Middleby (NASDAQ:MIDD) Rating Lowered to “Hold” at StockNews.com

Middleby (NASDAQ:MIDD) was downgraded by research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday.

Several other brokerages also recently commented on MIDD. Barclays raised their price objective on shares of Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 26th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $160.00 price target (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. Robert W. Baird increased their price objective on shares of Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 28th. Canaccord Genuity Group boosted their target price on Middleby from $192.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. Finally, JPMorgan Chase & Co. increased their price target on Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Middleby presently has an average rating of “Hold” and a consensus price target of $180.86.

Middleby Stock Performance

Shares of MIDD opened at $152.73 on Wednesday. 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’s fifty day simple moving average is $161.66 and its two-hundred day simple moving average is $146.47. Middleby has a 12 month low of $118.41 and a 12 month high of $182.73. The stock has a market capitalization of $8.19 billion, a P/E ratio of 21.07 and a beta of 1.72.

Middleby (NASDAQ:MIDD) last announced its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, beating the consensus estimate of $2.50 by $0.38. The company had revenue of $1.01 billion for 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 firm’s revenue for the quarter was up .4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.65 EPS. As a group, analysts predict that Middleby will post 9.11 EPS for the current year.

Insider Activity at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total transaction of $81,755.00. Following the completion of the sale, the director now owns 6,111 shares in the company, valued at approximately $999,209.61. This represents a 7.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.16% of the stock is owned by insiders.

Hedge Funds Weigh In On Middleby

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Middleby by 121.4% during the fourth quarter. Blue Trust Inc. now owns 4,423 shares of the industrial products company’s stock valued at $615,000 after purchasing an additional 2,425 shares in the last quarter. Janney Montgomery Scott LLC purchased a new stake in Middleby in the 4th quarter valued at about $469,000. First Citizens Bank & Trust Co. bought a new position in shares of Middleby during the 4th quarter worth approximately $219,000. GHP Investment Advisors Inc. boosted its stake in shares of Middleby by 13.7% in the 4th quarter. GHP Investment Advisors Inc. now owns 22,929 shares of the industrial products company’s stock worth $3,106,000 after buying an additional 2,763 shares during the last quarter. Finally, Olstein Capital Management L.P. grew its holdings in shares of Middleby by 3.6% in the fourth quarter. Olstein Capital Management L.P. now owns 71,000 shares of the industrial products company’s stock valued at $9,617,000 after acquiring an additional 2,500 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

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.