Middleby (NASDAQ:MIDD) Research Coverage Started at Raymond James

Equities research analysts at Raymond James started coverage on shares of Middleby (NASDAQ:MIDD) in a report released on Friday, Benzinga reports. The brokerage set a “market perform” rating on the industrial products company’s stock.

Several other research firms have also recently issued reports on MIDD. JPMorgan Chase & Co. cut Middleby from a “neutral” rating to an “underweight” rating and reduced their target price for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. William Blair upgraded shares of Middleby to a “hold” rating in a report on Wednesday, May 8th. Finally, Canaccord Genuity Group cut their target price on shares of Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $153.43.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $124.65 on Friday. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01. The company has a quick ratio of 1.28, a current ratio of 2.40 and a debt-to-equity ratio of 0.72. The company’s fifty day moving average is $131.78 and its 200 day moving average is $141.81. The stock has a market cap of $6.70 billion, a PE ratio of 17.36 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.16). The firm had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The business’s revenue was down 8.0% on a year-over-year basis. During the same period last year, the company posted $2.19 earnings per share. Research analysts anticipate that Middleby will post 9.79 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Chapin Sarah Palisi sold 235 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total value of $32,237.30. Following the transaction, the director now directly owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the transaction, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director John R. Miller III sold 2,000 shares of the firm’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $126.32, for a total transaction of $252,640.00. Following the sale, the director now directly owns 10,931 shares in the company, valued at approximately $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold a total of 2,385 shares of company stock worth $304,134 in the last quarter. Corporate insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the company. Greenleaf Trust grew its position in shares of Middleby by 4.3% during the 1st quarter. Greenleaf Trust now owns 1,807 shares of the industrial products company’s stock valued at $291,000 after acquiring an additional 75 shares during the period. M&T Bank Corp increased its position in Middleby by 4.5% in the fourth quarter. M&T Bank Corp now owns 2,552 shares of the industrial products company’s stock worth $375,000 after buying an additional 110 shares in the last quarter. Treasurer of the State of North Carolina lifted its position in shares of Middleby by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 23,362 shares of the industrial products company’s stock valued at $2,990,000 after buying an additional 120 shares in the last quarter. Cardinal Capital Management increased its holdings in Middleby by 2.2% in the 4th quarter. Cardinal Capital Management now owns 5,728 shares of the industrial products company’s stock worth $843,000 after acquiring an additional 124 shares in the last quarter. Finally, Mendota Financial Group LLC raised its stake in Middleby by 13.5% during the 4th quarter. Mendota Financial Group LLC now owns 1,090 shares of the industrial products company’s stock worth $160,000 after acquiring an additional 130 shares during the period. Institutional investors own 98.55% of the company’s stock.

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.