free Cash Flow for MIDD in the course of the last twelve months was 14.87 with Quick ratio for the last quarter at 1.50.
Trading performance analysis for MIDD stock
The Middleby Corporation [MIDD] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 14.03. With this latest performance, MIDD shares gained by 33.86% in over the last four-week period, additionally sinking by -12.14% over the last 6 months – not to mention a drop of -21.93% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for MIDD stock in for the last two-week period is set at 70.77, with the RSI for the last a single of trading hit 79.56, and the three-weeks RSI is set at 68.47 for The Middleby Corporation [MIDD]. The present Moving Average for the last 50 days of trading for this stock 79.77, while it was recorded at 87.57 for the last single week of trading, and 89.85 for the last 200 days.
The Middleby Corporation [MIDD]: A deeper dive into fundamental analysis
Operating Margin for any stock indicates how profitable investing would be, and The Middleby Corporation [MIDD] shares currently have an operating margin of +17.22 and a Gross Margin at +36.52. The Middleby Corporation’s Net Margin is presently recorded at +11.90.
Return on Total Capital for MIDD is now 13.64, given the latest momentum, and Return on Invested Capital for the company is 9.46. Return on Equity for this stock inclined to 19.50, with Return on Assets sitting at 7.38. When it comes to the capital structure of this company, The Middleby Corporation [MIDD] has a Total Debt to Total Equity ratio set at 101.19. Additionally, MIDD Total Debt to Total Capital is recorded at 50.30, with Total Debt to Total Assets ending up at 39.38. Long-Term Debt to Equity for the company is recorded at 99.92, with the Long-Term Debt to Total Capital now at 49.66.
Reflecting on the efficiency of the workforce at the company, The Middleby Corporation [MIDD] managed to generate an average of $36,024 per employee. Receivables Turnover for the company is 6.81 with a Total Asset Turnover recorded at a value of 0.62.The Middleby Corporation’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.50 and a Current Ratio set at 2.50.
The Middleby Corporation [MIDD]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, The Middleby Corporation posted 1.72/share EPS, while the average EPS was predicted by analysts to be reported at 1.63/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 5.50%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for MIDD. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for The Middleby Corporation go to 9.34%.
An analysis of insider ownership at The Middleby Corporation [MIDD]
There are presently around $5,233 million, or 95.20% of MIDD stock, in the hands of institutional investors. The top three institutional holders of MIDD stocks are: EDGEPOINT INVESTMENT GROUP INC. with ownership of 5,681,970, which is approximately 9.95% of the company’s market cap and around 0.90% of the total institutional ownership; VANGUARD GROUP INC, holding 5,116,489 shares of the stock with an approximate value of $510.11 million in MIDD stocks shares; and GOLDMAN SACHS GROUP INC, currently with $467.54 million in MIDD stock with ownership of nearly 3292.124% of the company’s market capitalization.
Positions in The Middleby Corporation stocks held by institutional investors increased at the end of August and at the time of the August reporting period, where 150 institutional holders increased their position in The Middleby Corporation [NASDAQ:MIDD] by around 12,323,817 shares. Additionally, 217 investors decreased positions by around 14,088,569 shares, while 48 investors held positions by with 26,073,686 shares. The mentioned changes placed institutional holdings at 52,486,072 shares, according to the latest SEC report filing. MIDD stock had 54 new institutional investments in for a total of 1,986,771 shares, while 95 institutional investors sold positions of 5,118,752 shares during the same period.