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

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

Other equities analysts also recently issued research reports about the company. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Canaccord Genuity Group dropped their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. KeyCorp decreased 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. upped their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird upped their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Middleby has an average rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Stock Up 2.2 %

Shares of MIDD opened at $137.09 on Monday. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The firm has a market cap of $7.37 billion, a P/E ratio of 18.91 and a beta of 1.58. The stock’s 50 day moving average is $136.82 and its two-hundred day moving average is $133.57. Middleby has a 12 month low of $113.77 and a 12 month high of $161.01.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. During the same period in the previous year, the business earned $2.35 earnings per share. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. Analysts predict that Middleby will post 9.43 earnings per share for the current fiscal year.

Institutional Trading of Middleby

A number of hedge funds and other institutional investors have recently modified their holdings of MIDD. Allspring Global Investments Holdings LLC boosted its position in shares of Middleby by 1,246.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares during the period. Quarry LP raised its holdings in shares of Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares during the period. Covestor Ltd boosted 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 acquiring an additional 190 shares during the period. GAMMA Investing LLC increased its stake in Middleby by 97.7% during the second 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 period. Finally, UMB Bank n.a. lifted its position in shares of Middleby by 93.2% during the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 136 shares in the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

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.