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

Middleby (NASDAQ:MIDDGet Free Report) had its price objective increased by equities research analysts at Canaccord Genuity Group from $155.00 to $192.00 in a report issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 11.05% from the company’s current price.

A number of other equities research analysts also recently commented on the company. Jefferies Financial Group reaffirmed a “hold” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com raised 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, four have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, Middleby has a consensus rating of “Hold” and a consensus price target of $174.67.

Read Our Latest Analysis on Middleby

Middleby Trading Up 0.7 %

Middleby stock opened at $172.89 on Monday. The stock has a market cap of $9.30 billion, a PE ratio of 23.85 and a beta of 1.61. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The stock has a 50-day moving average price of $140.98 and a 200 day moving average price of $138.12. Middleby has a 52 week low of $118.41 and a 52 week high of $177.90.

Middleby (NASDAQ:MIDDGet Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The firm had revenue of $942.81 million during the quarter, compared to analyst estimates of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.35 EPS. Equities research analysts predict that Middleby will post 9.12 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Assenagon Asset Management S.A. increased its holdings in Middleby by 4,494.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock worth $171,524,000 after purchasing an additional 1,238,767 shares during the last quarter. Pacer Advisors Inc. grew its stake in Middleby by 17.7% in the third quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company’s stock worth $158,469,000 after purchasing an additional 171,634 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Middleby by 275.2% in the third quarter. New York State Common Retirement Fund now owns 185,885 shares of the industrial products company’s stock valued at $25,862,000 after buying an additional 136,345 shares during the last quarter. Natixis Advisors LLC acquired a new stake in Middleby during the third quarter valued at approximately $10,928,000. Finally, Point72 Asset Management L.P. bought a new position in Middleby during the 3rd quarter worth approximately $4,486,000. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Company Profile

(Get Free Report)

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.

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