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Middleby (MIDD) Soars 14.7%: Is Further Upside Left in the Stock?
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The Middleby Corporation (MIDD - Free Report) shares soared 14.7% in the last trading session to close at $143.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 19.4% loss over the past four weeks.
Middleby’s rally is largely driven by optimism regarding its strong momentum in the Food Processing Equipment Group segment, arising from a robust backlog level and strong incoming order growth. The company’s focus on launching new products and upgrading the existing ones per the industry trend also bodes well.
This food preparation equipment company is expected to post quarterly earnings of $1.94 per share in its upcoming report, which represents a year-over-year change of +2.7%. Revenues are expected to be $943.61 million, up 1.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Middleby, the consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MIDD going forward to see if this recent jump can turn into more strength down the road.
Middleby is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, Xometry (XMTR - Free Report) , finished the last trading session 14.1% higher at $22.07. XMTR has returned -18.2% over the past month.
Xometry's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0. Compared to the company's year-ago EPS, this represents a change of +100%. Xometry currently boasts a Zacks Rank of #3 (Hold).
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Middleby (MIDD) Soars 14.7%: Is Further Upside Left in the Stock?
The Middleby Corporation (MIDD - Free Report) shares soared 14.7% in the last trading session to close at $143.55. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 19.4% loss over the past four weeks.
Middleby’s rally is largely driven by optimism regarding its strong momentum in the Food Processing Equipment Group segment, arising from a robust backlog level and strong incoming order growth. The company’s focus on launching new products and upgrading the existing ones per the industry trend also bodes well.
This food preparation equipment company is expected to post quarterly earnings of $1.94 per share in its upcoming report, which represents a year-over-year change of +2.7%. Revenues are expected to be $943.61 million, up 1.8% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Middleby, the consensus EPS estimate for the quarter has been revised 0.8% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MIDD going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Middleby is a member of the Zacks Manufacturing - General Industrial industry. One other stock in the same industry, Xometry (XMTR - Free Report) , finished the last trading session 14.1% higher at $22.07. XMTR has returned -18.2% over the past month.
Xometry's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0. Compared to the company's year-ago EPS, this represents a change of +100%. Xometry currently boasts a Zacks Rank of #3 (Hold).