KeyCorp Cuts Middleby (NASDAQ:MIDD) Price Target to $175.00

Middleby (NASDAQ:MIDD) had its price objective decreased by equities researchers at KeyCorp from $185.00 to $175.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective would suggest a potential upside of 32.88% from the company’s previous close.

Other equities analysts have also recently issued reports about the company. Jefferies Financial Group restated a “hold” rating and set a $160.00 price target (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. Barclays raised their price target on shares of Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. StockNews.com cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Wednesday, April 2nd. Canaccord Genuity Group upped their price target on Middleby from $192.00 to $200.00 and gave the stock a “buy” rating in a research note on Wednesday, February 26th. Finally, Robert W. Baird increased their target price on Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. One research analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $179.43.

Middleby Trading Up 1.9 %

MIDD stock traded up $2.43 during trading on Tuesday, hitting $131.70. The company had a trading volume of 306,736 shares, compared to its average volume of 630,853. The stock has a market cap of $7.07 billion, a PE ratio of 18.20 and a beta of 1.44. The business has a 50-day moving average of $160.28 and a 200-day moving average of $146.49. 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 one year low of $118.41 and a one year high of $182.73.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. The firm had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business’s revenue was up .4% compared to the same quarter last year. During the same period last year, the business posted $2.65 EPS. Research analysts predict that Middleby will post 9.11 earnings per share for the current fiscal year.

Insider Transactions at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of Middleby stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total transaction of $81,755.00. Following the sale, the director now directly owns 6,111 shares in the company, valued at approximately $999,209.61. This trade represents a 7.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MIDD. Versant Capital Management Inc increased its holdings in Middleby by 760.0% in the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 228 shares during the last quarter. UMB Bank n.a. grew its stake in Middleby by 41.1% in the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after buying an additional 116 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Middleby during the fourth quarter worth $71,000. Principal Securities Inc. grew its position in shares of Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock valued at $77,000 after purchasing an additional 78 shares in the last quarter. Finally, Coppell Advisory Solutions LLC lifted its holdings in Middleby by 220.6% during the 4th quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company’s stock worth $82,000 after purchasing an additional 417 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

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.