Middleby (NASDAQ:MIDD) Share Price Passes Above 200-Day Moving Average – Time to Sell?

The Middleby Co. (NASDAQ:MIDD) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $135.54 and traded as high as $136.15. Middleby shares last traded at $134.56, with a volume of 457,442 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Canaccord Genuity Group restated a “buy” rating and set a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. Jefferies Financial Group restated a “hold” rating and issued a $160.00 price target (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Finally, Canaccord Genuity Group restated a “buy” rating and issued a $155.00 target price on shares of Middleby in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $154.67.

Middleby Price Performance

The stock has a 50-day simple moving average of $138.32 and a 200 day simple moving average of $135.54. The company has a market cap of $7.24 billion, a PE ratio of 18.56 and a beta of 1.61. 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 issued its quarterly earnings data 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). The company had revenue of $942.81 million during the quarter, compared to analysts’ expectations 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 quarter last year, the firm posted $2.35 earnings per share. Equities analysts expect that The Middleby Co. will post 9.13 EPS for the current year.

Hedge Funds Weigh In On Middleby

Hedge funds have recently made changes to their positions in the stock. Quarry LP lifted its stake in Middleby by 133.3% during the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 132 shares in the last quarter. Covestor Ltd boosted its holdings in Middleby by 306.5% during the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares during the period. UMB Bank n.a. grew its position in Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after acquiring an additional 136 shares in the last quarter. Strategic Financial Concepts LLC purchased a new position in shares of Middleby in the second quarter valued at approximately $45,000. Finally, Avior Wealth Management LLC lifted its holdings in Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after buying an additional 287 shares in 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.