Seaport Res Ptn Reduces Earnings Estimates for Middleby

The Middleby Co. (NASDAQ:MIDD) – Analysts at Seaport Res Ptn dropped their FY2024 earnings estimates for Middleby in a report released on Thursday, November 7th. Seaport Res Ptn analyst W. Liptak now anticipates that the industrial products company will post earnings of $9.10 per share for the year, down from their previous forecast of $9.96. The consensus estimate for Middleby’s current full-year earnings is $9.20 per share. Seaport Res Ptn also issued estimates for Middleby’s Q4 2024 earnings at $2.49 EPS, Q4 2025 earnings at $2.81 EPS and FY2025 earnings at $9.82 EPS.

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

Middleby Price Performance

MIDD opened at $139.64 on Monday. Middleby has a 12-month low of $118.32 and a 12-month high of $161.01. The company has a market cap of $7.51 billion, a price-to-earnings ratio of 19.26 and a beta of 1.58. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $136.83 and a two-hundred day simple moving average of $133.47.

Middleby (NASDAQ:MIDD) last posted its 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). The firm had revenue of $942.81 million for the quarter, compared to analysts’ expectations 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 last year, the company posted $2.35 EPS.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Allspring Global Investments Holdings LLC grew its position in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares during the period. SG Americas Securities LLC lifted its holdings in Middleby by 62.7% in the first quarter. SG Americas Securities LLC now owns 2,616 shares of the industrial products company’s stock valued at $421,000 after acquiring an additional 1,008 shares during the period. Sei Investments Co. lifted its holdings in Middleby by 11.7% in the first quarter. Sei Investments Co. now owns 59,913 shares of the industrial products company’s stock valued at $9,634,000 after acquiring an additional 6,262 shares during the period. Russell Investments Group Ltd. boosted its position in Middleby by 3.5% in the first quarter. Russell Investments Group Ltd. now owns 13,409 shares of the industrial products company’s stock worth $2,156,000 after purchasing an additional 455 shares during the last quarter. Finally, William Blair Investment Management LLC bought a new stake in shares of Middleby during the 1st quarter valued at about $489,000. 98.55% of the stock is 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.