Cathy McCarthy, a director at Middleby Corp (NASDAQ:MIDD), recently sold 500 shares of the company's common stock. The shares were sold at a weighted average price of $142.19 each, resulting in a total transaction value of $71,095. Following this sale, McCarthy directly owns 8,611 shares of Middleby Corp.
The transaction was reported in a Form 4 filing with the Securities and Exchange Commission, indicating the sale took place on November 7, 2024. McCarthy's role as a director is noted in the filing, and the transaction did not involve any equity swaps.
In other recent news, Middleby Corporation reported mixed Q3 results in light of market challenges. Despite a 3.5% drop in restaurant traffic and increasing food costs, the company saw a 20% increase in year-to-date operating cash flow to $447 million. However, Commercial Foodservice revenues dipped by 4% year-over-year. Middleby's CFO, Bryan Mittelman, reported third-quarter revenues of $943 million, a 5% sequential decline, with adjusted EBITDA at $213 million.
In other developments, Middleby is implementing a $50 million restructuring initiative to enhance long-term profitability. Furthermore, the company anticipates sequential growth in the fourth quarter with revenues approaching $1 billion and stable EBITDA margins. The firm also expects a return to growth in 2025, driven by innovation and operational excellence. These recent developments underscore Middleby's strategic initiatives to navigate the complex market environment and drive future growth.
InvestingPro Insights
Following Cathy McCarthy's recent sale of Middleby Corp (NASDAQ:MIDD) shares, it's worth examining some key financial metrics and insights provided by InvestingPro to better understand the company's current position.
Middleby's stock has shown significant volatility recently, with a notable 8.51% return over the past week. This volatility aligns with an InvestingPro Tip indicating that the stock's price movements are quite volatile. Despite this short-term fluctuation, the company's fundamentals appear solid.
InvestingPro Data shows that Middleby operates with a moderate level of debt and its liquid assets exceed short-term obligations, suggesting a stable financial position. The company's P/E ratio (adjusted) stands at 16.42, which may indicate a reasonable valuation compared to industry peers.
It's important to note that while Middleby has been profitable over the last twelve months, with a revenue of $3.87 billion, the company has experienced a slight revenue decline of 4.68% in the same period. This could be a factor in why 8 analysts have revised their earnings downwards for the upcoming period, as highlighted in another InvestingPro Tip.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 5 more InvestingPro Tips available for Middleby Corp, which could provide valuable context for understanding the company's financial health and future prospects.
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