Zacks Research Has Negative View of Middleby FY2024 Earnings

The Middleby Co. (NASDAQ:MIDD) – Research analysts at Zacks Research dropped their FY2024 earnings estimates for shares of Middleby in a research report issued on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings of $9.17 per share for the year, down from their previous estimate of $9.65. The consensus estimate for Middleby’s current full-year earnings is $9.12 per share. Zacks Research also issued estimates for Middleby’s Q4 2024 earnings at $2.56 EPS, Q1 2025 earnings at $1.87 EPS, Q2 2025 earnings at $2.31 EPS, Q3 2025 earnings at $2.28 EPS, Q4 2025 earnings at $2.47 EPS, FY2025 earnings at $8.93 EPS, Q1 2026 earnings at $2.31 EPS, Q2 2026 earnings at $2.78 EPS, Q3 2026 earnings at $2.61 EPS and FY2026 earnings at $10.63 EPS.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $996.60 million. During the same period in the prior year, the firm earned $2.35 EPS. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year.

MIDD has been the topic of a number of other research reports. 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. Robert W. Baird boosted their target price on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group reduced their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. lifted their target price on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a 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 given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $154.67.

Middleby Price Performance

Shares of MIDD opened at $146.97 on Monday. Middleby has a one year low of $118.41 and a one year high of $161.01. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of 20.27 and a beta of 1.58. The stock’s fifty day moving average is $137.94 and its 200-day moving average is $133.39. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81.

Institutional Trading of Middleby

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC raised its stake in shares of Middleby by 4.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 88 shares during the period. Townsquare Capital LLC boosted its position in Middleby by 1.4% during the 3rd quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after acquiring an additional 89 shares during the last quarter. Blue Trust Inc. lifted its position in shares of Middleby by 4.8% in the second quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company’s stock worth $248,000 after purchasing an additional 93 shares in the last quarter. Assetmark Inc. boosted its holdings in Middleby by 5.2% during the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 93 shares during the last quarter. Finally, Mendota Financial Group LLC increased its stake in Middleby by 10.0% in the 2nd quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock valued at $141,000 after buying an additional 105 shares during the last quarter. 98.55% of the stock is owned by institutional investors.

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.