FY2024 EPS Estimates for Middleby Reduced by Zacks Research

The Middleby Co. (NASDAQ:MIDD) – Research analysts at Zacks Research decreased their FY2024 EPS estimates for shares of Middleby in a research note issued on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $9.17 per share for the year, down from their previous estimate of $9.65. The consensus estimate for Middleby’s current full-year earnings is $9.12 per share. Zacks Research also issued estimates for Middleby’s Q4 2024 earnings at $2.56 EPS, Q1 2025 earnings at $1.87 EPS, Q2 2025 earnings at $2.31 EPS, Q3 2025 earnings at $2.28 EPS, Q4 2025 earnings at $2.47 EPS, FY2025 earnings at $8.93 EPS, Q1 2026 earnings at $2.31 EPS, Q2 2026 earnings at $2.78 EPS, Q3 2026 earnings at $2.61 EPS and FY2026 earnings at $10.63 EPS.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. During the same period in the previous year, the company earned $2.35 earnings per share. Middleby’s quarterly revenue was down 3.9% on a year-over-year basis.

A number of other equities research analysts have also recently commented on MIDD. Canaccord Genuity Group reduced their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. JPMorgan Chase & Co. boosted their target price on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird increased their price target on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Stock Up 3.4 %

Shares of NASDAQ MIDD opened at $146.97 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. Middleby has a 52-week low of $118.41 and a 52-week high of $161.01. The business has a 50-day moving average price of $137.94 and a 200 day moving average price of $133.39. The stock has a market cap of $7.91 billion, a PE ratio of 20.27 and a beta of 1.58.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MIDD. Quarry LP raised its stake in Middleby by 133.3% during the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 132 shares during the period. GAMMA Investing LLC lifted its position in Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after buying an additional 126 shares in the last quarter. Covestor Ltd grew its stake in Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after buying an additional 190 shares during the period. UMB Bank n.a. raised its stake in shares of Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 136 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new stake in Middleby during the 2nd quarter worth $45,000. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Middleby Company Profile

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.