Middleby (NASDAQ:MIDD) Now Covered by Raymond James

Stock analysts at Raymond James assumed coverage on shares of Middleby (NASDAQ:MIDD) in a note issued to investors on Friday, MarketBeat reports. The firm set a “market perform” rating on the industrial products company’s stock.

Several other research firms also recently commented on MIDD. JPMorgan Chase & Co. downgraded shares of Middleby from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $145.00 to $118.00 in a research report on Wednesday, May 22nd. Canaccord Genuity Group lowered their price target on Middleby from $166.00 to $159.00 and set a “buy” rating on the stock in a research report on Thursday, May 9th. Finally, William Blair upgraded shares of Middleby to a “hold” rating in a research note on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and an average target price of $153.43.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $122.61 on Friday. Middleby has a one year low of $109.59 and a one year high of $161.01. The stock has a fifty day moving average of $131.38 and a 200-day moving average of $141.74. The company has a market capitalization of $6.59 billion, a PE ratio of 17.08 and a beta of 1.60. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 EPS for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The company had revenue of $926.90 million for the quarter, compared to analyst estimates of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. Middleby’s revenue was down 8.0% on a year-over-year basis. During the same quarter last year, the company posted $2.19 EPS. As a group, equities analysts anticipate that Middleby will post 9.79 EPS for the current fiscal year.

Insider Activity at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the sale, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the sale, the director now directly owns 10,931 shares of the company’s stock, valued at approximately $1,380,803.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Chapin Sarah Palisi sold 235 shares of the business’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the sale, the director now directly owns 7,211 shares in the company, valued at $989,204.98. The disclosure for this sale can be found here. Insiders sold a total of 2,385 shares of company stock valued at $304,134 over the last quarter. Corporate insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Middleby

Several institutional investors have recently added to or reduced their stakes in MIDD. Envestnet Asset Management Inc. lifted its position in Middleby by 54.3% in the 3rd quarter. Envestnet Asset Management Inc. now owns 38,356 shares of the industrial products company’s stock valued at $4,910,000 after acquiring an additional 13,493 shares in the last quarter. Hsbc Holdings PLC bought a new stake in Middleby during the 3rd quarter worth about $2,740,000. Treasurer of the State of North Carolina lifted its position in Middleby by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 23,362 shares of the industrial products company’s stock worth $2,990,000 after buying an additional 120 shares in the last quarter. Tower Research Capital LLC TRC lifted its position in Middleby by 14.4% during the 3rd quarter. Tower Research Capital LLC TRC now owns 5,402 shares of the industrial products company’s stock worth $691,000 after buying an additional 680 shares in the last quarter. Finally, Toronto Dominion Bank lifted its position in Middleby by 22.5% during the 3rd quarter. Toronto Dominion Bank now owns 5,862 shares of the industrial products company’s stock worth $750,000 after buying an additional 1,075 shares in the last quarter. 98.55% of the stock is owned by 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.