Q2 2024 EPS Estimates for The Middleby Co. (NASDAQ:MIDD) Lowered by Analyst

The Middleby Co. (NASDAQ:MIDD) – Investment analysts at Zacks Research reduced their Q2 2024 earnings per share (EPS) estimates for Middleby in a report released on Thursday, April 18th. Zacks Research analyst R. Department now anticipates that the industrial products company will earn $2.53 per share for the quarter, down from their previous 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 results 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 analysts’ expectations of $1.02 billion. During the same period in the prior year, the firm posted $2.57 earnings per share. The business’s quarterly revenue was down 2.2% compared to the same quarter last year.

Several other analysts have also issued reports on the company. Jefferies Financial Group upped their price objective on Middleby from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. TheStreet upgraded Middleby from a “c+” rating to a “b-” rating in a research note on Monday, January 8th. Finally, Canaccord Genuity Group increased their target price on Middleby from $164.00 to $166.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $159.38.

Middleby Stock Performance

Shares of NASDAQ MIDD opened at $145.36 on Monday. The stock has a 50 day moving average price of $151.15 and a 200 day moving average price of $139.02. Middleby has a 52 week low of $109.59 and a 52 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 stock has a market capitalization of $7.79 billion, a PE ratio of 19.62 and a beta of 1.56.

Institutional Investors Weigh In On Middleby

Several hedge funds have recently modified their holdings of the company. Louisiana State Employees Retirement System boosted its holdings in shares of Middleby by 2.0% during the 1st quarter. Louisiana State Employees Retirement System now owns 15,400 shares of the industrial products company’s stock valued at $2,476,000 after acquiring an additional 300 shares in the last quarter. Oldfield Partners LLP boosted its holdings in shares of Middleby by 23.5% during the 1st quarter. Oldfield Partners LLP now owns 434,261 shares of the industrial products company’s stock valued at $69,825,000 after acquiring an additional 82,722 shares in the last quarter. PFG Investments LLC acquired a new stake in shares of Middleby during the 1st quarter valued at $246,000. Norden Group LLC acquired a new stake in shares of Middleby during the 1st quarter valued at $362,000. Finally, Olstein Capital Management L.P. acquired a new stake in shares of Middleby during the 1st quarter valued at $6,110,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insiders Place Their Bets

In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction 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 owns 7,971 shares of the company’s stock, valued at approximately $1,220,519.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction 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 owns 7,971 shares of the company’s stock, valued at approximately $1,220,519.52. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Chapin Sarah Palisi sold 350 shares of the firm’s 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 completion of the sale, the director now directly owns 6,306 shares in the company, valued at approximately $955,169.82. The disclosure for this sale can be found here. Corporate 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.