Middleby (NASDAQ:MIDD) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a report released on Monday.

Several other brokerages also recently weighed in on MIDD. Robert W. Baird raised their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group lowered their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday. JPMorgan Chase & Co. boosted their price target on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. KeyCorp dropped their price objective on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Middleby has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Stock Up 3.1 %

Shares of NASDAQ MIDD opened at $134.14 on Monday. The stock has a market capitalization of $7.21 billion, a P/E ratio of 18.50 and a beta of 1.58. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. Middleby has a one year low of $113.77 and a one year high of $161.01. The firm’s 50 day simple moving average is $136.96 and its two-hundred day simple moving average is $133.62.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The firm had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.35 earnings per share. As a group, analysts expect that Middleby will post 9.43 EPS for the current fiscal year.

Hedge Funds Weigh In On Middleby

A number of large investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its position in shares of Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. Quarry LP boosted its holdings in Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after buying an additional 132 shares during the last quarter. GAMMA Investing LLC increased its stake in Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after buying an additional 126 shares in the last quarter. Covestor Ltd raised its holdings in shares of Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares during the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 136 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Company Profile

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.