Shares of The Middleby Corporation (NASDAQ:MIDD) have received a consensus rating of “Hold” from analysts covering the firm. According to MarketBeat.com, nine brokerages are currently evaluating the stock, with one analyst issuing a sell rating, three providing hold ratings, and five assigning buy ratings. The average 12-month target price among these brokers stands at approximately $160.57.
Several research firms have recently updated their assessments of Middleby. On October 27, Zacks Research upgraded the stock from a “strong sell” to a “hold” rating. Conversely, Weiss Ratings reaffirmed a “sell (d)” rating. On September 4, Wolfe Research set a price objective of $163.00 while designating the company as “outperform.” Canaccord Genuity Group lowered its target price from $175.00 to $171.00, maintaining a “buy” rating. Additionally, JPMorgan Chase & Co. upgraded Middleby from an “underweight” to a “neutral” rating, reducing its price target from $140.00 to $125.00.
Institutional Investor Activity
Several institutional investors and hedge funds have altered their positions in Middleby recently. Danske Bank A S acquired a new stake valued at approximately $27,000 in the third quarter. Similarly, Migdal Insurance & Financial Holdings Ltd. purchased a new position worth $30,000 during the second quarter. Allworth Financial LP significantly increased its stake in Middleby by 168.8% in the same period, now owning 207 shares valued at $30,000.
TFC Financial Management Inc. also made headlines by increasing its stake by an astounding 23,000.0% during the third quarter, acquiring a total of 231 shares valued at $31,000. Furthermore, Caitong International Asset Management Co. Ltd boosted its holdings by 135.6%, now owning 245 shares worth $33,000. Institutional investors collectively own 98.55% of Middleby’s stock.
Recent Performance and Outlook
Middleby shares opened at $118.21 on November 6, 2023, showing a minor increase of 0.4%. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57, and a quick ratio of 1.56. With a market capitalization of $5.95 billion, Middleby reported a price-to-earnings (P/E) ratio of 15.04 and a beta of 1.57. The company’s stock has fluctuated between a one-year low of $110.82 and a high of $182.73.
In its latest earnings announcement on November 6, Middleby reported earnings of $2.37 per share, surpassing analysts’ expectations of $2.03 by $0.34. The company achieved revenue of $982.13 million for the quarter, exceeding estimates of $961.21 million. This reflects a 4.2% increase compared to the same quarter last year, where earnings per share were $2.33.
Looking ahead, Middleby has set its fiscal year 2025 guidance at $8.99 to $9.14 earnings per share, with fourth-quarter guidance ranging from $2.19 to $2.34 earnings per share. Analysts predict that Middleby will post $9.11 earnings per share for the current fiscal year.
The Middleby Corporation specializes in designing, marketing, manufacturing, distributing, and servicing foodservice, food processing, and residential kitchen equipment globally. Its diverse product range includes ovens, cooking equipment, refrigeration systems, and IoT solutions, catering to various sectors within the food industry.
