Middleby (NASDAQ:MIDD) Hits New 1-Year High After Strong Earnings

Shares of The Middleby Co. (NASDAQ:MIDD) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The company traded as high as $182.73 and last traded at $169.68, with a volume of 140846 shares traded. The stock had previously closed at $168.15.

The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $1.01 billion for the quarter, compared to analyst estimates of $996.69 million. During the same quarter last year, the business posted $2.65 EPS. The firm’s revenue for the quarter was up .4% on a year-over-year basis.

Wall Street Analyst Weigh In

MIDD has been the topic of a number of research reports. KeyCorp boosted their target price on shares of Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Jefferies Financial Group reissued 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. StockNews.com downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Monday, January 27th. Robert W. Baird boosted their price target 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. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Middleby from $134.00 to $145.00 and gave the company an “underweight” rating in a report on Monday, February 3rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $178.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Covestor Ltd raised its position in shares of Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after buying an additional 190 shares in the last quarter. Avior Wealth Management LLC increased its stake in Middleby by 820.0% in the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 287 shares during the last quarter. UMB Bank n.a. raised its holdings in shares of Middleby by 41.1% in the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 116 shares in the last quarter. Aster Capital Management DIFC Ltd bought a new stake in shares of Middleby during the 4th quarter valued at about $71,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Middleby during the third quarter worth about $72,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Stock Performance

The company has a market capitalization of $9.19 billion, a P/E ratio of 23.50 and a beta of 1.64. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The company’s 50-day moving average is $151.06 and its two-hundred day moving average is $142.76.

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.