Q2 2024 EPS Estimates for The Middleby Co. Cut by Zacks Research (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDDFree Report) – Equities research analysts at Zacks Research cut their Q2 2024 earnings per share estimates for shares of Middleby in a report released on Wednesday, May 29th. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $2.32 per share for the quarter, down from their prior estimate of $2.53. The consensus estimate for Middleby’s current full-year earnings is $9.89 per share. Zacks Research also issued estimates for Middleby’s Q3 2024 earnings at $2.70 EPS and Q2 2025 earnings at $2.55 EPS.

A number of other research firms have also weighed in on MIDD. JPMorgan Chase & Co. lowered shares of Middleby from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $145.00 to $118.00 in a research report on Wednesday, May 22nd. Canaccord Genuity Group cut their price objective on Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, William Blair raised Middleby to a “hold” rating in a research report on Wednesday, May 8th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $153.43.

View Our Latest Analysis on Middleby

Middleby Trading Up 3.9 %

Shares of Middleby stock opened at $128.91 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72. The stock has a fifty day simple moving average of $141.43 and a 200 day simple moving average of $142.09. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a market capitalization of $6.93 billion, a P/E ratio of 17.95 and a beta of 1.58.

Middleby (NASDAQ:MIDDGet Free Report) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The firm had revenue of $926.90 million for the quarter, compared to analyst estimates of $979.05 million. Middleby had a return on equity of 15.88% and a net margin of 9.82%. Middleby’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $2.19 earnings per share.

Insider Buying and Selling

In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total transaction of $32,237.30. Following the transaction, the director now owns 7,211 shares in the company, valued at $989,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $153.12, for a total value of $153,120.00. Following the sale, the director now directly owns 7,971 shares in the company, valued at $1,220,519.52. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the transaction, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The disclosure for this sale can be found here. 1.16% of the stock is currently owned by company insiders.

Institutional Trading of Middleby

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in Middleby by 0.3% during the 1st quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock valued at $822,165,000 after buying an additional 15,798 shares in the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Middleby by 1.0% during the first quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company’s stock valued at $321,342,000 after acquiring an additional 20,511 shares in the last quarter. Nordea Investment Management AB boosted its holdings 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 purchasing an additional 198,859 shares during the period. Price T Rowe Associates Inc. MD grew its stake in Middleby by 0.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock worth $233,182,000 after purchasing an additional 11,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Middleby by 2.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 617,974 shares of the industrial products company’s stock worth $90,953,000 after purchasing an additional 13,632 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

About Middleby

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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.

See Also

Earnings History and Estimates for Middleby (NASDAQ:MIDD)

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