Zacks Research Brokers Cut Earnings Estimates for The Middleby Co. (NASDAQ:MIDD)

The Middleby Co. (NASDAQ:MIDD - Free Report) - Research analysts at Zacks Research dropped their Q3 2023 earnings estimates for shares of Middleby in a research note issued to investors on Friday, August 25th. Zacks Research analyst S. Roy now forecasts that the industrial products company will earn $2.27 per share for the quarter, down from their previous estimate of $2.29. The consensus estimate for Middleby's current full-year earnings is $9.64 per share. Zacks Research also issued estimates for Middleby's FY2023 earnings at $9.57 EPS, Q2 2024 earnings at $2.57 EPS and Q3 2024 earnings at $2.61 EPS.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its earnings results on Thursday, August 3rd. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.32 by $0.15. Middleby had a return on equity of 18.15% and a net margin of 11.14%. The firm had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.04 billion. During the same quarter last year, the firm posted $2.23 EPS. The business's revenue was up 2.7% on a year-over-year basis.

Several other research analysts also recently commented on the company. Citigroup increased their price objective on Middleby from $165.00 to $166.00 and gave the company a "buy" rating in a research note on Tuesday, July 18th. BMO Capital Markets increased their price objective on Middleby from $170.00 to $175.00 in a research note on Monday, May 15th. StockNews.com assumed coverage on Middleby in a research note on Thursday, August 17th. They issued a "hold" rating for the company. Finally, Benchmark reduced their price objective on Middleby from $180.00 to $170.00 and set a "buy" rating for the company in a research note on Monday, August 7th. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $174.00.

View Our Latest Stock Analysis on MIDD

Shares of NASDAQ:MIDD opened at $141.89 on Monday. Middleby has a 1 year low of $122.33 and a 1 year high of $162.02. The firm has a market capitalization of $7.61 billion, a price-to-earnings ratio of 16.99 and a beta of 1.55. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.32 and a quick ratio of 1.09. The business's 50 day moving average price is $145.05 and its 200-day moving average price is $144.10.

A number of hedge funds have recently added to or reduced their stakes in MIDD. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Middleby in the first quarter worth $821,000. Great West Life Assurance Co. Can boosted its holdings in shares of Middleby by 8.4% during the first quarter. Great West Life Assurance Co. Can now owns 30,611 shares of the industrial products company's stock valued at $5,161,000 after acquiring an additional 2,362 shares during the period. Sei Investments Co. boosted its holdings in shares of Middleby by 1.0% during the first quarter. Sei Investments Co. now owns 57,728 shares of the industrial products company's stock valued at $9,442,000 after acquiring an additional 588 shares during the period. Baird Financial Group Inc. boosted its holdings in shares of Middleby by 136.2% during the first quarter. Baird Financial Group Inc. now owns 4,706 shares of the industrial products company's stock valued at $771,000 after acquiring an additional 2,714 shares during the period. Finally, Loomis Sayles & Co. L P acquired a new position in shares of Middleby during the first quarter valued at $21,366,000. Institutional investors and hedge funds own 99.38% of the company's stock.

In other news, Director Robert A. Nerbonne acquired 720 shares of the company's stock in a transaction dated Monday, August 21st. The shares were bought at an average price of $139.32 per share, for a total transaction of $100,310.40. Following the completion of the purchase, the director now directly owns 17,996 shares of the company's stock, valued at approximately $2,507,202.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Robert A. Nerbonne purchased 720 shares of the firm's stock in a transaction dated Monday, August 21st. The stock was acquired at an average price of $139.32 per share, with a total value of $100,310.40. Following the completion of the transaction, the director now owns 17,996 shares of the company's stock, valued at $2,507,202.72. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CTO James K. Pool III sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $149.01, for a total transaction of $223,515.00. Following the sale, the chief technology officer now directly owns 37,658 shares of the company's stock, valued at approximately $5,611,418.58. The disclosure for this sale can be found here. Corporate insiders own 1.16% of the company's stock.

The Middleby Corporation designs, manufactures, markets, 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, and IoT solutions.

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