William Blair Has Weak Outlook for Middleby FY2024 Earnings

The Middleby Co. (NASDAQ:MIDD) – William Blair lowered their FY2024 earnings estimates for Middleby in a report issued on Thursday, October 31st. William Blair analyst R. Sparenblek now forecasts that the industrial products company will post earnings of $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 $9.43 per share. William Blair also issued estimates for Middleby’s FY2025 earnings at $10.00 EPS.

Several other brokerages have also recently issued reports on MIDD. Canaccord Genuity Group decreased their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, November 1st. 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 report on Friday, August 2nd. KeyCorp reduced their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Finally, StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Middleby presently has an average rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Price Performance

Shares of Middleby stock opened at $137.09 on Monday. The firm has a market cap of $7.37 billion, a PE ratio of 18.91 and a beta of 1.58. The stock has a 50 day moving average of $136.82 and a 200 day moving average of $133.57. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. Middleby has a 12 month low of $113.77 and a 12 month high of $161.01.

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 the consensus estimate of $2.48 by ($0.15). The company had revenue of $942.81 million for 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%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the company earned $2.35 EPS.

Institutional Trading of Middleby

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC boosted its position in shares of Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after buying an additional 162 shares during the period. Norden Group LLC bought a new position in Middleby in the 1st quarter valued at $362,000. Fidelis Capital Partners LLC bought a new stake in shares of Middleby during the first quarter worth $63,000. Central Pacific Bank Trust Division purchased a new stake in shares of Middleby during the first quarter valued at $299,000. Finally, Texas Permanent School Fund Corp grew its holdings in shares of Middleby by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 46,913 shares of the industrial products company’s stock worth $7,543,000 after purchasing an additional 608 shares during the last quarter. 98.55% of the stock is owned by hedge funds and other 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.