Shares of The Middleby Corporation (NASDAQ:MIDD) have received a consensus rating of “Hold” from nine brokerages currently covering the company, according to MarketBeat.com. Among these analyses, one research analyst issued a sell rating, three recommended holding the stock, and five assigned a buy rating. The average target price for the stock over the next twelve months is set at approximately $160.57.
Several analysts have recently commented on the stock’s performance. On October 27, 2023, Zacks Research raised its rating for Middleby from “strong sell” to “hold.” Similarly, Weiss Ratings reiterated a “sell (d)” rating on the shares. On September 4, 2023, Wolfe Research set a price objective of $163.00 and rated the company as “outperform.”
In contrast, Canaccord Genuity Group adjusted its target price from $175.00 to $171.00 while keeping a “buy” rating. On the same day, JPMorgan Chase & Co. upgraded the rating from “underweight” to “neutral,” reducing their price target from $140.00 to $125.00.
Institutional Investors Adjust Holdings
Recent movements among institutional investors indicate shifting interests in Middleby. Danske Bank A S acquired a new position valued at approximately $27,000 in the third quarter. Migdal Insurance & Financial Holdings Ltd. also entered a new position worth $30,000 in the second quarter.
Allworth Financial LP significantly increased its stake in Middleby by 168.8%, owning 207 shares valued at $30,000 after purchasing an additional 130 shares. TFC Financial Management Inc. expanded its holdings by 23,000.0%, bringing its total to 231 shares worth $31,000 after acquiring an extra 230 shares. Additionally, Caitong International Asset Management Co. Ltd grew its stake by 135.6%, owning 245 shares valued at $33,000.
Notably, institutional investors now own approximately 98.55% of Middleby’s stock.
Middleby Reports Strong Earnings
On November 6, 2023, Middleby announced its quarterly earnings results, reporting $2.37 earnings per share, surpassing analysts’ expectations of $2.03 by $0.34. The company achieved a revenue of $982.13 million, exceeding the forecasted $961.21 million. This marks a 4.2% increase in revenue compared to the same quarter last year.
Middleby’s return on equity stood at 14.14% with a net margin of 11.06%. For fiscal year 2025, the company has projected earnings per share in the range of $8.99 to $9.14, with fourth-quarter guidance set at $2.19 to $2.34.
As of the latest figures, Middleby shares opened at $118.21. The company has a market capitalization of $5.95 billion, a price-to-earnings ratio of 15.04, and a beta of 1.57. The stock has experienced a range over the past year, with a low of $110.82 and a high of $182.73.
Founded in 1888, The Middleby Corporation designs, manufactures, and services a wide range of foodservice, food processing, and residential kitchen equipment globally. Their commercial offerings include various cooking appliances, food warming systems, and kitchen ventilation equipment, among others.
