Seaport Res Ptn Equities Analysts Reduce Earnings Estimates for The Middleby Co. (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD) – Equities research analysts at Seaport Res Ptn lowered their FY2024 earnings per share (EPS) estimates for Middleby in a research note issued to investors on Thursday, May 9th. Seaport Res Ptn analyst W. Liptak now expects that the industrial products company will post earnings of $10.00 per share for the year, down from their previous 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.

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

A number of other analysts have also commented on the company. Canaccord Genuity Group dropped their price target on Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a report on Thursday. Jefferies Financial Group lifted their price target on 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Middleby presently has a consensus rating of “Moderate Buy” and an average price target of $158.50.

Middleby Stock Performance

Shares of Middleby stock opened at $136.28 on Friday. The business’s fifty day simple moving average is $148.93 and its 200 day simple moving average is $140.29. The firm has a market capitalization of $7.31 billion, a P/E ratio of 18.39 and a beta of 1.58. Middleby has a 12 month low of $109.59 and a 12 month high of $161.01. The company has a current ratio of 2.31, a quick ratio of 1.21 and a debt-to-equity ratio of 0.73.

Insider Activity

In other news, 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 transaction of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction dated 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction dated Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following 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. Insiders own 1.16% of the company’s stock.

Institutional Trading of Middleby

Institutional investors have recently added to or reduced their stakes in the stock. Rise Advisors LLC bought a new position in Middleby in the 1st quarter worth about $25,000. Allspring Global Investments Holdings LLC increased its stake in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. Signaturefd LLC increased its stake in Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares during the last quarter. Clear Street Markets LLC bought a new position in Middleby in the 3rd quarter worth about $50,000. Finally, Fidelis Capital Partners LLC bought a new position in Middleby in the 1st quarter worth about $63,000. Hedge funds and other 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.