The Middleby Co. to Post Q2 2023 Earnings of $2.26 Per Share, Zacks Research Forecasts (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD – Get Rating) – Analysts at Zacks Research lowered their Q2 2023 earnings estimates for Middleby in a note issued to investors on Wednesday, May 24th. Zacks Research analyst S. Roy now forecasts that the industrial products company will earn $2.26 per share for the quarter, down from their prior forecast of $2.27. The consensus estimate for Middleby’s current full-year earnings is $9.92 per share. Zacks Research also issued estimates for Middleby’s Q3 2023 earnings at $2.50 EPS, Q4 2023 earnings at $2.87 EPS, FY2023 earnings at $9.81 EPS, Q1 2024 earnings at $2.35 EPS, Q2 2024 earnings at $2.48 EPS, Q4 2024 earnings at $2.92 EPS, FY2024 earnings at $10.50 EPS, Q1 2025 earnings at $2.74 EPS and FY2025 earnings at $12.24 EPS.

Several other equities analysts have also weighed in on MIDD. BMO Capital Markets lifted their target price on shares of Middleby from $170.00 to $175.00 in a report on Monday, May 15th. StockNews.com initiated coverage on Middleby in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. TheStreet upgraded shares of Middleby from a “c+” rating to a “b-” rating in a research report on Tuesday, February 7th. Canaccord Genuity Group boosted their price target on shares of Middleby from $162.00 to $176.00 and gave the company a “buy” rating in a research report on Thursday, February 16th. Finally, Benchmark upped their price target on Middleby from $175.00 to $180.00 in a research note on Monday, May 15th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $169.63.

Middleby Trading Up 0.7 %

NASDAQ MIDD opened at $135.36 on Friday. The company has a fifty day moving average of $140.30 and a 200 day moving average of $143.28. The company has a market capitalization of $7.24 billion, a PE ratio of 16.39 and a beta of 1.52. The company has a debt-to-equity ratio of 0.94, a current ratio of 2.08 and a quick ratio of 0.95. Middleby has a 1 year low of $120.30 and a 1 year high of $162.02.

Middleby (NASDAQ:MIDD – Get Rating) last released its earnings results on Tuesday, February 21st. The industrial products company reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.46 by $0.11. Middleby had a net margin of 11.12% and a return on equity of 18.71%. The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.01 billion. During the same period last year, the business earned $2.11 EPS. Middleby’s revenue for the quarter was up 19.0% on a year-over-year basis.

Institutional Investors Weigh In On Middleby

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Sarasin & Partners LLP raised its position in Middleby by 67.5% during the first quarter. Sarasin & Partners LLP now owns 1,735,092 shares of the industrial products company’s stock valued at $342,403,000 after acquiring an additional 699,205 shares in the last quarter. Select Equity Group L.P. grew its position in Middleby by 13.6% in the 4th quarter. Select Equity Group L.P. now owns 4,536,791 shares of the industrial products company’s stock worth $607,476,000 after purchasing an additional 541,956 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in Middleby by 23.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,171,437 shares of the industrial products company’s stock valued at $290,756,000 after acquiring an additional 407,150 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Middleby by 192.8% during the first quarter. Balyasny Asset Management L.P. now owns 532,784 shares of the industrial products company’s stock valued at $78,111,000 after purchasing an additional 350,793 shares during the period. Finally, Victory Capital Management Inc. raised its position in Middleby by 9.4% in the fourth quarter. Victory Capital Management Inc. now owns 2,673,798 shares of the industrial products company’s stock worth $359,112,000 after purchasing an additional 230,442 shares in the last quarter. Institutional investors and hedge funds own 98.48% of the company’s stock.

Insiders Place Their Bets

In related news, Director Chapin Sarah Palisi sold 300 shares of the company’s stock in a transaction on Monday, March 6th. The stock was sold at an average price of $157.39, for a total transaction of $47,217.00. Following the completion of the transaction, the director now directly owns 7,506 shares in the company, valued at approximately $1,181,369.34. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.16% of the stock is owned by company insiders.

About Middleby

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The Middleby Corp. engages in the design, manufacture, marketing, and distribution of foodservice equipment. It operates through the following segments: Commercial Foodservice Equipment Group, Food Processing Equipment Group, Residential Kitchen Equipment Group, and Corporate and Other. The Commercial Foodservice Equipment Group segment manufactures, sells, and distributes foodservice equipment for the restaurant and institutional kitchen industry.