Zacks Research Issues Negative Outlook for Middleby Earnings

The Middleby Co. (NASDAQ:MIDD) – Zacks Research lowered their FY2024 EPS estimates for Middleby in a research report issued on Thursday, November 21st. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $9.17 per share for the year, down from their previous forecast 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.

A number of other brokerages have also weighed in on MIDD. Robert W. Baird increased their price objective on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Canaccord Genuity Group decreased their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Price Performance

NASDAQ MIDD opened at $142.18 on Monday. The stock’s fifty day moving average price is $137.94 and its 200 day moving average price is $133.39. Middleby has a 1 year low of $118.41 and a 1 year high of $161.01. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 19.61 and a beta of 1.58.

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 net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same quarter in the previous year, the company posted $2.35 EPS. The company’s revenue for the quarter was down 3.9% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Quarry LP grew its position in shares of Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 132 shares during the period. Covestor Ltd grew its holdings in Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 190 shares during the period. GAMMA Investing LLC increased its position in shares of Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after buying an additional 126 shares in the last quarter. UMB Bank n.a. raised its stake in shares of Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after buying an additional 136 shares during the period. Finally, Avior Wealth Management LLC lifted its position in shares of Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock valued at $45,000 after buying an additional 287 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Company Profile

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.