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

The Middleby Co. (NASDAQ:MIDD) – Research analysts at Zacks Research cut their Q2 2024 EPS estimates for shares of Middleby in a note issued to 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 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 earnings results on Tuesday, February 20th. The industrial products company reported $2.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.44 by $0.21. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $1.02 billion. Middleby had a net margin of 9.93% and a return on equity of 16.99%. The company’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter last year, the business posted $2.57 EPS.

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

Middleby Trading Up 1.1 %

Shares of NASDAQ:MIDD opened at $142.60 on Monday. The firm has a fifty day moving average of $151.22 and a two-hundred day moving average of $138.75. The firm has a market capitalization of $7.64 billion, a P/E ratio of 19.24 and a beta of 1.56. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a quick ratio of 1.21, a current ratio of 2.31 and a debt-to-equity ratio of 0.73.

Institutional Trading of Middleby

Several institutional investors have recently made changes to their positions in MIDD. Select Equity Group L.P. boosted its position in shares of Middleby by 13.6% during the 4th quarter. Select Equity Group L.P. now owns 4,536,791 shares of the industrial products company’s stock valued at $607,476,000 after acquiring an additional 541,956 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Middleby by 23.1% during the 4th 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 in the last quarter. Balyasny Asset Management L.P. boosted its position in shares of Middleby by 533.7% during the 4th quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after acquiring an additional 406,958 shares in the last quarter. Oldfield Partners LLP acquired a new stake in shares of Middleby during the 4th quarter valued at about $51,736,000. Finally, PineStone Asset Management Inc. boosted its position in shares of Middleby by 78.6% during the 4th quarter. PineStone Asset Management Inc. now owns 494,461 shares of the industrial products company’s stock valued at $72,770,000 after acquiring an additional 217,618 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Chapin Sarah Palisi sold 350 shares of the business’s stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total transaction of $53,014.50. Following the transaction, the director now owns 6,306 shares in the company, valued at approximately $955,169.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Cathy L. Mccarthy sold 1,000 shares of the business’s stock in a transaction dated Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the transaction, the director now owns 7,971 shares in the company, valued at approximately $1,220,519.52. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Chapin Sarah Palisi sold 350 shares of the business’s stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total transaction of $53,014.50. Following the transaction, the director now owns 6,306 shares in the company, valued at approximately $955,169.82. The disclosure for this sale can be found here. Insiders own 1.16% 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.