Middleby (MIDD) Surges 4.6%: Is This an Indication of Further Gains?

The Middleby Corporation MIDD shares soared 4.5% in the last trading session to close at $172.26. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 14.9% gain over the past four weeks.Middleby’s rally is largely driven by optimism over solid momentum in the Commercial Foodservice Equipment Group segment, driven by an increase in demand for ice and beverage equipment. 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 $2.30 per share in its upcoming report, which represents a year-over-year change of -2.1%. Revenues are expected to be $837.95 million, down 14.3% from the year-ago quarter.Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.For Middleby, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate 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 #2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>Middleby is part of the Zacks Manufacturing - General Industrial industry. Ingersoll Rand IR, another stock in the same industry, closed the last trading session 1.1% higher at $77.91. IR has returned 9.5% in the past month.Ingersoll's consensus EPS estimate for the upcoming report has changed -0.6% over the past month to $0.82. Compared to the company's year-ago EPS, this represents a change of +2.5%. Ingersoll currently boasts a Zacks Rank of #3 (Hold).Zacks' Research Chief Names "Stock Most Likely to Double"Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.Free: See Our Top Stock And 4 Runners UpThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks