FY2024 EPS Estimates for Middleby Reduced by Zacks Research

The Middleby Co. (NASDAQ:MIDD) – Zacks Research cut their FY2024 earnings per share (EPS) estimates for shares of Middleby in a report issued on Thursday, November 21st. Zacks Research analyst R. Department now expects 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 issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (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 firm 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 earnings per share. The business’s revenue was down 3.9% on a year-over-year basis.

A number of other analysts also recently commented on MIDD. Canaccord Genuity Group cut their price objective 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 research note on Monday, November 4th. JPMorgan Chase & Co. raised their price objective on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird boosted their target price on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity Group restated a “buy” rating and set a $164.00 price target on shares of Middleby in a report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Middleby presently has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Price Performance

Middleby stock opened at $142.18 on Monday. The company has a fifty day simple moving average of $137.94 and a 200-day simple moving average of $133.39. The firm has a market capitalization of $7.65 billion, a price-to-earnings ratio of 19.61 and a beta of 1.58. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. Middleby has a 52-week low of $118.41 and a 52-week high of $161.01.

Hedge Funds Weigh In On Middleby

Hedge funds have recently made changes to their positions in the stock. Pacer Advisors Inc. boosted its position in shares of Middleby by 11,853.1% during the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after buying an additional 959,272 shares during the period. Select Equity Group L.P. increased its stake in Middleby by 15.4% during the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock worth $779,835,000 after buying an additional 846,884 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Middleby by 43.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company’s stock worth $110,768,000 after buying an additional 274,513 shares in the last quarter. Ariel Investments LLC boosted its position in Middleby by 58.0% in the 2nd quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company’s stock valued at $62,547,000 after buying an additional 187,304 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in Middleby by 30.6% in the second quarter. Principal Financial Group Inc. now owns 713,618 shares of the industrial products company’s stock valued at $87,497,000 after purchasing an additional 167,298 shares during the period. Hedge funds and other institutional investors 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.