Nucor earnings beat by $0.08, revenue fell short of estimates
ELGIN, Ill.—Sarah Palisi Chapin, a director at Middleby Corp (NASDAQ:MIDD), sold 500 shares of the company’s common stock on March 3, according to a recent SEC filing. The shares were sold at a weighted average price of $163.51, totaling approximately $81,755. The sale occurred near the stock’s current trading level of $161.58, with the company showing strong momentum, having gained over 22% year-to-date. InvestingPro data reveals that MIDD’s stock movements have been notably volatile recently. Following this transaction, Chapin holds 6,111 shares directly. Middleby Corp, known for its refrigeration and service industry machinery, is headquartered in Elgin, Illinois. The $8.66 billion company maintains a strong financial position with a "GOOD" overall health score according to InvestingPro, which offers comprehensive insider trading analysis among its 8+ additional insights for this stock.
In other recent news, Middleby Corporation has reported its fourth-quarter 2024 earnings, surpassing Wall Street expectations with an earnings per share (EPS) of $2.88, compared to the forecasted $2.56. The company’s revenue for the quarter exceeded $1 billion, outperforming the anticipated $996.34 million. For the entire year, Middleby achieved revenues of $3.9 billion with a 22.4% EBITDA margin. Despite these strong financial results, Middleby has announced plans to spin off its Food Processing business by early 2026, aiming to create two independent companies.
The company’s strategic focus includes supply chain optimization and new product innovations. Analyst firm KeyBanc Capital Markets has maintained an Overweight rating on Middleby with a price target of $185, reflecting confidence in the company’s growth potential despite industry challenges. These challenges include tariff uncertainties and high interest rates, but opportunities such as new store openings and increased consulting activities provide a positive outlook. Middleby remains committed to enhancing shareholder value through strategic initiatives and operational efficiencies.
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