Middleby (NASDAQ:MIDD) Reaches New 12-Month High on Better-Than-Expected Earnings

The Middleby Co. (NASDAQ:MIDD)’s share price hit a new 52-week high during mid-day trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $182.73 and last traded at $169.68, with a volume of 140846 shares. The stock had previously closed at $168.15.

The industrial products company reported $2.88 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 firm had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $996.69 million. During the same period last year, the firm posted $2.65 earnings per share. The business’s revenue was up .4% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Canaccord Genuity Group increased their target price on Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a report on Monday, January 27th. JPMorgan Chase & Co. increased their price objective on Middleby from $134.00 to $145.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. StockNews.com cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Robert W. Baird upped their price objective 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, KeyCorp raised their target price on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. One 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’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $178.83.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in MIDD. Assenagon Asset Management S.A. lifted its holdings in shares of Middleby by 4,494.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock worth $171,524,000 after buying an additional 1,238,767 shares in the last quarter. Garden Investment Management L.P. purchased a new stake in Middleby during the fourth quarter valued at $101,958,000. Clarkston Capital Partners LLC purchased a new stake in Middleby during the fourth quarter valued at $91,869,000. Ameriprise Financial Inc. lifted its stake in shares of Middleby by 237.2% in the 4th quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company’s stock valued at $49,614,000 after purchasing an additional 257,669 shares during the last quarter. Finally, Thompson Siegel & Walmsley LLC bought a new position in shares of Middleby during the 4th quarter valued at approximately $26,930,000. Institutional investors own 98.55% of the company’s stock.

Middleby Price Performance

The firm’s fifty day moving average is $151.06 and its 200 day moving average is $142.76. 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 company has a market capitalization of $9.19 billion, a P/E ratio of 23.50 and a beta of 1.64.

Middleby Company Profile

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.