MiddlebyMIDD
MIDD
About: 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.
Employees: 10,722
0
Funds holding %
of 6,809 funds
–
Analysts bullish %
Fund manager confidence
Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)
59% more first-time investments, than exits
New positions opened: 73 | Existing positions closed: 46
15% more repeat investments, than reductions
Existing positions increased: 132 | Existing positions reduced: 115
12% more capital invested
Capital invested by funds: $6.88B [Q2] → $7.67B (+$796M) [Q3]
8% more funds holding
Funds holding: 354 [Q2] → 381 (+27) [Q3]
1.61% less ownership
Funds ownership: 104.21% [Q2] → 102.6% (-1.61%) [Q3]
25% less funds holding in top 10
Funds holding in top 10: 4 [Q2] → 3 (-1) [Q3]
76% less call options, than puts
Call options by funds: $33.4M | Put options by funds: $142M
Research analyst outlook
2 Wall Street Analysts provided 1 year price targets over the past 3 months
Low target
$155
13%
upside
Avg. target
$158
15%
upside
High target
$160
17%
upside
2 analyst ratings
1 positive
50%
1 neutral
50%
0 negative
0%
Canaccord Genuity Brian McNamara 53% 1-year accuracy 23 / 43 met price target | 13%upside $155 | Buy Maintained | 20 Dec 2024 |
Jefferies Saree Boroditsky 33% 1-year accuracy 4 / 12 met price target | 17%upside $160 | Hold Downgraded | 12 Dec 2024 |
Financial journalist opinion
Positive
Zacks Investment Research
4 weeks ago
Middleby Enhances Food Processing Group With Gorreri Acquisition
MIDD's acquisition of Gorreri bolsters its food processing equipment group operations, with the latter adding several complementary products to its portfolio.
Neutral
Business Wire
4 weeks ago
Middleby Acquires Gorreri Food Processing Technology
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) 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. “Gorreri is a h.
Negative
Seeking Alpha
1 month ago
The Middleby Corporation: Organic Growth In The CF Segment Continues To Be Poor
Middleby's 3Q24 earnings were disappointing, primarily due to poor organic growth in its largest segment, Commercial Foodservice. The persistent weakness in the consumer spending environment, coupled with high mortgage rates and rising food costs, is negatively impacting the restaurant industry and, consequently, Middleby's business. Given the ongoing challenges in the Commercial Foodservice segment and the lack of near-term catalysts for a significant improvement, my hold rating on Middleby is maintained.
Negative
Zacks Investment Research
1 month ago
Middleby's Q3 Earnings and Sales Miss Estimates, Decline Y/Y
MIDD's third-quarter 2024 net sales decline 3.9% year over year on account of the lackluster performance of its segments.
Neutral
Business Wire
1 month ago
Middleby Acquires JC Ford, Leader in Chip and Tortilla Production Systems
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) 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 f.
Neutral
Seeking Alpha
1 month ago
The Middleby Corporation (MIDD) Q3 2024 Earnings Call Transcript
The Middleby Corporation (NASDAQ:MIDD ) Q3 2024 Results Conference Call October 31, 2024 11:00 AM ET Company Participants Tim FitzGerald - CEO James Pool - Chief Technology Officer & Chief Operations Officer Bryan Mittelman - CFO Steven Spittle - Chief Commercial Officer Conference Call Participants Saree Boroditsky - Jefferies Mig Dobre - Baird Brian McNamara - Canaccord Genuity Jeff Hammond - KeyBanc Capital Markets Tami Zakaria - JPMorgan Walt Liptak - Seaport Global Operator Good day, and welcome to the Third Quarter 2024 Middleby Corporation Earnings Conference Call. All participants will be in listen-only mode [Operator Instructions] after today's presentation, there will be an opportunity to ask questions.
Positive
Zacks Investment Research
1 month ago
Compared to Estimates, Middleby (MIDD) Q3 Earnings: A Look at Key Metrics
Although the revenue and EPS for Middleby (MIDD) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.
Negative
Zacks Investment Research
1 month ago
Middleby (MIDD) Misses Q3 Earnings and Revenue Estimates
Middleby (MIDD) came out with quarterly earnings of $2.33 per share, missing the Zacks Consensus Estimate of $2.47 per share. This compares to earnings of $2.35 per share a year ago.
Neutral
Business Wire
1 month ago
The Middleby Corporation Reports Third Quarter Results
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industries, today reported net earnings for the third quarter of 2024. "Unfavorable macro-economic conditions continued in the third quarter and grew even more challenging in our commercial foodservice segment. Lower restaurant traffic and higher food costs in recent months have put pressure on the restauran.
Positive
Zacks Investment Research
2 months ago
Middleby (MIDD) Reports Next Week: Wall Street Expects Earnings Growth
Middleby (MIDD) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.
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