Middleby (NASDAQ:MIDD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Middleby (NASDAQ:MIDD) had its price target hoisted by equities research analysts at Canaccord Genuity Group from $192.00 to $200.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price target indicates a potential upside of 22.51% from the stock’s previous close.

MIDD has been the topic of several other research reports. Robert W. Baird increased their price target on shares of Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a research note on Tuesday, January 28th. StockNews.com downgraded shares of Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Jefferies Financial Group reaffirmed a “hold” rating and issued a $160.00 price target (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. JPMorgan Chase & Co. increased their price objective on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, KeyCorp boosted their target price on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Middleby currently has a consensus rating of “Hold” and a consensus target price of $180.86.

Middleby Trading Down 1.3 %

Middleby stock opened at $163.25 on Wednesday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. Middleby has a 12 month low of $118.41 and a 12 month high of $182.73. The company’s fifty day simple moving average is $152.97 and its 200-day simple moving average is $143.29. The stock has a market cap of $8.78 billion, a P/E ratio of 22.52 and a beta of 1.64.

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

Institutional Trading of Middleby

Several hedge funds have recently added to or reduced their stakes in MIDD. Forum Financial Management LP bought a new position in Middleby in the 4th quarter worth approximately $348,000. Burgundy Asset Management Ltd. bought a new position in Middleby during the fourth quarter worth $207,000. Two Sigma Advisers LP bought a new position in Middleby during the fourth quarter worth $298,000. Two Sigma Investments LP acquired a new position in Middleby during the 4th quarter valued at $1,621,000. Finally, Teza Capital Management LLC bought a new stake in Middleby in the 4th quarter valued at $2,129,000. Institutional investors own 98.55% of the company’s stock.

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.