Middleby (NASDAQ:MIDD) Earns Buy Rating from Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Middleby (NASDAQ:MIDD) in a research note published on Friday morning,Benzinga reports. They currently have a $155.00 target price on the industrial products company’s stock.

A number of other brokerages have also commented on MIDD. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Jefferies Financial Group reiterated a “hold” rating and set a $160.00 price target (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $154.67.

Middleby Stock Performance

NASDAQ MIDD opened at $134.72 on Friday. The company has a market cap of $7.25 billion, a P/E ratio of 18.58 and a beta of 1.60. The company has a fifty day simple moving average of $138.88 and a 200 day simple moving average of $134.75. 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 has a 12-month low of $118.41 and a 12-month high of $161.01.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The business had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the business posted $2.35 earnings per share. Sell-side analysts predict that Middleby will post 9.13 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. purchased a new position in shares of Middleby in the 2nd quarter worth about $225,000. Nisa Investment Advisors LLC raised its position in Middleby by 2.6% in the second quarter. Nisa Investment Advisors LLC now owns 6,367 shares of the industrial products company’s stock worth $781,000 after acquiring an additional 161 shares during the period. Leith Wheeler Investment Counsel Ltd. boosted its stake in Middleby by 0.7% in the second quarter. Leith Wheeler Investment Counsel Ltd. now owns 48,924 shares of the industrial products company’s stock valued at $5,999,000 after acquiring an additional 360 shares during the last quarter. Innealta Capital LLC bought a new position in shares of Middleby during the 2nd quarter valued at approximately $196,000. Finally, Principal Financial Group Inc. increased its stake in shares of Middleby by 30.6% during the 2nd quarter. Principal Financial Group Inc. now owns 713,618 shares of the industrial products company’s stock worth $87,497,000 after purchasing an additional 167,298 shares during the last quarter. Hedge funds and other institutional investors own 98.55% of the company’s stock.

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.