Middleby (NASDAQ:MIDD) Price Target Cut to $155.00 by Analysts at Canaccord Genuity Group

Middleby (NASDAQ:MIDD) had its target price trimmed by Canaccord Genuity Group from $164.00 to $155.00 in a report issued on Friday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

Several other research firms also recently issued reports on MIDD. Robert W. Baird boosted their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. upped their price target on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. Finally, KeyCorp decreased their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company. According to data from MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and an average price target of $154.67.

Middleby Trading Up 0.4 %

Shares of NASDAQ MIDD traded up $0.46 during trading on Friday, hitting $130.16. 1,366,312 shares of the company traded hands, compared to its average volume of 499,707. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $7.00 billion, a P/E ratio of 18.20 and a beta of 1.58. The company has a 50-day moving average price of $136.96 and a 200-day moving average price of $133.74. Middleby has a 1 year low of $111.75 and a 1 year high of $161.01.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.15). The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The business’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.35 earnings per share. On average, equities analysts predict that Middleby will post 9.59 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MIDD. Allspring Global Investments Holdings LLC lifted its position 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 purchasing an additional 162 shares during the last quarter. 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 during the last quarter. GAMMA Investing LLC boosted its holdings in Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the period. Covestor Ltd increased its stake in Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 190 shares during the last quarter. Finally, UMB Bank n.a. raised its holdings in shares of Middleby by 93.2% during the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 136 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

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.