Middleby (NASDAQ:MIDD) Price Target Lowered to $155.00 at Canaccord Genuity Group

Middleby (NASDAQ:MIDD) had its target price reduced by Canaccord Genuity Group from $164.00 to $155.00 in a research note released on Friday, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the industrial products company’s stock.

A number of other equities analysts also recently weighed in on the stock. Robert W. Baird boosted their target price on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. boosted their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. KeyCorp dropped their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research note on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Middleby currently has an average rating of “Moderate Buy” and an average target price of $154.67.

Middleby Trading Up 3.1 %

Shares of MIDD stock opened at $134.14 on Friday. Middleby has a 12-month low of $113.77 and a 12-month high of $161.01. The company has a market capitalization of $7.21 billion, a P/E ratio of 18.50 and a beta of 1.58. The firm has a 50-day moving average price of $136.96 and a 200 day moving average price of $133.62. 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 (NASDAQ:MIDD) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same period in the prior year, the business earned $2.35 earnings per share. The company’s revenue for the quarter was down 3.9% on a year-over-year basis. Research analysts forecast that Middleby will post 9.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

Hedge funds and other institutional investors have recently made changes to their positions in the company. Epoch Investment Partners Inc. boosted its position in shares of Middleby by 421.5% during the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock worth $57,356,000 after purchasing an additional 288,314 shares in the last quarter. Tidal Investments LLC boosted its position in shares of Middleby by 278.9% during the first quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock worth $1,457,000 after purchasing an additional 6,669 shares in the last quarter. State Board of Administration of Florida Retirement System boosted its position in shares of Middleby by 18.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 56,484 shares of the industrial products company’s stock worth $8,281,000 after purchasing an additional 8,768 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Middleby by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock worth $822,165,000 after purchasing an additional 15,798 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new position in shares of Middleby during the second quarter worth $500,000. 98.55% of the stock is owned by institutional investors.

Middleby Company Profile

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.