Middleby (NASDAQ:MIDD) Receives New Coverage from Analysts at Raymond James

Raymond James started coverage on shares of Middleby (NASDAQ:MIDD) in a research note released on Friday, Marketbeat reports. The firm issued a market perform rating on the industrial products company’s stock.

Other analysts have also recently issued research reports about the stock. William Blair raised shares of Middleby to a hold rating in a report on Wednesday, May 8th. Canaccord Genuity Group cut their target price on shares of Middleby from $166.00 to $159.00 and set a buy rating on the stock in a report on Thursday, May 9th. Finally, JPMorgan Chase & Co. cut shares of Middleby from a neutral rating to an underweight rating and cut their target price for the company from $145.00 to $118.00 in a report on Wednesday, May 22nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $153.43.

Middleby Stock Down 1.6 %

MIDD stock opened at $122.61 on Friday. The company has a current ratio of 2.40, a quick ratio of 1.28 and a debt-to-equity ratio of 0.72. Middleby has a twelve month low of $109.59 and a twelve month high of $161.01. The company’s 50 day moving average is $131.38 and its two-hundred day moving average is $141.70. The stock has a market cap of $6.59 billion, a P/E ratio of 17.08 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). Middleby had a return on equity of 15.88% and a net margin of 9.82%. The company had revenue of $926.90 million for the quarter, compared to analyst estimates of $979.05 million. During the same period in the previous year, the business posted $2.19 EPS. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. Research analysts expect that Middleby will post 9.79 earnings per share for the current fiscal year.

Insider Activity at Middleby

In related news, Director John R. Miller III sold 2,000 shares of Middleby 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 transaction, the director now directly owns 10,931 shares in the company, valued at approximately $1,380,803.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Middleby news, 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 sale, the director now directly owns 7,211 shares in the company, valued at approximately $989,204.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $126.32, for a total transaction of $252,640.00. Following the sale, the director now owns 10,931 shares in the company, valued at $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold a total of 2,385 shares of company stock worth $304,134 in the last three months. Insiders own 1.16% of the company’s stock.

Institutional Investors Weigh In On Middleby

Several institutional investors have recently made changes to their positions in MIDD. Rise Advisors LLC purchased a new stake in shares of Middleby during the 1st quarter worth $25,000. Allspring Global Investments Holdings LLC boosted its position in shares of Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after buying an additional 162 shares in the last quarter. Signaturefd LLC boosted its position in shares of Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after buying an additional 168 shares in the last quarter. Crewe Advisors LLC boosted its position in shares of Middleby by 620.0% in the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after buying an additional 310 shares in the last quarter. Finally, Fidelis Capital Partners LLC purchased a new stake in shares of Middleby in the 1st quarter worth about $63,000. 98.55% of the stock is currently owned by hedge funds and other 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.