Canaccord Genuity Group Forecasts Strong Price Appreciation for Middleby (NASDAQ:MIDD) Stock

Middleby (NASDAQ:MIDD) had its target price upped by research analysts at Canaccord Genuity Group from $155.00 to $192.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price objective points to a potential upside of 13.13% from the company’s previous close.

Several other research analysts have also recently issued reports on MIDD. Jefferies Financial Group reissued a “hold” rating and issued a $160.00 target price (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $160.83.

Middleby Stock Performance

MIDD stock opened at $169.72 on Monday. The stock’s 50 day simple moving average is $139.56 and its 200 day simple moving average is $137.45. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. Middleby has a 12-month low of $118.41 and a 12-month high of $169.92. The stock has a market capitalization of $9.13 billion, a PE ratio of 23.41 and a beta of 1.61.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). The company 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%. Middleby’s revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.35 EPS. As a group, research analysts forecast that Middleby will post 9.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

A number of hedge funds have recently modified their holdings of the company. Verdence Capital Advisors LLC lifted its stake in shares of Middleby by 4.0% during the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after buying an additional 88 shares in the last quarter. Townsquare Capital LLC boosted its stake in shares of Middleby by 1.4% in the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after acquiring an additional 89 shares during the period. Assetmark Inc. raised its stake in Middleby by 5.2% during the 3rd quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 93 shares during the period. UMB Bank n.a. lifted its holdings in Middleby by 41.1% in the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 116 shares in the last quarter. Finally, Quarry LP boosted its stake 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 purchasing an additional 132 shares during the period. 98.55% of the stock is currently owned by institutional investors.

About Middleby

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.