Middleby Corp is a leading manufacturer of commercial kitchen equipment, providing innovative cooking solutions and food processing technologies for the food service and hospitality industries
The company designs and produces a wide range of products, including ovens, fryers, and beverage dispensers, aimed at enhancing efficiency and performance in food preparation and serving. With a focus on quality and sustainability, Middleby Corp serves a diverse clientele, including restaurants, hotels, and institutional food service providers, and continues to drive advancements in culinary innovation and efficiency.
Earnings results often indicate what direction a company will take in the months ahead. With Q3 behind us, let’s have a look at Hyster-Yale Materials Handling (NYSEHY) and its peers.
Shares of kitchen product manufacturer Middleby (NYSEMIDD)
jumped 15.1% in the afternoon session after The Wall Street Journal reported that activist Garden Investments built a ~5% stake in the company and plans to push for changes. This move is noteworthy given that activist investors often bring about significant changes in targeted companies, focusing on improving asset monetization, expense efficiency, and stock buybacks.
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As the Q3 earnings season wraps, let’s dig into this quarter’s best and worst performers in the professional tools and equipment industry, including Kennametal (NYSEKMT) and its peers.
The end of an earnings season can be a great time to discover new stocks and assess how companies are handling the current business environment. Let’s take a look at how Middleby (NASDAQMIDD) and the rest of the professional tools and equipment stocks fared in Q3.
Middleby trades at $141.72 per share and has stayed right on track with the overall market, gaining 12.6% over the last six months. At the same time, the S&P 500 has returned 13.5%.
Kitchen product manufacturer Middleby (NYSEMIDD) missed Wall Street’s revenue expectations in Q3 CY2024, with sales falling 3.9% year on year to $942.8 million. Its non-GAAP profit of $2.33 per share was also 5.9% below analysts’ consensus estimates.
What has Wall Street been buzzing about this week? Here are the top 5 buy calls and the top 5 sell calls made by Wall Street's best analysts during the week of May 20-24, 2024.
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.
