Middleby (NASDAQ:MIDD) Raised to “Buy” at StockNews.com

Middleby (NASDAQ:MIDD) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

A number of other equities research analysts also recently weighed in on the stock. KeyCorp reduced their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. JPMorgan Chase & Co. raised their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. Robert W. Baird raised their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity Group dropped their price objective on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Stock Performance

NASDAQ:MIDD traded up $3.98 during mid-day trading on Monday, reaching $134.14. 818,273 shares of the company’s stock were exchanged, compared to its average volume of 501,203. Middleby has a one year low of $113.77 and a one year high of $161.01. The firm has a market capitalization of $7.21 billion, a PE ratio of 18.50 and a beta of 1.58. The business’s fifty day simple moving average is $136.96 and its two-hundred day simple moving average is $133.62. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.43 and a current ratio of 2.81.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.35 earnings per share. Analysts anticipate that Middleby will post 9.59 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC grew its position in Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 162 shares during the last quarter. Quarry LP increased its stake in shares of Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after buying an additional 132 shares during the period. GAMMA Investing LLC raised its holdings in Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after buying an additional 126 shares during the last quarter. Covestor Ltd boosted its position in Middleby by 306.5% during the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares during the period. Finally, UMB Bank n.a. grew its holdings in Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 136 shares during the last quarter. 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.