FY2024 EPS Estimates for Middleby Cut by Seaport Res Ptn

The Middleby Co. (NASDAQ:MIDD) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings estimates for shares of Middleby in a report issued on Thursday, November 7th. Seaport Res Ptn analyst W. Liptak now anticipates that the industrial products company will earn $9.10 per share for the year, down from their previous 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 equities research analysts have also recently issued reports on MIDD. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. Canaccord Genuity Group lowered their target price on Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. JPMorgan Chase & Co. increased their price objective 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. Finally, 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. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Stock Performance

MIDD opened at $139.64 on Monday. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 19.26 and a beta of 1.58. Middleby has a fifty-two week low of $118.32 and a fifty-two week high of $161.01. 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 company has a fifty day moving average of $136.83 and a 200 day moving average of $133.47.

Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). The business had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.35 EPS.

Hedge Funds Weigh In On Middleby

Several hedge funds have recently added to or reduced their stakes in MIDD. Landscape Capital Management L.L.C. purchased a new position in shares of Middleby during the third quarter valued at approximately $306,000. Aurora Investment Counsel boosted its holdings in Middleby by 6.2% during the 3rd quarter. Aurora Investment Counsel now owns 12,488 shares of the industrial products company’s stock valued at $1,737,000 after acquiring an additional 733 shares during the period. Prospera Private Wealth LLC bought a new position in Middleby in the 3rd quarter valued at $2,129,000. Avior Wealth Management LLC increased its stake in Middleby by 820.0% in the third quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 287 shares during the period. Finally, Caprock Group LLC bought a new stake in shares of Middleby during the third quarter worth $211,000. 98.55% of the stock is currently 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.