The Middleby Co. (NASDAQ:MIDD) Receives $154.67 Consensus Price Target from Analysts

The Middleby Co. (NASDAQ:MIDD) has been given an average rating of “Moderate Buy” by the eight brokerages that are covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $154.67.

A number of research analysts have commented on the stock. Canaccord Genuity Group cut their price target on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, November 1st. Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Robert W. Baird upped their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. lifted their price objective on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th.

Institutional Investors Weigh In On Middleby

A number of institutional investors and hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC boosted its holdings in shares of Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 162 shares during the period. Quarry LP boosted its stake in Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares during the period. GAMMA Investing LLC boosted its stake in Middleby by 97.7% in the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 126 shares during the period. Covestor Ltd grew its holdings in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares in the last quarter. Finally, UMB Bank n.a. increased its position in Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after buying an additional 136 shares during the period. 98.55% of the stock is owned by institutional investors.

Middleby Stock Performance

MIDD opened at $138.66 on Tuesday. Middleby has a 52-week low of $118.41 and a 52-week high of $161.01. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a 50-day moving average of $137.53 and a 200-day moving average of $133.40. The company has a market cap of $7.46 billion, a PE ratio of 19.13 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The company had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company’s revenue was down 3.9% compared to the same quarter last year. During the same period last year, the firm posted $2.35 EPS. As a group, equities research analysts forecast that Middleby will post 9.2 earnings per share for the current fiscal year.

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.