The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers; steam cooking, food warming, catering, induction cooking, countertop cooking, and kitchen ventilation equipment; heated cabinets, charbroilers, ventless cooking systems, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions. The company's Food Processing Equipment Group segment provides batch, baking, proofing, conveyor belt, and continuous processing ovens; frying and automated thermal processing systems; grinders, slicers, reduction and emulsion systems, mixers, blenders; battering, breading, and seeding equipment; water cutting systems, food presses, food suspension equipment, filling and depositing solutions, and forming equipment; and food safety, food handling, freezing, and defrosting and packaging equipment for customers producing hot dog, dinner sausage, poultry, and lunchmeat, as well as muffin, cookie, and bread products. Its Residential Kitchen Equipment Group segment offers kitchen equipment comprising cookers, stoves, dishwashers, microwaves, cooktops, wine coolers, ice machines, and ventilation and outdoor equipment. The company was formerly known as Middleby Marshall Oven Company and changed its name to The Middleby Corporation in 1985. The company was founded in 1888 and is based in Elgin, Illinois.
IPO Year:
Exchange: NASDAQ
Website: middleby.com
| Date | Price Target | Rating | Analyst |
|---|---|---|---|
| 6/28/2024 | Mkt Perform | Raymond James | |
| 5/22/2024 | $145.00 → $118.00 | Neutral → Underweight | JP Morgan |
| 11/17/2022 | $171.00 | Buy | Canaccord Genuity |
| 8/26/2022 | $190.00 | Buy | The Benchmark Company |
| 2/23/2022 | $194.00 → $198.00 | Neutral | JP Morgan |
| 1/25/2022 | $210.00 → $220.00 | Overweight | Keybanc |
| 1/13/2022 | $215.00 → $217.00 | Overweight | Barclays |
| 12/17/2021 | $200.00 → $215.00 | Overweight | Barclays |
| 7/14/2021 | $195.00 → $200.00 | Overweight | Barclays |
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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 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. "We have targeted the snack food
Net sales of $943 million Diluted earnings per share of $2.11 and adjusted net earnings per share of $2.33 Operating income of $173 million and 18.4% of net sales Adjusted EBITDA of $213 million and organic adjusted EBITDA margin of 22.6% Operating cash flows of $157 million Net leverage reduced to 2.2x Completed the acquisition of Emery Thompson 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
The Middleby Corporation (NASDAQ:MIDD) will release 2024 third quarter earnings on Thursday, October 31 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on October 31. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing 1-844-481-3012 for domestic participants or 1-412-317-1878 for international access. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solut
The Middleby Corporation (NASDAQ:MIDD) 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. "Emery Thompson is a highly respected, well-established brand that will greatly enhance our product offerings in the frozen dessert category. As gelato, frozen yogurt and custard, sorbet, hard ice cream, sherbet and Italian ice continue to gain popularity in the marketplace, Middleby will be well-positioned to address this customer demand," said Tim FitzGerald, Middleby CEO. "There are many synergies between Emery Thompson and Taylor Company, a globally recognized
Visit Booth IA-55 for a Demonstration of the Leading IoT Solution for Foodservice Operators BOSTON, Sept. 4, 2024 /PRNewswire/ -- Powerhouse Dynamics, the leader in Internet of Things (IoT)-based solutions for the foodservice industry, is pleased to announce its return as a key sponsor of the 2024 FSTEC Conference, taking place September 16-18 in Grapevine, Texas. At Booth IA-55, Powerhouse Dynamics will be showcasing the latest advancements in Open Kitchen®, the premier foodservice IoT solution for equipment management, food safety, and energy management. Open Kitchen empower
Net sales of $992 million Diluted earnings per share of $2.13 and adjusted net earnings per share of $2.39 Operating income of $176 million and 17.7% of net sales Adjusted EBITDA of $216 million and organic adjusted EBITDA margin of 21.8% Operating cash flows of $150 million Net leverage reduced to 2.3x 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 second quarter of 2024. "We continue to make progress toward our longer-term financial goals, posting strong profitability and record operating cash flows in the quar
The Middleby Corporation (NASDAQ:MIDD) will release 2024 second quarter earnings on Thursday, August 1 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on August 1. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956 or (412) 317-1837 for international access. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foo
Net sales of $927 million Adjusted EBITDA of $186 million Organic adjusted EBITDA margin of 20.1% Operating cash flows of $141 million Diluted earnings per share of $1.59 and adjusted net earnings per share of $1.89 Net leverage reduced to 2.4x 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 first quarter of 2024. "Near-term demand conditions proved to be difficult as we started 2024. We expect improved conditions for the second quarter and remain optimistic for the remainder of the year, as channel inventories ha
Connected natively to DemandQ's Real-time Demand (RTD) Hub, DemandSmart is the industry's first AI-powered energy solution to execute demand response automatically at scale. BOSTON, April 30, 2024 /PRNewswire/ -- Powerhouse Dynamics, the leading Internet of Things (IoT) partner to enterprise-level restaurant, QSR, convenience store and retail brands, today announced that it has installed its AI-powered DemandSmart Solution in client locations across the country. The solution automatically executes demand response at scale, empowering clients to generate new revenues by lowering their energy use when the grid is experiencing peak demand.
The Middleby Corporation (NASDAQ:MIDD) will release 2024 first quarter earnings on Wednesday, May 8 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on May 8. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956 or for international access (412) 317-1837. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservi
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4 analysts have shared their evaluations of Middleby (NASDAQ:MIDD) 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. Bullish Somewhat Bullish Indifferent Somewhat Bearish Bearish Total Ratings 2 1 0 1 0 Last 30D 1 0 0 0 0 1M Ago 0 1 0 0 0 2M Ago 0 0 0 0 0 3M Ago 1 0 0 1 0 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
Canaccord Genuity analyst Brian McNamara maintains Middleby (NASDAQ:MIDD) with a Buy and 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 analyst ratings page. Piper Sandler cut the price target for Schlumberger Limited (NYSE:SLB) 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. See how other analysts view this stock. Oppenheimer boosted the price target for The Trade Desk, Inc. (NASDAQ:TTD) 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. See how other analysts view thi
Keybanc analyst Jeffrey Hammond maintains Middleby (NASDAQ:MIDD) with a Overweight and lowers the price target from $175 to $160.
Raymond James analyst Tim Thein initiates coverage on Middleby (NASDAQ:MIDD) with a Market Perform rating.
JP Morgan analyst Tami Zakaria downgrades Middleby (NASDAQ:MIDD) from Neutral to Underweight and lowers the price target from $145 to $118.
Canaccord Genuity analyst Brian McNamara maintains Middleby (NASDAQ:MIDD) with a Buy and lowers the price target from $166 to $159.
Middleby (NASDAQ:MIDD) 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.
Seaport Global analyst Walt Liptak maintains Middleby (NASDAQ:MIDD) with a Buy and raises the price target from $175 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 analyst ratings page. Telsey Advisory Group raised the price target for Walmart Inc. (NYSE:WMT) from $185 to $205. Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating. Walmart shares fell 1.1% to close at $173.88 on Wednesday. See how other analysts view this stock. Benchmark boosted UFP Industries, Inc. (NASDAQ:UFPI) price target from $120 to $137. Benchmark analyst Reuben Garner maintained a Buy rating. UFP Industries shares fell 0.2% to close at $109.83 on Tuesday. See how other analysts vie
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 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. "We have targeted the snack food
Net sales of $943 million Diluted earnings per share of $2.11 and adjusted net earnings per share of $2.33 Operating income of $173 million and 18.4% of net sales Adjusted EBITDA of $213 million and organic adjusted EBITDA margin of 22.6% Operating cash flows of $157 million Net leverage reduced to 2.2x Completed the acquisition of Emery Thompson 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
The Middleby Corporation (NASDAQ:MIDD) will release 2024 third quarter earnings on Thursday, October 31 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on October 31. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing 1-844-481-3012 for domestic participants or 1-412-317-1878 for international access. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solut
The Middleby Corporation (NASDAQ:MIDD) 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. "Emery Thompson is a highly respected, well-established brand that will greatly enhance our product offerings in the frozen dessert category. As gelato, frozen yogurt and custard, sorbet, hard ice cream, sherbet and Italian ice continue to gain popularity in the marketplace, Middleby will be well-positioned to address this customer demand," said Tim FitzGerald, Middleby CEO. "There are many synergies between Emery Thompson and Taylor Company, a globally recognized
Net sales of $992 million Diluted earnings per share of $2.13 and adjusted net earnings per share of $2.39 Operating income of $176 million and 17.7% of net sales Adjusted EBITDA of $216 million and organic adjusted EBITDA margin of 21.8% Operating cash flows of $150 million Net leverage reduced to 2.3x 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 second quarter of 2024. "We continue to make progress toward our longer-term financial goals, posting strong profitability and record operating cash flows in the quar
The Middleby Corporation (NASDAQ:MIDD) will release 2024 second quarter earnings on Thursday, August 1 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on August 1. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956 or (412) 317-1837 for international access. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foo
Net sales of $927 million Adjusted EBITDA of $186 million Organic adjusted EBITDA margin of 20.1% Operating cash flows of $141 million Diluted earnings per share of $1.59 and adjusted net earnings per share of $1.89 Net leverage reduced to 2.4x 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 first quarter of 2024. "Near-term demand conditions proved to be difficult as we started 2024. We expect improved conditions for the second quarter and remain optimistic for the remainder of the year, as channel inventories ha
The Middleby Corporation (NASDAQ:MIDD) will release 2024 first quarter earnings on Wednesday, May 8 before the market opens. The company has scheduled a conference call to discuss the results at 11 a.m. Eastern/10 a.m. Central Time on May 8. The conference call is accessible through the Investor Relations section of the company website at www.middleby.com. If website access is not available, attendees can join the conference by dialing (833) 630-1956 or for international access (412) 317-1837. ABOUT THE MIDDLEBY CORPORATION The Middleby Corporation is a global leader in the foodservice industry. The company develops and manufactures a broad line of solutions used in commercial foodservi
Record Q4 Adjusted EBITDA of $235 million, a 1% increase year over year Record YTD Adjusted EBITDA of $900 million, a 6% increase year over year Record operating cash flows of $256 million for the quarter and $629 million for the year Profitability grew to an organic adjusted EBITDA margin of 23.6% compared to 22.6% in the prior year Diluted Earnings per share of $1.42 and adjusted net earnings per share of $2.65 for the fourth quarter, an increase of 3% year over year Net leverage reduced to less than 2.5x The Middleby Corporation (NASDAQ:MIDD), a leading worldwide manufacturer of equipment for the commercial foodservice, food processing, and residential kitchen industri
The Middleby Corporation (NASDAQ:MIDD) today announced the acquisition of GBT GmbH Bakery Technology (GBT). Based in Lünen, Germany, the company has expertise in engineering and manufacturing high-grade industrial baking and bread lines. Annual revenues are approximately €10 million. "GBT customizable equipment highly complements our existing bakery brands and allows us to strengthen our European presence in large scale baking," said Tim FitzGerald, CEO of Middleby. "The company brings German engineering capabilities and a broad knowledge of full line bakery solution integration to Middleby. Adding GBT innovation to our existing bakery portfolio will allow us to expand our offerings and c
The Middleby Corporation (NASDAQ:MIDD) today announced the expansion of its Board of Directors with the appointment of Stephen Scherger and Tejas Shah. Mr. Scherger is Chief Financial Officer of Graphic Packaging Holding Company with extensive business expertise in audit, acquisitions, distribution, and capital strategies. Mr. Shah is Global Chief Information Officer of Fluence Energy and brings a deep knowledge of cybersecurity and IoT to the Middleby Board along with proven success in implementing business-to-business and business-to-consumer strategies. "Steve and Tejas bring deep experience to the Middleby Board, expanding our proficiencies in risk management, cybersecurity, innovat
-Martin Lindsay Retires, Brittany Cerwin and Matthew Fuchsen Named Company Officers- Middleby (NASDAQ:MIDD) announced today the retirement of Chief Risk and Administration Officer Martin M. Lindsay and the appointment of two company officers. Brittany Cerwin was named Chief Accounting Officer and Matthew Fuchsen was named Chief Development Officer of the company. Mr. Lindsay, a senior leader with Middleby for nearly 25 years, will be retiring at the end of July and plans to remain an advisor to the company until the end of 2023. He will begin this transition immediately and step down as a company officer. Joining Middleby in 1999, Mr. Lindsay began his Middleby career at a time when t
Highlights New Directors Selim Bassoul and Alan Shaw Collectively Possess Deep Experience in Durable Goods, Finance, Governance, Growth Initiatives and Supplier Relations Reaches Cooperation Agreement with Kanen Wealth Management, Which Provided Constructive Input on Latest Stage of Company's Board Refresh Process 1847 Goedeker Inc. (NYSE:GOED) ("Goedeker" or the "Company"), one of the largest specialty ecommerce players in the U.S. household appliances market, today announced that it has appointed two highly-qualified and independent individuals – Selim Bassoul and Alan Shaw – to the Company's Board of Directors (the "Board"), effective immediately. Today's appointments, which are an
ELGIN, Ill.--(BUSINESS WIRE)--The Middleby Corporation (NASDAQ: MIDD) today announced the retirement of Chief Operating Officer David Brewer, effective at the end of 2021. Dave joined Middleby in 2006 and held senior management positions before being named Chief Operating Officer. During his tenure with Middleby, he has offered key insights and strategic counsel in more than 50 acquisitions completed across three business platforms. He was part of the leadership team responsible for revenue increases from $400 million in 2006 to nearly $3 billion. Dave has also played a key role within the investment community, sharing his perspectives on the industry trends driving customers. "
Raymond James initiated coverage of Middleby with a rating of Mkt Perform
JP Morgan downgraded Middleby from Neutral to Underweight and set a new price target of $118.00 from $145.00 previously
Canaccord Genuity initiated coverage of Middleby with a rating of Buy and set a new price target of $171.00
The Benchmark Company initiated coverage of Middleby with a rating of Buy and set a new price target of $190.00
JP Morgan reiterated coverage of The Middleby with a rating of Neutral and set a new price target of $198.00 from $194.00 previously
Keybanc reiterated coverage of The Middleby with a rating of Overweight and set a new price target of $220.00 from $210.00 previously
Barclays reiterated coverage of The Middleby with a rating of Overweight and set a new price target of $217.00 from $215.00 previously
Barclays reiterated coverage of The Middleby with a rating of Overweight and set a new price target of $215.00 from $200.00 previously
Barclays reiterated coverage of The Middleby with a rating of Overweight and set a new price target of $200.00 from $195.00 previously
Barclays initiated coverage of Middleby with a rating of Overweight and set a new price target of $195.00