The Middleby Co. (NASDAQ:MIDD) Receives Average Rating of “Hold” from Brokerages

The Middleby Co. (NASDAQ:MIDD) has received a consensus recommendation of “Hold” from the nine ratings firms that are currently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a sell recommendation, three have given a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokers that have issued ratings on the stock in the last year is $180.86.

A number of analysts have recently weighed in on the company. StockNews.com cut Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. KeyCorp increased their target price on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. Canaccord Genuity Group boosted their price target on shares of Middleby from $192.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. increased their price objective on shares of Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a report on Wednesday, February 26th. Finally, Robert W. Baird boosted their target price 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.

Middleby Stock Performance

MIDD stock opened at $160.10 on Thursday. The stock’s 50 day simple moving average is $154.56 and its 200 day simple moving average is $143.90. Middleby has a 12-month low of $118.41 and a 12-month high of $182.73. The firm has a market cap of $8.59 billion, a P/E ratio of 22.08 and a beta of 1.64. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

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

Insider Buying and Selling at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total transaction of $81,755.00. Following the transaction, the director now owns 6,111 shares in the company, valued at $999,209.61. This trade represents a 7.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.16% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Middleby

Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC boosted its stake in Middleby by 13,813.0% during the third quarter. International Assets Investment Management LLC now owns 15,026 shares of the industrial products company’s stock valued at $2,091,000 after buying an additional 14,918 shares in the last quarter. Assenagon Asset Management S.A. bought a new position in shares of Middleby during the 3rd quarter valued at about $3,834,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Middleby in the 3rd quarter worth approximately $72,000. PFG Investments LLC bought a new stake in shares of Middleby in the 3rd quarter worth approximately $213,000. Finally, State of Alaska Department of Revenue lifted its stake in Middleby by 7.3% during the third quarter. State of Alaska Department of Revenue now owns 6,212 shares of the industrial products company’s stock valued at $864,000 after purchasing an additional 420 shares during the last quarter. 98.55% of the stock is currently 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.