Middleby (NASDAQ:MIDD) Sets New 12-Month High – Here’s Why

Shares of The Middleby Co. (NASDAQ:MIDD) reached a new 52-week high during trading on Friday . The stock traded as high as $163.85 and last traded at $162.82, with a volume of 853932 shares changing hands. The stock had previously closed at $145.65.

Analyst Ratings Changes

Several analysts recently issued reports on MIDD shares. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $155.00 target price on shares of Middleby in a report on Friday, December 20th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $160.00 price target (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $154.67.

Middleby Stock Up 16.5 %

The company has a market capitalization of $9.13 billion, a PE ratio of 23.41 and a beta of 1.61. The stock’s fifty day moving average is $139.56 and its two-hundred day moving average is $137.35. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. During the same period last year, the business posted $2.35 EPS. The company’s revenue was down 3.9% compared to the same quarter last year. As a group, analysts predict that The Middleby Co. will post 9.12 EPS for the current year.

Institutional Investors Weigh In On Middleby

A number of large investors have recently added to or reduced their stakes in MIDD. Quarry LP grew its holdings in Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 132 shares during the last quarter. Covestor Ltd increased its holdings 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 purchasing an additional 190 shares during the period. UMB Bank n.a. raised its position in Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after purchasing an additional 136 shares during the last quarter. Avior Wealth Management LLC lifted its holdings in Middleby by 820.0% in the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after buying an additional 287 shares during the period. Finally, GAMMA Investing LLC grew its position in shares of Middleby by 91.8% in the 3rd quarter. GAMMA Investing LLC now owns 489 shares of the industrial products company’s stock worth $68,000 after buying an additional 234 shares during the last quarter. Hedge funds and other institutional investors 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.