Middleby (NASDAQ:MIDD) Stock, Quote.Headers.trade-ideas

Middleby

The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.

The Middleby

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MIDD

The Middleby Corporation (NASDAQ: MIDD) reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales.

Middleby Q2 Earnings Beat Estimates, Sales Down Y/Y

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Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our analyst ratings page.

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The Middleby Corp

MIDDLEBURY NATL CORP by Middlebury National Corp.

Middlebury National Corp

Middlefield Banc Corp

Middlesex Water Co

MIDDLESEX WATER 7 PR by Middlesex Water Co.

The Middleby Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) has announced the acquisition of Gorreri Food Processing Technology based outside Parma, Italy. Gorreri is a leading manufacturer of equipment for the baked goods industry, including cakes, pies, muffins, tarts and other desert line solutions. The company operates in a state-of-the-art, 50,000-square-foot facility, which was recently expanded to accommodate growth. Gorreri has revenues of $20 million annually.

Middleby Acquires Gorreri Food Processing Technology; Gorreri Has Revenues Of $20M Annually; Financial Terms Of Transaction Not Disclosed

The Middleby Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) today announced the acquisition of JC Ford, a leading manufacturer of tortilla production equipment systems. Founded in 1945, the company is based in Columbia, Tenn., and has $70 million in annual revenues.
JC Ford offers a broad range of automated, full-line solutions for corn and flour tortillas, tortilla chips, and other corn-based snacks. In 2021, the company moved into a state-of-the-art, 132,000-square-foot production facility in its Nashville-area headquarters. The consistent increase in consumer demand for tortilla products has made it one of the fastest growing baked food segments both in the U.S. and abroad.

Middleby Acquires JC Ford, Leader In Chip And Tortilla Production Systems And Has $70M In Annual Revenues; Financial Terms Of Transaction Not Disclosed

Canaccord Genuity analyst Brian McNamara maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Buy and lowers the price target from $164 to $155.

Canaccord Genuity Maintains Buy on Middleby, Lowers Price Target to $155

WIIM

Middleby shares are trading lower after the company reported worse-than-expected Q3 financial results.

Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) reported quarterly earnings of $2.33 per share which missed the analyst consensus estimate of $2.48 by 6.05 percent. This is a 1.69 percent decrease over earnings of $2.37 per share from the same period last year. The company reported quarterly sales of $942.809 million which missed the analyst consensus estimate of $996.565 million by 5.39 percent. This is a 3.86 percent decrease over sales of $980.651 million the same period last year.

Earnings Misses

Middleby Q3 2024 Adj. EPS $2.33 Misses $2.48 Estimate, Sales $942.809M Miss $996.565M Estimate

Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) will release its quarterly earnings report on Thursday, 2024-10-31. Here's a brief overview for investors ahead of the announcement.
Analysts anticipate Middleby to report an earnings per share (EPS) of $2.49.
The market awaits Middleby's announcement, with hopes high for news of surpassing estimates and providing upbeat guidance for the next quarter.
It's important for new investors to understand that guidance can be a significant driver of stock prices.
<h3>Performance in Previous Earnings</h3>
The company's EPS beat by $0.08 in the last quarter, leading to a 2.52% drop in the share price on the following day.
Here's a look at Middleby's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.31</td>
<td>2.07</td>
<td>2.44</td>
<td>2.33</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.39</td>
<td>1.89</td>
<td>2.65</td>
<td>2.35</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.0%</td>
<td>-2.0%</td>
<td>2.0%</td>
<td>3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730322142_0.png" alt="eps graph" />
<h3>Analysts' Perspectives on Middleby</h3>
For investors, grasping market sentiments and expectations in the industry is vital. This analysis explores the latest insights regarding Middleby.
A total of 4 analyst ratings have been received for Middleby, with the consensus rating being Buy. The average one-year price target stands at $154.25, suggesting a potential 11.78% upside.
<h3>Comparing Ratings Among Industry Peers</h3>
The analysis below examines the analyst ratings and average 1-year price targets of ESAB, Flowserve and Watts Water Technologies, three significant industry players, providing valuable insights into their relative performance expectations and market positioning.
<ul>
<li>The prevailing sentiment among analysts is an Outperform trajectory for ESAB, with an average 1-year price target of $122.86, implying a potential 10.97% downside.</li>
<li>The consensus outlook from analysts is an Buy trajectory for Flowserve, with an average 1-year price target of $60.89, indicating a potential 55.88% downside.</li>
<li>The consensus among analysts is an Neutral trajectory for Watts Water Technologies, with an average 1-year price target of $200.5, indicating a potential 45.29% upside.</li>
</ul>
<h3>Insights: Peer Analysis</h3>
The peer analysis summary presents essential metrics for ESAB, Flowserve and Watts Water Technologies, unveiling their respective standings within the industry and providing valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Middleby</td>
<td>Buy</td>
<td>-4.66%</td>
<td>$379.64M</td>
<td>3.43%</td>
</tr>
<tr>
<td>ESAB</td>
<td>Outperform</td>
<td>-1.86%</td>
<td>$270.31M</td>
<td>4.95%</td>
</tr>
<tr>
<td>Flowserve</td>
<td>Buy</td>
<td>7.08%</td>
<td>$366.10M</td>
<td>3.70%</td>
</tr>
<tr>
<td>Watts Water Technologies</td>
<td>Neutral</td>
<td>12.11%</td>
<td>$284.80M</td>
<td>5.17%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Middleby ranks at the bottom for Revenue Growth with a negative rate, while its peers show positive growth rates. In terms of Gross Profit, Middleby is at the top among its peers. However, Middleby has the lowest Return on Equity compared to its peers, indicating lower profitability relative to equity.
<h3>Delving into Middleby's Background</h3>
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
<h3>Middleby: A Financial Overview</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Negative Revenue Trend: Examining Middleby's financials over 3 months reveals challenges. As of 30 June, 2024, the company experienced a decline of approximately -4.66% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: Middleby's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of 11.64%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): Middleby's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 3.43%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Middleby's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of 1.65%, the company may face hurdles in achieving optimal financial returns.
Debt Management: With a high debt-to-equity ratio of 0.71, Middleby faces challenges in effectively managing its debt levels, indicating potential financial strain.
<a href="https://www.benzinga.com/quote/MIDD/earnings">To track all earnings releases for Middleby visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of Middleby's Earnings

The Middleby Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) today announced the acquisition of Emery Thompson, a well-known, global brand in frozen dessert equipment. Located in Brooksville, Florida, the company has revenues of $10 million annually.

Middleby Acquires Emery Thompson Frozen Dessert Equipment Company, Which Has Revenues Of $10M Annually; No Financial Terms Disclosed

Canaccord Genuity analyst Brian McNamara maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Buy and maintains $164 price target.

Canaccord Genuity Maintains Buy on Middleby, Maintains $164 Price Target

In the preceding three months, 5 analysts have released ratings for Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>), presenting a wide array of perspectives from bullish to bearish.
The following table provides a quick overview of their recent ratings, highlighting the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts have recently evaluated Middleby and provided 12-month price targets. The average target is $154.4, accompanied by a high estimate of $169.00 and a low estimate of $120.00. Marking an increase of 0.13%, the current average surpasses the previous average price target of $154.20. 
<img src="https://www.benzinga.com/files/images/story/2024/1725033614_0.png" alt="price target chart" />
<h2>Investigating Analyst Ratings: An Elaborate Study</h2>
The standing of Middleby among financial experts becomes clear with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Brian McNamara</td>
<td>Canaccord Genuity</td>
<td>Maintains</td>
<td>Buy</td>
<td>$164.00</td>
<td>$164.00</td>
</tr>
<tr>
<td>Tami Zakaria</td>
<td>JP Morgan</td>
<td>Raises</td>
<td>Underweight</td>
<td>$120.00</td>
<td>$118.00</td>
</tr>
<tr>
<td>Mig Dobre</td>
<td>Baird</td>
<td>Raises</td>
<td>Outperform</td>
<td>$169.00</td>
<td>$155.00</td>
</tr>
<tr>
<td>Brian McNamara</td>
<td>Canaccord Genuity</td>
<td>Maintains</td>
<td>Buy</td>
<td>$159.00</td>
<td>$159.00</td>
</tr>
<tr>
<td>Jeffrey Hammond</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$160.00</td>
<td>$175.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: In response to dynamic market conditions and company performance, analysts update their recommendations. Whether they 'Maintain', 'Raise', or 'Lower' their stance, it signifies their reaction to recent developments related to Middleby. This insight gives a snapshot of analysts' perspectives on the current state of the company.</li>
<li>Rating: Offering a comprehensive view, analysts assess stocks qualitatively, spanning from 'Outperform' to 'Underperform'. These ratings convey expectations for the relative performance of Middleby compared to the broader market.</li>
<li>Price Targets: Analysts gauge the dynamics of price targets, providing estimates for the future value of Middleby's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Middleby's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MIDD/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Middleby analyst ratings.</a>
<h2>Unveiling the Story Behind Middleby</h2>
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
<h3>Middleby: A Financial Overview</h3>
Market Capitalization Perspectives: The company's market capitalization falls below industry averages, signaling a relatively smaller size compared to peers. This positioning may be influenced by factors such as perceived growth potential or operational scale.
Revenue Growth: Middleby's revenue growth over a period of 3 months has faced challenges. As of 30 June, 2024, the company experienced a revenue decline of approximately -4.66%. This indicates a decrease in the company's top-line earnings. In comparison to its industry peers, the company trails behind with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: The company's net margin is below industry benchmarks, signaling potential difficulties in achieving strong profitability. With a net margin of 11.64%, the company may need to address challenges in effective cost control.
Return on Equity (ROE): Middleby's ROE is below industry standards, pointing towards difficulties in efficiently utilizing equity capital. With an ROE of 3.43%, the company may encounter challenges in delivering satisfactory returns for shareholders.
Return on Assets (ROA): The company's ROA is below industry benchmarks, signaling potential difficulties in efficiently utilizing assets. With an ROA of 1.65%, the company may need to address challenges in generating satisfactory returns from its assets.
Debt Management: Middleby's debt-to-equity ratio surpasses industry norms, standing at 0.71. This suggests the company carries a substantial amount of debt, posing potential financial challenges.
<h2>Analyst Ratings: Simplified</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Analysts may supplement their ratings with predictions for metrics like growth estimates, earnings, and revenue, offering investors a more comprehensive outlook. However, investors should be mindful that analysts, like any human, can have subjective perspectives influencing their forecasts.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Decoding 5 Analyst Evaluations For Middleby

JP Morgan analyst Tami Zakaria maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Underweight and raises the price target from $118 to $120.

JP Morgan Maintains Underweight on Middleby, Raises Price Target to $120

The Middleby Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/midd#NASDAQ">MIDD</a>) reported second-quarter 2024 adjusted earnings of $2.39 per share, which beat the Zacks Consensus Estimate of $2.27. The bottom line decreased 3.6% year over year due to lower sales.
Net sales of $992 million beat the consensus estimate of $989 million. The top line dipped 4.7% year over year. Organic revenues decreased 4.8%. Acquired assets boosted sales by 0.3% while movements in foreign currencies had a negative impact of 0.2%.
<h3>Segmental Results</h3>
Sales from the Commercial Foodservice Equipment Group segment (representing 62.5% of net sales) were $619.4 million, down 4.1% year over year. Our estimate was $624.7 million. Organic sales decreased 3.9%. Buyouts had a positive impact of 0.1% while adverse foreign-currency translation lowered sales by 0.2%.
Sales from the Residential Kitchen Equipment Group segment (19.4%) totaled $192.8 million, down 6.2% year over year. Our estimate was $186.9 million. Organic sales plunged 6.7%. Buyouts boosted sales by 0.5%.
Sales from the Food Processing Equipment Group segment (18.1%) summed $179.4 million, down 4.9% year over year. We expected the metric to be $177.3 million. Organic sales decreased 5.7% year over year. Acquisitions boosted sales by 1% while foreign currency movements had an unfavorable impact of 0.3%.
<div class="chart_embed">
<h3>The Middleby Corporation Price and EPS Surprise</h3>
<h3><img alt="The Middleby Corporation Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/eb/1722611591.png" style="height:263px; width:545px" title="" /></h3>
The Middleby Corporation price-eps-surprise | The Middleby Corporation Quote
</div>
<h3>Margin Profile</h3>
Middleby&#39;s cost of sales decreased 5.4% year over year to $611.9 million. Gross profit fell 3.5% to $379.6 million. The gross margin increased to 38.3% from 37.8% in the year-ago quarter.
Selling, general and administrative expenses decreased 2.4% year over year to $198.6 million. Operating income declined 4.9% year over year to $175.7 million. Operating margin decreased 10 basis points (bps) to 17.7%.
Adjusted EBITDA declined 5.6% year over year to $216.4 million. Adjusted EBITDA margin fell 20 bps to 21.8%.
<h3>Balance Sheet and Cash Flow</h3>
Exiting the second quarter, Middleby had cash and cash equivalents of $459.5 million compared with $247.5 million at the end of December 2023. Long-term debt was $2.36 billion at the end of the second quarter compared with $2.38 billion at 2023-end.
In the first six months of 2024, Middleby generated net cash of $290.4 million from operating activities compared with $154 million a year ago. Capital expenditure totaled $24.7 million compared with $48.3 million in the prior-year quarter. Free cash flow was $265.7 million in the first six months of the year compared with $105.6 million in the year-earlier quarter.
<h3>Zacks Rank</h3>
The company currently carries a Zacks Rank #3 (Hold).
<h3>Performance of Other Industrial Companies</h3>
Pentair plc (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnr#NYSE">PNR</a>) reported second-quarter adjusted earnings per share of $1.22, which beat the Zacks Consensus Estimate of $1.15. The reported figure also improved 18% from the year-ago quarter.
Net sales rose 1.6% year over year to $1.1 billion. PNR&#39;s top line outpaced the Zacks Consensus Estimate of $1.09 billion.&nbsp;
Crown Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cck#NYSE">CCK</a>) reported second-quarter adjusted earnings per share of $1.81, which beat the Zacks Consensus Estimate of $1.59. The bottom line improved 8% year over year.
Net sales totaled $3.04 billion, down 2.2% from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $3.06 billion.
A. O. Smith Corporation&#39;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aos#NYSE">AOS</a>) second-quarter adjusted earnings of $1.06 per share missed the Zacks Consensus Estimate of $1.07. However, the bottom line increased 5% on a year-over-year basis.
Net sales of $1.02 billion surpassed the consensus estimate of $992 million. The top line increased 7% year over year, driven by strong demand for residential and commercial water heaters in North America.
<a href="https://www.zacks.com/stock/news/2315537/middleby-midd-q2-earnings-beat-estimates-sales-down-y-y?cid=CS-BENZ-FT-analyst_blog|earnings_article-2315537">To read this article on Zacks.com click here.</a>

Baird analyst Mig Dobre maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Outperform and raises the price target from $155 to $169.

Baird Maintains Outperform on Middleby, Raises Price Target to $169

Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) reported quarterly earnings of $2.39 per share which beat the analyst consensus estimate of $2.31 by 3.46 percent. This is a 3.63 percent decrease over earnings of $2.48 per share from the same period last year. The company reported quarterly sales of $991.546 million which missed the analyst consensus estimate of $994.041 million by 0.25 percent. This is a 4.66 percent decrease over sales of $1.040 billion the same period last year.

Middleby Q2 2024 Adj. EPS $2.39 Beats $2.31 Estimate, Sales $991.546M Miss $994.041M Estimate

4 analysts have shared their evaluations of Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below summarizes their recent ratings, showcasing the evolving sentiments within the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
Analysts' evaluations of 12-month price targets offer additional insights, showcasing an average target of $149.0, with a high estimate of $160.00 and a low estimate of $118.00. Highlighting a 7.6% decrease, the current average has fallen from the previous average price target of $161.25. 
<img src="https://www.benzinga.com/files/images/story/2024/1721916036_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
In examining recent analyst actions, we gain insights into how financial experts perceive Middleby. The following summary outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Brian McNamara</td>
<td>Canaccord Genuity</td>
<td>Maintains</td>
<td>Buy</td>
<td>$159.00</td>
<td>$159.00</td>
</tr>
<tr>
<td>Jeffrey Hammond</td>
<td>Keybanc</td>
<td>Lowers</td>
<td>Overweight</td>
<td>$160.00</td>
<td>$175.00</td>
</tr>
<tr>
<td>Tami Zakaria</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$118.00</td>
<td>$145.00</td>
</tr>
<tr>
<td>Brian McNamara</td>
<td>Canaccord Genuity</td>
<td>Lowers</td>
<td>Buy</td>
<td>$159.00</td>
<td>$166.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Middleby. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Gaining insights, analysts provide qualitative assessments, ranging from 'Outperform' to 'Underperform'. These ratings reflect expectations for the relative performance of Middleby compared to the broader market.</li>
<li>Price Targets: Analysts set price targets as an estimate of a stock's future value. Comparing the current and prior price targets provides insight into how analysts' expectations have changed over time. This information can be valuable for investors seeking to understand consensus views on the stock's potential future performance.</li>
</ul>
Navigating through these analyst evaluations alongside other financial indicators can contribute to a holistic understanding of Middleby's market standing. Stay informed and make data-driven decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/MIDD/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Middleby analyst ratings.</a>
<h2>About Middleby</h2>
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
<h3>Financial Milestones: Middleby's Journey</h3>
Market Capitalization Analysis: The company's market capitalization is below the industry average, suggesting that it is relatively smaller compared to peers. This could be due to various factors, including perceived growth potential or operational scale.
Negative Revenue Trend: Examining Middleby's financials over 3 months reveals challenges. As of 31 March, 2024, the company experienced a decline of approximately -7.99% in revenue growth, reflecting a decrease in top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Industrials sector.
Net Margin: The company's net margin is below industry benchmarks, signaling potential difficulties in achieving strong profitability. With a net margin of 9.34%, the company may need to address challenges in effective cost control.
Return on Equity (ROE): Middleby's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 2.64%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Middleby's ROA lags behind industry averages, suggesting challenges in maximizing returns from its assets. With an ROA of 1.25%, the company may face hurdles in achieving optimal financial performance.
Debt Management: Middleby's debt-to-equity ratio is notably higher than the industry average. With a ratio of 0.74, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Within the domain of banking and financial systems, analysts specialize in reporting for specific stocks or defined sectors. Their work involves attending company conference calls and meetings, researching company financial statements, and communicating with insiders to publish "analyst ratings" for stocks. Analysts typically assess and rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Assessing Middleby: Insights From 4 Financial Analysts

Canaccord Genuity analyst Brian McNamara maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Buy and maintains $159 price target.

Canaccord Genuity Maintains Buy on Middleby, Maintains $159 Price Target

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-ratings/">analyst ratings page</a>.
<ul>
<li>Piper Sandler cut the price target for Schlumberger Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SLB#NYSE">SLB</a>) from $71 to $66. Piper Sandler analyst Luke Lemoine maintained an Overweight rating. SLB shares gained 0.5% to close at $46.42 on Friday. <a href="https://www.benzinga.com/quote/SLB/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Oppenheimer boosted the price target for The Trade Desk, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TTD#NASDAQ">TTD</a>) from $105 to $120. Oppenheimer analyst Jason Helfstein maintained an Outperform rating. Trade Desk shares gained 0.9% to close at $99.44 on Friday. <a href="https://www.benzinga.com/quote/TTD/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Morgan Stanley increased the price target for Netflix, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NFLX#NASDAQ">NFLX</a>) from $700 to $780. Morgan Stanley analyst Benjamin Swinburne maintained an Overweight rating. Netflix shares fell 0.8% to close at $647.60 on Friday. <a href="https://www.benzinga.com/quote/NFLX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Baird increased Carrier Global Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>) price target from $64 to $75. Baird analyst Timothy Wojs upgraded the stock from Neutral to Outperform. Carrier Global shares fell 0.6% to close at $66.00 on Friday. <a href="https://www.benzinga.com/quote/CARR/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Needham boosted the price target for Taiwan Semiconductor Manufacturing Company Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TSM#NYSE">TSM</a>) from $168 to $210. Needham analyst Charles Shi maintained a Buy rating. Taiwan Semiconductor Manufacturing shares gained 1.5% to close at $187.35 on Friday. <a href="https://www.benzinga.com/quote/TSM/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Morgan Stanley raised Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) price target from $216 to $273. Morgan Stanley analyst Erik Woodring maintained an Overweight rating. Apple gained 1.3% to close at $230.54 on Friday. <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>TD Cowen slashed The Travelers Companies, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TRV#NYSE">TRV</a>) price target from $252 to $230. TD Cowen analyst Andrew Kligerman downgraded the stock from Buy to Hold. Travelers shares rose 1.3% to close at $211.60 on Friday. <a href="https://www.benzinga.com/quote/TRV/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital raised TD SYNNEX Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNX#NYSE">SNX</a>) price target from $135 to $140. RBC Capital analyst Ashish Sabadra upgraded the stock from Sector Perform to Outperform. TD SYNNEX shares fell 0.1% to close at $112.50 on Friday. <a href="https://www.benzinga.com/quote/SNX/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Benchmark boosted Axcelis Technologies, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACLS#NASDAQ">ACLS</a>) price target from $170 to $180. Benchmark analyst Mark Miller maintained a Buy rating. Axcelis Technologies shares gained 2.9% to close at $148.74 on Friday. <a href="https://www.benzinga.com/quote/ACLS/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Keybanc slashed The Middleby Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) price target from $175 to $160. Keybanc analyst Jeffrey Hammond maintained an Overweight rating. Middleby shares rose 0.3% to close at $125.50 on Friday. <a href="https://www.benzinga.com/quote/MIDD/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Check This Out: 
<ul>
<li><a href="https://www.benzinga.com/news/earnings/24/07/39766284/us-stocks-close-higher-dow-hits-40-000-market-sentiment-remains-in-greed-zone">US Stocks Close Higher, Dow Hits 40,000: Market Sentiment Remains In Greed Zone</a></li>
</ul>

Keybanc analyst Jeffrey Hammond maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Overweight and lowers the price target from $175 to $160.

Keybanc Maintains Overweight on Middleby, Lowers Price Target to $160

Raymond James analyst Tim Thein initiates coverage on Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Market Perform rating.

Initiation

Raymond James Initiates Coverage On Middleby with Market Perform Rating

JOHN MILLER III, Director at Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>), reported an insider sell on June 6, according to a new SEC filing. 
What Happened: According to a Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0000769520/000162828024027123//Archives/edgar/data/769520/000162828024027123/0001628280-24-027123-index.htm">U.S. Securities and Exchange Commission</a> on Thursday, III sold 2,000 shares of Middleby. The total transaction value is $252,640.
In the Friday's morning session, Middleby's shares are currently trading at $127.25, experiencing a up of 1.07%.
<h3>Discovering Middleby: A Closer Look</h3>
The Middleby Corp is engaged in designing, manufacturing, marketing, distribution and service of a broad line of foodservice equipment used in all types of commercial restaurants and institutional kitchens, food preparation, cooking, baking, chilling and packaging equipment for food processing operations, and premium kitchen equipment including ranges, ovens, refrigerators, ventilation, dishwashers and outdoor cooking equipment used in the residential market. The company conducts its business through three principal business segments namely the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group. The firm derives majority revenue from Commercial Foodservice Equipment Group segment.
<h3>Middleby: Financial Performance Dissected</h3>
Revenue Challenges: Middleby's revenue growth over 3 months faced difficulties. As of 31 March, 2024, the company experienced a decline of approximately -7.99%. This indicates a decrease in top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Industrials sector.
Profitability Metrics:
<ul>
<li>
Gross Margin: The company shows a low gross margin of 37.37%, indicating concerns regarding cost management and overall profitability relative to its industry counterparts.
</li>
<li>
Earnings per Share (EPS): Middleby's EPS is below the industry average. The company faced challenges with a current EPS of 1.61. This suggests a potential decline in earnings.
</li>
</ul>
Debt Management: Middleby's debt-to-equity ratio stands notably higher than the industry average, reaching 0.74. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
Valuation Overview:
<ul>
<li>
Price to Earnings (P/E) Ratio: The current P/E ratio of 17.53 is below industry norms, indicating potential undervaluation and presenting an investment opportunity.
</li>
<li>
Price to Sales (P/S) Ratio: The current P/S ratio of 1.72 is below industry norms, suggesting potential undervaluation and presenting an investment opportunity for those considering sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): The company's EV/EBITDA ratio 11.83 is below the industry average, indicating that it may be relatively undervalued compared to peers.
</li>
</ul>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
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<h3>The Relevance of Insider Transactions</h3>
While insider transactions provide valuable information, they should be part of a broader analysis in making investment decisions.
Exploring the legal landscape, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities, as stipulated by Section 12 of the Securities Exchange Act of 1934. This encompasses executives in the c-suite and major hedge funds. These insiders are required to report their transactions through a Form 4 filing, which must be submitted within two business days of the transaction.
Highlighted by a company insider's new purchase, there's a positive anticipation for the stock to rise.
But, insider sells may not necessarily indicate a bearish view and can be motivated by various factors.
<h3>Transaction Codes To Focus On</h3>
Digging into the details of stock transactions, <a href="https://www.benzinga.com/money/investing-tools">investors</a> frequently turn their attention to those taking place in the open market, as outlined in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S signifies a sale. Transaction code C signals the conversion of an option, and transaction code A denotes a grant, award, or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000769520">Check Out The Full List Of Middleby's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Sell Alert: JOHN MILLER III Cashes Out $252K In Middleby Stock

JP Morgan analyst Tami Zakaria downgrades Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) from Neutral to Underweight and lowers the price target from $145 to $118.

Downgrades

JP Morgan Downgrades Middleby to Underweight, Lowers Price Target to $118

Baird analyst Mircea Dobre lowered the firm's price target on Middleby (MIDD) to $157 from $165 and keeps an Outperform rating on the shares follow...

Middleby price target lowered to $157 from $165 at Baird

The Middleby Corporation (MIDD) Q3 2024 Earnings Call Transcript

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Middleby Corporation Navigates Economic Challenges with Strategic Focus

KeyBanc analyst Jeffrey Hammond maintained a Buy rating on The Middleby (MIDD – Research Report) today. The company's shares closed yesterday at $1...

KeyBanc Sticks to Their Buy Rating for The Middleby (MIDD)

Barclays analyst Adam Seiden maintained a Buy rating on The Middleby (MIDD – Research Report) today and set a price target of $160.00. The company'...

The Middleby (MIDD) Receives a Buy from Barclays

In a report released yesterday, Brian McNamara from Canaccord Genuity maintained a Buy rating on The Middleby (MIDD – Research Report), with a pric...

Analyst Recommends 'Buy' for The Middleby Corporation Amid Potential Recovery Despite Q3 Underperformance

The Middleby Corporation: Organic Growth In The CF Segment Continues To Be Poor

Seaport Research lowered the firm's price target on Middleby (MIDD) to $165 from $181 and keeps a Buy rating on the shares. The firm's investment t...

Middleby price target lowered to $165 from $181 at Seaport Research

Middleby (MIDD) has announced the acquisition of Gorreri Food Processing Technology based outside Parma, Italy. Gorreri is a manufacturer of equipm...

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