Q2 2024 Earnings Forecast for The Middleby Co. Issued By Zacks Research (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD) – Equities research analysts at Zacks Research dropped their Q2 2024 EPS estimates for Middleby in a report issued on Thursday, April 18th. Zacks Research analyst R. Department now expects that the industrial products company will earn $2.53 per share for the quarter, down from their prior forecast of $2.54. The consensus estimate for Middleby’s current full-year earnings is $10.32 per share. Zacks Research also issued estimates for Middleby’s Q1 2026 earnings at $2.72 EPS.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Tuesday, February 20th. The industrial products company reported $2.65 EPS for the quarter, beating the consensus estimate of $2.44 by $0.21. Middleby had a return on equity of 16.99% and a net margin of 9.93%. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. During the same quarter in the prior year, the business posted $2.57 EPS. The business’s revenue for the quarter was down 2.2% compared to the same quarter last year.

MIDD has been the topic of several other research reports. Canaccord Genuity Group boosted their target price on shares of Middleby from $164.00 to $166.00 and gave the stock a “buy” rating in a research report on Wednesday, February 21st. Jefferies Financial Group raised their target price on Middleby from $140.00 to $160.00 and gave the stock a “buy” rating in a research note on Thursday, January 11th. Finally, TheStreet raised Middleby from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Two research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Middleby currently has an average rating of “Moderate Buy” and an average target price of $159.38.

Middleby Price Performance

Shares of NASDAQ MIDD opened at $141.93 on Monday. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.21 and a current ratio of 2.31. The company has a market cap of $7.61 billion, a PE ratio of 19.15 and a beta of 1.56. The business has a 50-day simple moving average of $151.09 and a two-hundred day simple moving average of $138.88.

Institutional Trading of Middleby

Several institutional investors have recently modified their holdings of the stock. Assenagon Asset Management S.A. lifted its stake in Middleby by 218.8% in the 4th quarter. Assenagon Asset Management S.A. now owns 21,842 shares of the industrial products company’s stock valued at $3,214,000 after buying an additional 14,991 shares in the last quarter. Nordea Investment Management AB lifted its position in shares of Middleby by 13.3% in the fourth quarter. Nordea Investment Management AB now owns 1,696,476 shares of the industrial products company’s stock valued at $251,621,000 after acquiring an additional 198,859 shares in the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Middleby by 54.3% in the third quarter. Envestnet Asset Management Inc. now owns 38,356 shares of the industrial products company’s stock worth $4,910,000 after acquiring an additional 13,493 shares during the last quarter. Hudson Bay Capital Management LP increased its position in shares of Middleby by 28.5% during the third quarter. Hudson Bay Capital Management LP now owns 56,712 shares of the industrial products company’s stock worth $7,259,000 after purchasing an additional 12,589 shares in the last quarter. Finally, Cardinal Capital Management raised its stake in Middleby by 2.2% in the 4th quarter. Cardinal Capital Management now owns 5,728 shares of the industrial products company’s stock valued at $843,000 after purchasing an additional 124 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insider Activity at Middleby

In related news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the sale, the director now owns 7,971 shares in the company, valued at $1,220,519.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, Director Chapin Sarah Palisi sold 350 shares of Middleby stock in a transaction on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total value of $53,014.50. Following the sale, the director now owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Cathy L. Mccarthy sold 1,000 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the sale, the director now directly owns 7,971 shares of the company’s stock, valued at approximately $1,220,519.52. The disclosure for this sale can be found here. Company insiders own 1.17% 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.