Middleby (NASDAQ:MIDD) Hits New 52-Week High on Earnings Beat

The Middleby Co. (NASDAQ:MIDD)’s stock price reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $182.73 and last traded at $169.68, with a volume of 140846 shares trading hands. The stock had previously closed at $168.15.

The industrial products company reported $2.88 earnings per share for the quarter, topping the consensus estimate of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $1.01 billion for the quarter, compared to analyst estimates of $996.69 million. During the same period in the previous year, the business earned $2.65 EPS. Middleby’s revenue for the quarter was up .4% compared to the same quarter last year.

Analysts Set New Price Targets

Several brokerages have recently commented on MIDD. JPMorgan Chase & Co. lifted their target price on Middleby from $134.00 to $145.00 and gave the stock an “underweight” rating in a research note on Monday, February 3rd. Jefferies Financial Group reiterated a “hold” rating and issued a $160.00 price objective (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. Canaccord Genuity Group raised their target price on shares of Middleby from $155.00 to $192.00 and gave the stock a “buy” rating in a research note on Monday, January 27th. Robert W. Baird upped their price target on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Finally, KeyCorp boosted their price objective on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $178.83.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Covestor Ltd grew its position in Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after buying an additional 190 shares in the last quarter. Avior Wealth Management LLC grew its holdings in shares of Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 287 shares in the last quarter. UMB Bank n.a. raised its stake in Middleby by 41.1% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after purchasing an additional 116 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in Middleby during the fourth quarter worth about $71,000. Finally, Mirae Asset Global Investments Co. Ltd. acquired a new stake in Middleby during the third quarter worth about $72,000. 98.55% of the stock is owned by institutional investors.

Middleby Trading Up 0.7 %

The firm’s fifty day simple moving average is $151.72 and its 200 day simple moving average is $143.00. The stock has a market capitalization of $9.10 billion, a P/E ratio of 23.34 and a beta of 1.64. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81.

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.