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

MIDDLEBY ORD

MIDDLEBURY NATL CORP by Middlebury National Corp.

Middlebury National Corp

Middlefield Banc Corp

Middlesex Water Co

MIDDLESEX WATER 7 PR by Middlesex Water Co.

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.

Earnings Misses

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>
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</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:
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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.
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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:
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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.
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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.
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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

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 $166 to $159.

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

Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) reported quarterly earnings of $1.89 per share which missed the analyst consensus estimate of $2.06 by 8.25 percent. This is a 14.09 percent decrease over earnings of $2.20 per share from the same period last year. The company reported quarterly sales of $926.926 million which missed the analyst consensus estimate of $978.583 million by 5.28 percent. This is a 7.95 percent decrease over sales of $1.007 billion the same period last year.

Middleby Q1 2024 Adj EPS $1.89 Misses $2.06 Estimate, Sales $926.926M Miss $978.583M Estimate

Seaport Global analyst Walt Liptak maintains Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) with a Buy and raises the price target from $175 to $184.

Seaport Global Maintains Buy on Middleby, Raises Price Target to $184

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>Telsey Advisory Group raised the price target for Walmart Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wmt#NYSE">WMT</a>) from $185 to $205. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating. Walmart shares fell 1.1% to trade&nbsp;at $173.88 on Wednesday. <a href="https://www.benzinga.com/quote/WMT/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Benchmark boosted UFP Industries, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ufpi#NASDAQ">UFPI</a>) price target from $120 to $137. Benchmark analyst Reuben Garner maintained a Buy rating. UFP Industries shares fell 0.2% to trade at $109.83 on Wednesday. <a href="https://www.benzinga.com/quote/UFPI/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Scotiabank cut the price target for SolarEdge Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sedg#NASDAQ">SEDG</a>) from $93 to $90. Scotiabank analyst Tristan Richardson maintained a Sector Perform rating. SolarEdge shares fell 11.8% to trade at $74.44 on Wednesday. <a href="https://www.benzinga.com/quote/SEDG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>JMP Securities raised Skyward Specialty Insurance Group, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/skwd#NASDAQ">SKWD</a>) price target from $38 to $40. JMP Securities analyst Matthew Carletti maintained a Market Outperform rating. Skyward Specialty Insurance shares fell 3.6% to trade at $33.44 on Wednesday. <a href="https://www.benzinga.com/quote/SKWD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Needham increased the price target for LivaNova PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/livn#NASDAQ">LIVN</a>) from $62 to $72. Needham analyst Mike Matson maintained a Buy rating. LivaNova shares gained 6.8% to trade at $56.15 on Wednesday. <a href="https://www.benzinga.com/quote/LIVN/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital cut the price target for Teladoc Health, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tdoc#NYSE">TDOC</a>) from $30 to $25. RBC Capital analyst Sean Dodge maintained an Outperform rating. Teladoc Health shares fell 25% to trade at $15.37 on Wednesday. <a href="https://www.benzinga.com/quote/TDOC/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Cantor Fitzgerald cut Palo Alto Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/panw#NASDAQ">PANW</a>) price target from $400 to $350. Cantor Fitzgerald analyst Yi Fu Lee maintained an Overweight rating. Palo Alto Networks shares dipped 27% to trade at $267.06 on Wednesday. <a href="https://www.benzinga.com/quote/PANW/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Canaccord Genuity increased The Middleby Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/midd#NASDAQ">MIDD</a>) price target from $164 to $166. Canaccord Genuity analyst Brian McNamara maintained a Buy rating. Middleby shares gained 1.2% to trade at $150.01 on Wednesday. <a href="https://www.benzinga.com/quote/MIDD/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Wedbush boosted Tri Pointe Homes, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tph#NYSE">TPH</a>) price target from $32 to $35. Wedbush analyst Jay McCanless maintained a Neutral rating. Tri Pointe Homes shares gained 1.7% to trade at $35.36 on Wednesday. <a href="https://www.benzinga.com/quote/TPH/analyst-ratings">See how other analysts view this stock.</a></li>
<li>HC Wainwright &amp; Co. cut Bicycle Therapeutics plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bcyc#NASDAQ">BCYC</a>) price target from $57 to $55. HC Wainwright &amp; Co. analyst Swayampakula Ramakanth maintained a Buy rating. Bicycle Therapeutics shares rose 4.9% to trade at $23.80 on Wednesday. <a href="https://www.benzinga.com/quote/BCYC/analyst-ratings">See how other analysts view this stock</a>.</li>
</ul>
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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 raises the price target from $164 to $166.

Canaccord Genuity Maintains Buy on Middleby, Raises Price Target to $166

Middleby (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MIDD#NASDAQ">MIDD</a>) reported quarterly adjusted earnings of $2.65 per share which beat the analyst consensus estimate of $2.44 by 8.61 percent. This is a 3.11 percent increase over earnings of $2.57 per share from the same period last year. The company reported quarterly sales of $1.01 billion which missed the analyst consensus estimate of $1.02 billion by 0.97 percent. This is a 2.33 percent decrease over sales of $1.03 billion the same period last year.

Middleby Q4 Adj. EPS $2.65 Beats $2.44 Estimate, Sales $1.01B Miss $1.02B Estimate

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Earnings Scheduled For February 20, 2024

The Middleby Corporation (MIDD) Q2 2024 Earnings Call Transcript

Ariel Investments Small Cap Value Q2 2024 Commentary

Ariel Investments Mid Cap Value Q2 2024 Commentary

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'...

Barclays Remains a Buy on The Middleby (MIDD)

In a report released today, Walter Liptak from Seaport Global maintained a Buy rating on The Middleby (MIDD – Research Report), with a price target...

Seaport Global Remains a Buy on The Middleby (MIDD)

Ariel Investments Appreciation Fund Q2 2024 Commentary

Canaccord Genuity analyst Brian McNamara maintained a Buy rating on The Middleby (MIDD – Research Report) yesterday and set a price target of $164....

McNamara's Buy Rating for Middleby: Growth, Efficiency, and New Market Opportunities

Middleby: Rating Upgrade To Neutral Given Recent Results And Macro Developments

In a report released today, Jeffrey Hammond from KeyBanc maintained a Buy rating on The Middleby (MIDD – Research Report), with a price target of $...

The Middleby (MIDD) Gets a Buy from KeyBanc

Buy Rating for Middleby Corporation Amidst Positive Industry Dynamics and Promotional Strategies

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Press Releases

Middleby Schedules Fourth Quarter Earnings Release and Conference Call

Middleby Acquires GBT GmbH Bakery Technology

The Middleby Corporation Reports Fourth Quarter Results

Opinion

BetterInvesting™ Magazine Update The Middleby Corp. and UnitedHealth Group

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The Middleby Corporation Reports First Quarter Results

Middleby Schedules Second Quarter Earnings Release and Conference Call

The Middleby Corporation Reports Second Quarter Results

Powerhouse Dynamics Returns to FSTEC 2024 for Third Consecutive Year, Showcasing Advanced Open Kitchen IoT Software with AI-Driven Energy Management

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Middleby (MIDD) Forecast

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