Analysts Offer Predictions for The Middleby Co.'s FY2024 Earnings (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD - Free Report) - Research analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for shares of Middleby in a note issued to investors on Thursday, May 9th. Seaport Res Ptn analyst W. Liptak now forecasts that the industrial products company will post earnings per share of $10.00 for the year, down from their prior forecast of $10.23. The consensus estimate for Middleby's current full-year earnings is $10.27 per share. Seaport Res Ptn also issued estimates for Middleby's Q4 2024 earnings at $3.18 EPS, Q1 2025 earnings at $1.83 EPS, Q2 2025 earnings at $2.39 EPS and FY2025 earnings at $11.21 EPS.

A number of other research analysts also recently commented on MIDD. Jefferies Financial Group increased their target price on Middleby from $140.00 to $160.00 and gave the stock a "buy" rating in a report on Thursday, January 11th. Canaccord Genuity Group cut their price target on Middleby from $166.00 to $159.00 and set a "buy" rating on the stock in a report on Thursday. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $158.50.

Middleby Stock Performance

NASDAQ:MIDD traded up $1.81 during trading hours on Friday, reaching $138.09. 581,657 shares of the stock were exchanged, compared to its average volume of 355,138. The company has a quick ratio of 1.21, a current ratio of 2.31 and a debt-to-equity ratio of 0.73. The firm has a 50 day simple moving average of $148.93 and a 200-day simple moving average of $140.29. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01. The stock has a market capitalization of $7.40 billion, a P/E ratio of 18.39 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 EPS for the quarter, missing analysts' consensus estimates of $2.05 by ($0.16). Middleby had a return on equity of 16.99% and a net margin of 9.93%. The firm had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. During the same period in the prior year, the business earned $2.19 EPS. The company's quarterly revenue was down 8.0% on a year-over-year basis.

Insider Buying and Selling

In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of Middleby 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 sale, the director now owns 7,971 shares of the company's stock, valued at approximately $1,220,519.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Middleby news, Director Cathy L. Mccarthy sold 1,000 shares of Middleby 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 sale, the director now owns 7,971 shares of the company's stock, valued at approximately $1,220,519.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Chapin Sarah Palisi sold 350 shares of the business'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 completion of the sale, the director now directly owns 6,306 shares in the company, valued at approximately $955,169.82. The disclosure for this sale can be found here. Company insiders own 1.16% of the company's stock.

Institutional Trading of Middleby

Hedge funds and other institutional investors have recently modified their holdings of the company. Rise Advisors LLC bought a new stake in shares of Middleby in the 1st quarter worth $25,000. 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 buying an additional 162 shares during the period. Signaturefd LLC raised its position in Middleby by 230.1% during the fourth quarter. Signaturefd LLC now owns 241 shares of the industrial products company's stock valued at $35,000 after buying an additional 168 shares during the period. Clear Street Markets LLC acquired a new position in Middleby during the third quarter valued at $50,000. Finally, Fidelis Capital Partners LLC acquired a new position in Middleby during the first quarter valued at $63,000. Institutional investors own 98.55% of the company's stock.

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.