Research Analysts Issue Forecasts for The Middleby Co.’s Q3 2024 Earnings (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD) – Equities research analysts at Zacks Research decreased their Q3 2024 earnings per share (EPS) estimates for Middleby in a research report issued to clients and investors on Thursday, September 12th. Zacks Research analyst R. Department now forecasts that the industrial products company will earn $2.49 per share for the quarter, down from their prior forecast of $2.50. The consensus estimate for Middleby’s current full-year earnings is $9.66 per share. Zacks Research also issued estimates for Middleby’s Q4 2024 earnings at $2.88 EPS, Q1 2025 earnings at $1.85 EPS, Q2 2025 earnings at $2.33 EPS, Q3 2025 earnings at $2.36 EPS, FY2025 earnings at $9.21 EPS, Q1 2026 earnings at $2.41 EPS and Q2 2026 earnings at $2.93 EPS.

Several other research analysts have also weighed in on MIDD. KeyCorp lowered their price objective on Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Robert W. Baird increased their price objective on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research report on Friday. Raymond James began coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, JPMorgan Chase & Co. raised their price target on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and an average price target of $155.43.

Middleby Trading Up 3.7 %

Shares of Middleby stock opened at $132.80 on Friday. The firm has a market capitalization of $7.14 billion, a price-to-earnings ratio of 18.50 and a beta of 1.58. 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 0.69, a quick ratio of 1.43 and a current ratio of 2.50. The stock has a 50 day moving average of $134.14 and a 200 day moving average of $137.58.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The business had revenue of $991.55 million during the quarter, compared to analyst estimates of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.47 earnings per share.

Institutional Trading of Middleby

Several hedge funds have recently modified their holdings of MIDD. M&T Bank Corp raised its stake in shares of Middleby by 4.5% in the fourth quarter. M&T Bank Corp now owns 2,552 shares of the industrial products company’s stock valued at $375,000 after acquiring an additional 110 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Middleby by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 330,436 shares of the industrial products company’s stock valued at $48,630,000 after acquiring an additional 8,018 shares in the last quarter. Principal Securities Inc. acquired a new stake in shares of Middleby in the fourth quarter valued at $185,000. Dimensional Fund Advisors LP raised its stake in Middleby by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 617,974 shares of the industrial products company’s stock valued at $90,953,000 after buying an additional 13,632 shares in the last quarter. Finally, Trillium Asset Management LLC raised its stake in Middleby by 11.0% in the fourth quarter. Trillium Asset Management LLC now owns 54,931 shares of the industrial products company’s stock valued at $8,084,000 after buying an additional 5,437 shares in the last quarter. 98.55% of the stock is currently 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.