Zacks Research Reduces Earnings Estimates for Middleby

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

Other analysts also recently issued reports about the stock. Canaccord Genuity Group reissued a “buy” rating and set a $164.00 target price on shares of Middleby in a research note on Saturday, September 14th. Robert W. Baird upped their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group dropped their target price on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.67.

Middleby Stock Up 2.5 %

MIDD stock opened at $142.16 on Monday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The firm has a market capitalization of $7.65 billion, a P/E ratio of 19.61 and a beta of 1.58. Middleby has a 52-week low of $118.41 and a 52-week high of $161.01. The company’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 large investors have recently added to or reduced their stakes in the business. Quarry LP increased its stake in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares in the last quarter. Covestor Ltd boosted its holdings in shares of Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares during the period. GAMMA Investing LLC increased its position in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. UMB Bank n.a. raised its holdings 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 worth $39,000 after acquiring an additional 136 shares during the period. Finally, Avior Wealth Management LLC boosted its stake in Middleby by 820.0% in the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 287 shares during the period. 98.55% of the stock is currently 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.