The Middleby Co. (NASDAQ:MIDD) to Post Q3 2024 Earnings of $2.49 Per Share, Zacks Research Forecasts

The Middleby Co. (NASDAQ:MIDD) – Analysts at Zacks Research reduced their Q3 2024 earnings per share estimates for shares of Middleby in a report released on Thursday, September 12th. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $2.49 per share for the quarter, down from their previous estimate of $2.50. The consensus estimate for Middleby’s current full-year earnings is $9.66 per share. Zacks Research also issued estimates for Middleby’s Q4 2024 earnings at $2.88 EPS, Q1 2025 earnings at $1.85 EPS, Q2 2025 earnings at $2.33 EPS, Q3 2025 earnings at $2.36 EPS, FY2025 earnings at $9.21 EPS, Q1 2026 earnings at $2.41 EPS and Q2 2026 earnings at $2.93 EPS.

Other research analysts have also recently issued research reports about the company. JPMorgan Chase & Co. raised their target price on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 target price on shares of Middleby in a report on Friday. KeyCorp reduced their target price on Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Raymond James began coverage on Middleby in a report on Friday, June 28th. They set a “market perform” rating for the company. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 target price on shares of Middleby in a report on Saturday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $156.50.

Middleby Price Performance

Shares of NASDAQ MIDD opened at $132.80 on Friday. Middleby has a 1-year low of $109.59 and a 1-year high of $161.01. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.43. The business’s fifty day moving average price is $134.14 and its two-hundred day moving average price is $137.47. The firm has a market capitalization of $7.14 billion, a PE ratio of 18.50 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.08. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm had revenue of $991.55 million for the quarter, compared to analyst estimates of $994.05 million. During the same period last year, the company earned $2.47 earnings per share. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis.

Institutional Investors Weigh In On Middleby

Several institutional investors have recently made changes to their positions in MIDD. Trexquant Investment LP bought a new position in shares of Middleby in the 4th quarter valued at approximately $1,178,000. Epoch Investment Partners Inc. raised its stake in shares of Middleby by 481.0% in the 4th quarter. Epoch Investment Partners Inc. now owns 68,400 shares of the industrial products company’s stock valued at $10,066,000 after acquiring an additional 56,627 shares in the last quarter. PEAK6 Investments LLC bought a new position in shares of Middleby in the 4th quarter valued at approximately $3,435,000. Balyasny Asset Management L.P. raised its stake in shares of Middleby by 533.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after acquiring an additional 406,958 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Middleby by 2.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 617,974 shares of the industrial products company’s stock valued at $90,953,000 after acquiring an additional 13,632 shares in the last quarter. 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.