William Blair Brokers Lower Earnings Estimates for Middleby

The Middleby Co. (NASDAQ:MIDD) – Equities research analysts at William Blair lowered their FY2024 earnings estimates for shares of Middleby in a research report issued to clients and investors on Thursday, October 31st. William Blair analyst R. Sparenblek now anticipates that the industrial products company will post earnings of $8.97 per share for the year, down from their prior forecast of $9.55. The consensus estimate for Middleby’s current full-year earnings is $9.43 per share. William Blair also issued estimates for Middleby’s FY2025 earnings at $10.00 EPS.

Several other research firms have also recently weighed in on MIDD. 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 report on Friday, August 2nd. KeyCorp lowered their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday. Finally, Canaccord Genuity Group cut their price target on Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $154.67.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $137.09 on Monday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The firm has a market cap of $7.37 billion, a price-to-earnings ratio of 18.91 and a beta of 1.58. The business has a 50-day simple moving average of $136.82 and a two-hundred day simple moving average of $133.57. Middleby has a fifty-two week low of $113.77 and a fifty-two week high of $161.01.

Middleby (NASDAQ:MIDD) last posted 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). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. During the same quarter in the prior year, the firm earned $2.35 EPS. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in MIDD. Entropy Technologies LP bought a new stake in Middleby during the 3rd quarter worth approximately $250,000. Versor Investments LP purchased a new stake in shares of Middleby in the third quarter worth $348,000. State of New Jersey Common Pension Fund D raised its position in shares of Middleby by 3.4% during the 3rd quarter. State of New Jersey Common Pension Fund D now owns 17,364 shares of the industrial products company’s stock valued at $2,416,000 after purchasing an additional 570 shares during the period. Crossmark Global Holdings Inc. lifted its stake in shares of Middleby by 17.5% during the 3rd quarter. Crossmark Global Holdings Inc. now owns 3,725 shares of the industrial products company’s stock valued at $518,000 after buying an additional 554 shares in the last quarter. Finally, Covestor Ltd boosted its holdings in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after buying an additional 190 shares during the period. 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.