Zacks Research Has Negative View of Middleby FY2024 Earnings

The Middleby Co. (NASDAQ:MIDD) – Research analysts at Zacks Research lowered their FY2024 earnings estimates for shares of Middleby in a report released on Thursday, December 26th. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings per share of $9.11 for the year, down from their previous forecast of $9.12. The consensus estimate for Middleby’s current full-year earnings is $9.13 per share. Zacks Research also issued estimates for Middleby’s Q4 2024 earnings at $2.50 EPS, Q1 2025 earnings at $1.90 EPS, Q1 2026 earnings at $2.01 EPS, Q2 2026 earnings at $2.46 EPS and Q3 2026 earnings at $2.42 EPS.

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

A number of other analysts have also weighed in on MIDD. Canaccord Genuity Group restated a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $160.00 price target (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $155.00 price objective on shares of Middleby in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Middleby currently has an average rating of “Hold” and a consensus target price of $154.67.

Middleby Trading Down 0.7 %

Shares of Middleby stock opened at $135.59 on Monday. Middleby has a 1 year low of $118.41 and a 1 year high of $161.01. The firm has a market cap of $7.29 billion, a PE ratio of 18.70 and a beta of 1.60. The company has a 50 day simple moving average of $138.67 and a two-hundred day simple moving average of $135.15. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Cornercap Investment Counsel Inc. bought a new position in shares of Middleby in the 2nd quarter worth approximately $500,000. Westwood Holdings Group Inc. boosted its position in Middleby by 11.7% in the second quarter. Westwood Holdings Group Inc. now owns 96,482 shares of the industrial products company’s stock worth $11,830,000 after purchasing an additional 10,115 shares during the last quarter. GHP Investment Advisors Inc. increased its stake in shares of Middleby by 4,691.4% in the 2nd quarter. GHP Investment Advisors Inc. now owns 16,099 shares of the industrial products company’s stock worth $1,974,000 after purchasing an additional 15,763 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Middleby by 35.2% during the 2nd quarter. Epoch Investment Partners Inc. now owns 482,389 shares of the industrial products company’s stock valued at $59,146,000 after buying an additional 125,675 shares in the last quarter. Finally, Sei Investments Co. grew its stake in Middleby by 27.4% during the second quarter. Sei Investments Co. now owns 76,345 shares of the industrial products company’s stock valued at $9,361,000 after acquiring an additional 16,432 shares in the last quarter. 98.55% of the stock is owned by 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.