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

The Middleby Co. (NASDAQ:MIDD) – Investment analysts at Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for Middleby in a research report issued to clients and investors on Thursday, April 18th. Zacks Research analyst R. Department now anticipates that the industrial products company will post earnings per share of $2.53 for the quarter, down from their prior estimate 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 earnings results on Tuesday, February 20th. The industrial products company reported $2.65 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the firm earned $2.57 earnings per share. The firm’s revenue for the quarter was down 2.2% compared to the same quarter last year.

A number of other brokerages have also recently weighed in on MIDD. Jefferies Financial Group lifted their target price on Middleby from $140.00 to $160.00 and gave the company a “buy” rating in a report on Thursday, January 11th. Canaccord Genuity Group raised their target price on Middleby from $164.00 to $166.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, TheStreet raised Middleby from a “c+” rating to a “b-” rating in a research report on Monday, January 8th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $159.38.

Middleby Price Performance

Shares of Middleby stock opened at $145.36 on Monday. Middleby has a twelve month low of $109.59 and a twelve month high of $161.01. The stock has a market capitalization of $7.79 billion, a P/E ratio of 19.62 and a beta of 1.56. The company has a current ratio of 2.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.73. The business’s fifty day moving average price is $151.15 and its 200 day moving average price is $139.02.

Insider Activity at Middleby

In related news, Director Chapin Sarah Palisi sold 350 shares of the company’s stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total transaction of $53,014.50. Following the sale, the director now directly owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, Director Cathy L. Mccarthy sold 1,000 shares of the company’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 transaction, the director now directly owns 7,971 shares in the company, valued at approximately $1,220,519.52. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Chapin Sarah Palisi sold 350 shares of the company’s stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at $955,169.82. The disclosure for this sale can be found here. Corporate insiders own 1.17% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new position in shares of Middleby in the first quarter worth $25,000. Allspring Global Investments Holdings LLC grew its stake in shares of Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. Signaturefd LLC grew its stake in shares of Middleby by 230.1% in the fourth quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 168 shares in the last quarter. Clear Street Markets LLC bought a new position in shares of Middleby in the third quarter worth $50,000. Finally, Assetmark Inc. grew its stake in shares of Middleby by 1,158.3% in the fourth quarter. Assetmark Inc. now owns 453 shares of the industrial products company’s stock worth $67,000 after purchasing an additional 417 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors.

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.