Zacks Research Has Negative View of Middleby FY2024 Earnings

The Middleby Co. (NASDAQ:MIDD) – Stock analysts at Zacks Research decreased their FY2024 earnings per share (EPS) estimates for Middleby in a research note issued on Thursday, December 26th. Zacks Research analyst R. Department now expects that the industrial products company will earn $9.11 per share for the year, down from their prior 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 released its quarterly 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). The firm had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.35 earnings per share.

MIDD has been the topic of a number of other research reports. Canaccord Genuity Group reissued a “buy” rating and issued a $155.00 price target on shares of Middleby in a research note on Friday, December 20th. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Jefferies Financial Group reiterated a “hold” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $154.67.

Middleby Stock Performance

NASDAQ MIDD opened at $135.59 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 business has a 50 day moving average price of $138.67 and a 200 day moving average price of $135.15. The company has a market capitalization of $7.29 billion, a P/E ratio of 18.70 and a beta of 1.60. Middleby has a 1-year low of $118.41 and a 1-year high of $161.01.

Hedge Funds Weigh In On Middleby

A number of hedge funds have recently made changes to their positions in MIDD. Sanctuary Advisors LLC acquired a new position in shares of Middleby in the 3rd quarter valued at approximately $891,000. Virtu Financial LLC acquired a new stake in shares of Middleby in the 3rd quarter worth $639,000. Neo Ivy Capital Management acquired a new stake in shares of Middleby in the third quarter worth approximately $88,000. Geode Capital Management LLC increased its holdings in Middleby by 1.0% during the 3rd quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company’s stock worth $130,341,000 after purchasing an additional 8,926 shares during the period. Finally, MidWestOne Financial Group Inc. purchased a new position in Middleby in the third quarter valued at about $200,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

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.