FY2024 EPS Estimates for Middleby Lowered by Zacks Research

The Middleby Co. (NASDAQ:MIDD) – Stock analysts at Zacks Research reduced their FY2024 earnings per share (EPS) estimates for shares of Middleby in a research report issued on Thursday, November 21st. Zacks Research analyst R. Department now expects that the industrial products company will earn $9.17 per share for the year, down from their prior forecast of $9.65. The consensus estimate for Middleby’s current full-year earnings is $9.20 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 released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. During the same period last year, the business earned $2.35 earnings per share. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year.

Several other analysts have also recently issued reports on MIDD. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. boosted their price objective 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 lifted their target price on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group dropped their price target on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research report on Friday, November 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Middleby has a consensus rating of “Moderate Buy” and an average price target of $154.67.

Middleby Stock Up 2.5 %

Shares of NASDAQ MIDD opened at $142.16 on Monday. The firm has a market cap of $7.65 billion, a price-to-earnings ratio of 19.61 and a beta of 1.58. Middleby has a 1 year low of $118.41 and a 1 year high of $161.01. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock’s 50-day simple moving average is $137.72 and its 200-day simple moving average is $133.32.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Quarry LP boosted its position in shares of 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 buying an additional 132 shares during the period. GAMMA Investing LLC grew its stake in shares of Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares in the last quarter. Covestor Ltd increased its holdings in shares of Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 190 shares during the period. UMB Bank n.a. raised its stake in shares of Middleby by 93.2% during the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 136 shares in the last quarter. Finally, Strategic Financial Concepts LLC acquired a new stake in Middleby in the second quarter worth about $45,000. 98.55% of the stock is owned by institutional investors and hedge funds.

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.