Middleby (NASDAQ:MIDD) Price Target Raised to $185.00 at KeyCorp

Middleby (NASDAQ:MIDD) had its price objective boosted by KeyCorp from $160.00 to $185.00 in a report published on Monday,Benzinga reports. The firm currently has an overweight rating on the industrial products company’s stock.

A number of other research firms also recently issued reports on MIDD. Canaccord Genuity Group upped their target price on shares of Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a research report on Monday. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $160.00 price objective (down previously from $170.00) on shares of Middleby in a research note on Thursday, December 12th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $165.00.

Middleby Stock Performance

Shares of NASDAQ:MIDD opened at $171.75 on Monday. Middleby has a twelve month low of $118.41 and a twelve month high of $177.90. The business has a fifty day moving average of $140.25 and a 200-day moving average of $137.78. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The firm has a market cap of $9.24 billion, a PE ratio of 23.69 and a beta of 1.61.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results 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 company 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 revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the business earned $2.35 EPS. On average, equities research analysts predict that Middleby will post 9.12 EPS for the current fiscal year.

Institutional Trading of Middleby

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. increased its position in shares of Middleby by 4,494.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock valued at $171,524,000 after acquiring an additional 1,238,767 shares during the last quarter. Pacer Advisors Inc. increased its holdings in Middleby by 17.7% during the third quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company’s stock worth $158,469,000 after buying an additional 171,634 shares during the last quarter. Geode Capital Management LLC lifted its stake in Middleby by 1.0% in the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company’s stock valued at $130,341,000 after acquiring an additional 8,926 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Middleby by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 344,391 shares of the industrial products company’s stock worth $47,915,000 after purchasing an additional 2,676 shares during the last quarter. Finally, Oldfield Partners LLP raised its holdings in shares of Middleby by 1.5% in the 3rd quarter. Oldfield Partners LLP now owns 332,473 shares of the industrial products company’s stock valued at $46,257,000 after purchasing an additional 4,837 shares during the period. 98.55% of the stock is currently owned by institutional investors and hedge funds.

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.