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

The Middleby Co. (NASDAQ:MIDD) – Stock analysts at Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for shares of Middleby in a research note issued on Thursday, April 18th. Zacks Research analyst R. Department now expects that the industrial products company will post earnings per share of $2.53 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.

Several other equities analysts have also recently weighed in on MIDD. Jefferies Financial Group raised their price objective 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 price objective on Middleby from $164.00 to $166.00 and gave the company a “buy” rating in a report on Wednesday, February 21st. Finally, TheStreet upgraded Middleby from a “c+” rating to a “b-” rating in a report on Monday, January 8th. Two analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $159.38.

Middleby Stock Performance

MIDD opened at $142.60 on Monday. The company has a market capitalization of $7.64 billion, a price-to-earnings ratio of 19.24 and a beta of 1.56. The business’s 50-day moving average price is $151.22 and its two-hundred day moving average price is $138.75. The company has a debt-to-equity ratio of 0.73, a current ratio of 2.31 and a quick ratio of 1.21. Middleby has a 1 year low of $109.59 and a 1 year high of $161.01.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Tuesday, February 20th. The industrial products company reported $2.65 earnings per share (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 for the quarter, compared to the consensus estimate of $1.02 billion. During the same quarter last year, the business posted $2.57 EPS. The company’s revenue for the quarter was down 2.2% on a year-over-year basis.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Norden Group LLC acquired a new position in Middleby during the first quarter valued at approximately $362,000. Olstein Capital Management L.P. acquired a new position in Middleby during the first quarter valued at approximately $6,110,000. State of Michigan Retirement System raised its position in Middleby by 2.3% during the first quarter. State of Michigan Retirement System now owns 13,120 shares of the industrial products company’s stock valued at $2,110,000 after purchasing an additional 300 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. Finally, Cardinal Capital Management raised its position in Middleby by 23.1% during the first quarter. Cardinal Capital Management now owns 7,052 shares of the industrial products company’s stock valued at $1,134,000 after purchasing an additional 1,324 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 Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the sale, the director now directly owns 7,971 shares in the company, valued at $1,220,519.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the completion of the sale, the director now directly owns 7,971 shares in the company, valued at $1,220,519.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Chapin Sarah Palisi sold 350 shares of Middleby stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total transaction of $53,014.50. Following the completion of the sale, 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. 1.16% of the stock is currently owned by corporate insiders.

Middleby Company Profile

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.