The Middleby Co. (NASDAQ:MIDD) Receives Average Rating of “Moderate Buy” from Analysts

Shares of The Middleby Co. (NASDAQ:MIDD) have been assigned an average rating of “Moderate Buy” from the ten research firms that are covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $156.50.

Several brokerages have weighed in on MIDD. JPMorgan Chase & Co. upped 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. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. KeyCorp lowered their price target 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. Raymond James began coverage on shares of Middleby in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 target price on shares of Middleby in a research note on Friday, September 13th.

Middleby Stock Performance

Shares of Middleby stock opened at $141.71 on Monday. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.43. The stock has a market capitalization of $7.62 billion, a price-to-earnings ratio of 19.74 and a beta of 1.58. The business has a 50-day moving average of $137.08 and a 200 day moving average of $136.47. Middleby has a 12 month low of $109.59 and a 12 month high of $161.01.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.08. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The firm had revenue of $991.55 million for the quarter, compared to the consensus estimate of $994.05 million. During the same period in the prior year, the firm earned $2.47 EPS. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. As a group, sell-side analysts forecast that Middleby will post 9.63 earnings per share for the current year.

Institutional Trading of Middleby

A number of hedge funds and other institutional investors have recently made changes to their positions in MIDD. Rise Advisors LLC purchased a new stake in Middleby in the first quarter valued at approximately $25,000. Allspring Global Investments Holdings LLC raised its position in Middleby by 1,246.2% in the 1st 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 last quarter. Quarry LP boosted its stake in Middleby by 133.3% during 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. GAMMA Investing LLC grew its position 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 purchasing an additional 126 shares during the last quarter. Finally, Strategic Financial Concepts LLC acquired a new position in Middleby in the second quarter valued at $45,000. 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.