Middleby’s (MIDD) Buy Rating Reaffirmed at Canaccord Genuity Group

Middleby (NASDAQ:MIDD)‘s stock had its “buy” rating reiterated by Canaccord Genuity Group in a research note issued on Saturday, Stock Target Advisor reports. They presently have a $164.00 target price on the industrial products company’s stock. Canaccord Genuity Group’s target price suggests a potential upside of 23.49% from the stock’s current price.

Several other equities analysts also recently commented on the company. JPMorgan Chase & Co. upped their price objective on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. KeyCorp dropped their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Raymond James assumed coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird increased their price target on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $164.00 price target on shares of Middleby in a research report on Friday. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Middleby presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Middleby Stock Performance

Shares of Middleby stock opened at $132.80 on Friday. The stock’s fifty day moving average is $134.14 and its two-hundred day moving average is $137.58. The company has a market capitalization of $7.14 billion, a PE ratio of 18.50 and a beta of 1.58. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.31 by $0.08. The company had revenue of $991.55 million for the quarter, compared to the consensus estimate of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. Middleby’s quarterly revenue was down 4.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.47 EPS. As a group, analysts expect that Middleby will post 9.66 earnings per share for the current year.

Institutional Investors Weigh In On Middleby

A number of hedge funds have recently made changes to their positions in MIDD. Charles Schwab Investment Management Inc. raised its stake in Middleby by 2.5% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 330,436 shares of the industrial products company’s stock valued at $48,630,000 after buying an additional 8,018 shares during the last quarter. Principal Securities Inc. purchased a new stake in Middleby in the fourth quarter valued at about $185,000. Dimensional Fund Advisors LP raised its stake in Middleby by 2.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 617,974 shares of the industrial products company’s stock valued at $90,953,000 after buying an additional 13,632 shares during the last quarter. Norges Bank purchased a new stake in Middleby in the fourth quarter valued at about $16,199,000. Finally, PineStone Asset Management Inc. raised its stake in Middleby by 78.6% in the fourth quarter. PineStone Asset Management Inc. now owns 494,461 shares of the industrial products company’s stock valued at $72,770,000 after buying an additional 217,618 shares during the last quarter. 98.55% of the stock is currently owned by hedge funds and other 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.