Middleby (NASDAQ:MIDD) Upgraded by StockNews.com to “Buy” Rating

StockNews.com upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a report released on Tuesday morning.

MIDD has been the subject of a number of other research reports. Jefferies Financial Group reiterated a “hold” rating and issued a $160.00 target price (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Robert W. Baird increased their price objective on Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. JPMorgan Chase & Co. boosted their target price on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research note on Wednesday, February 26th. Barclays raised their price target on Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. Finally, KeyCorp boosted their price target on Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Middleby has an average rating of “Moderate Buy” and an average price target of $180.86.

Middleby Stock Performance

Shares of Middleby stock opened at $156.65 on Tuesday. Middleby has a 12 month low of $118.41 and a 12 month high of $182.73. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The stock has a market cap of $8.40 billion, a PE ratio of 21.61 and a beta of 1.72. The business has a fifty day simple moving average of $160.45 and a 200-day simple moving average of $145.62.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. The firm had revenue of $1.01 billion during the quarter, compared to analyst estimates of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same period last year, the company posted $2.65 EPS. On average, sell-side analysts anticipate that Middleby will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Chapin Sarah Palisi sold 500 shares of Middleby stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the transaction, the director now owns 6,111 shares in the company, valued at $999,209.61. This trade represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.16% of the company’s stock.

Hedge Funds Weigh In On Middleby

A number of institutional investors have recently made changes to their positions in MIDD. Wealth Enhancement Advisory Services LLC grew its stake in shares of Middleby by 39.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,149 shares of the industrial products company’s stock worth $562,000 after acquiring an additional 1,171 shares during the last quarter. Forum Financial Management LP bought a new stake in Middleby in the 4th quarter valued at $348,000. Burgundy Asset Management Ltd. bought a new position in shares of Middleby during the 4th quarter worth about $207,000. Two Sigma Advisers LP acquired a new position in shares of Middleby during the fourth quarter valued at about $298,000. Finally, Two Sigma Investments LP bought a new stake in shares of Middleby in the fourth quarter valued at about $1,621,000. 98.55% of the stock is currently owned by institutional investors.

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.