FY2024 EPS Estimates for Middleby Decreased by William Blair

The Middleby Co. (NASDAQ:MIDD) – Research analysts at William Blair decreased their FY2024 EPS estimates for Middleby in a research report issued on Thursday, October 31st. William Blair analyst R. Sparenblek now expects that the industrial products company will earn $8.97 per share for the year, down from their previous estimate of $9.55. The consensus estimate for Middleby’s current full-year earnings is $9.59 per share. William Blair also issued estimates for Middleby’s FY2025 earnings at $10.00 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 analysts’ consensus estimates of $2.48 by ($0.15). The business had revenue of $942.81 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same period in the prior year, the business earned $2.35 earnings per share.

Several other research firms have also recently weighed in on MIDD. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. JPMorgan Chase & Co. boosted their target price on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Canaccord Genuity Group decreased their price target on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday. Finally, KeyCorp cut their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, Middleby presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Stock Performance

Shares of NASDAQ:MIDD opened at $134.14 on Monday. The business has a fifty day moving average of $136.96 and a 200-day moving average of $133.62. The firm has a market cap of $7.21 billion, a PE ratio of 18.50 and a beta of 1.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 2.81. Middleby has a twelve month low of $113.77 and a twelve month high of $161.01.

Hedge Funds Weigh In On Middleby

Several hedge funds have recently added to or reduced their stakes in the stock. Select Equity Group L.P. increased its stake in shares of Middleby by 15.4% in the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock valued at $779,835,000 after acquiring an additional 846,884 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Middleby by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock valued at $822,165,000 after purchasing an additional 15,798 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in Middleby by 1.0% during the 1st quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company’s stock worth $321,342,000 after purchasing an additional 20,511 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Middleby by 0.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock worth $233,182,000 after buying an additional 11,552 shares during the period. Finally, Pacer Advisors Inc. increased its holdings in Middleby by 11,853.1% during the 2nd quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after purchasing an additional 959,272 shares in the last quarter. Institutional investors and hedge funds 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.