FY2024 EPS Estimates for Middleby Cut by Seaport Res Ptn

The Middleby Co. (NASDAQ:MIDD) – Equities researchers at Seaport Res Ptn reduced their FY2024 earnings estimates for shares of Middleby in a research report issued on Thursday, November 7th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will earn $9.10 per share for the year, down from their prior estimate 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.

Several other brokerages also recently commented on MIDD. Robert W. Baird increased their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. Canaccord Genuity Group decreased their price target on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, JPMorgan Chase & Co. upped their price target 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 investment 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 company presently has an average rating of “Moderate Buy” and an average target price of $154.67.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $137.34 on Monday. The company has a market cap of $7.39 billion, a price-to-earnings ratio of 18.94 and a beta of 1.58. 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 50 day simple moving average of $136.82 and a 200 day simple moving average of $133.44. Middleby has a one year low of $118.32 and a one year high of $161.01.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.15). The company had revenue of $942.81 million during 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%. Middleby’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the previous year, the company earned $2.35 EPS.

Institutional Investors Weigh In On Middleby

A number of large investors have recently bought and sold shares of MIDD. Allspring Global Investments Holdings LLC grew its holdings in Middleby by 1,246.2% in the first 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. Quarry LP grew its holdings in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 132 shares during the period. GAMMA Investing LLC grew its holdings in Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the period. Covestor Ltd grew its holdings in Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 190 shares during the period. Finally, UMB Bank n.a. grew its holdings in Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 136 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.