Analysts Set Expectations for Middleby FY2024 Earnings

The Middleby Co. (NASDAQ:MIDD - Free Report) - Equities research analysts at Seaport Res Ptn reduced their FY2024 EPS estimates for shares of Middleby in a research note issued to investors on Thursday, November 7th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will post earnings of $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.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $942.81 million during the quarter, compared to analyst estimates of $996.60 million. During the same quarter in the prior year, the company posted $2.35 EPS. The company's quarterly revenue was down 3.9% compared to the same quarter last year.

MIDD has been the topic of a number of other reports. Robert W. Baird raised their price objective 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. JPMorgan Chase & Co. upped their target price 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. Canaccord Genuity Group decreased their price target 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. KeyCorp reduced their target price on Middleby from $175.00 to $160.00 and set an "overweight" rating on the stock in a report on Monday, July 15th. Finally, StockNews.com raised Middleby from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. 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's stock. According to MarketBeat.com, Middleby presently has an average rating of "Moderate Buy" and an average target price of $154.67.

Middleby Price Performance

Shares of NASDAQ:MIDD traded down $0.67 on Monday, hitting $139.64. The stock had a trading volume of 387,583 shares, compared to its average volume of 503,940. 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 market capitalization of $7.51 billion, a price-to-earnings ratio of 19.35 and a beta of 1.58. Middleby has a twelve month low of $118.32 and a twelve month high of $161.01. The firm's 50 day moving average price is $136.85 and its 200-day moving average price is $133.49.

Institutional Trading of Middleby

Several hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC lifted its holdings 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 worth $28,000 after buying an additional 162 shares in the last quarter. Quarry LP raised its stake in Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company's stock worth $28,000 after purchasing an additional 132 shares in the last quarter. Covestor Ltd boosted its holdings in Middleby by 306.5% in the 3rd 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 grew its position in shares of Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company's stock worth $31,000 after purchasing an additional 126 shares in the last quarter. Finally, UMB Bank n.a. increased its holdings in shares of Middleby by 93.2% during the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company's stock worth $39,000 after purchasing an additional 136 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

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.