FY2024 EPS Estimates for Middleby Cut by William Blair

The Middleby Co. (NASDAQ:MIDD - Free Report) - Research analysts at William Blair decreased their FY2024 earnings per share (EPS) estimates for shares of Middleby in a report issued on Thursday, October 31st. William Blair analyst R. Sparenblek now expects 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 $9.59 per share. William Blair also issued estimates for Middleby's FY2025 earnings at $10.00 EPS.

MIDD has been the subject of several other research reports. StockNews.com upgraded Middleby from a "hold" rating to a "buy" rating in a research note on Monday. Canaccord Genuity Group reiterated a "buy" rating and set a $164.00 price target on shares of Middleby in a report on Saturday, September 14th. JPMorgan Chase & Co. boosted their price objective on shares of Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a research note on Friday, August 2nd. Robert W. Baird raised their target price on shares of Middleby from $155.00 to $169.00 and gave the company an "outperform" rating in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group dropped their target price on shares of Middleby from $164.00 to $155.00 and set a "buy" rating on the stock in a report on Friday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $154.67.

Middleby Stock Up 3.1 %

Middleby stock traded up $3.98 during mid-day trading on Monday, hitting $134.14. 818,273 shares of the company's stock were exchanged, compared to its average volume of 501,203. Middleby has a 1-year low of $113.77 and a 1-year high of $161.01. The stock has a 50 day moving average of $136.96 and a two-hundred day moving average of $133.62. The company has a current ratio of 2.81, a quick ratio of 1.43 and a debt-to-equity ratio of 0.66. The stock has a market cap of $7.21 billion, a P/E ratio of 18.50 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results 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). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same quarter last year, the company earned $2.35 EPS. The business's revenue for the quarter was down 3.9% compared to the same quarter last year.

Institutional Trading of Middleby

Hedge funds have recently bought and sold shares of the stock. Pacer Advisors Inc. raised 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 valued at $118,609,000 after buying an additional 959,272 shares during the last quarter. Select Equity Group L.P. raised its holdings in 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 in the last quarter. Epoch Investment Partners Inc. lifted its position in shares of Middleby by 421.5% in the 1st quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company's stock worth $57,356,000 after acquiring an additional 288,314 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Middleby by 43.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company's stock worth $110,768,000 after acquiring an additional 274,513 shares during the period. Finally, Ariel Investments LLC grew its holdings in shares of Middleby by 58.0% during the 2nd quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company's stock worth $62,547,000 after purchasing an additional 187,304 shares in the last quarter. 98.55% of the stock is owned by institutional investors.

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.