Canaccord Genuity Group Issues Positive Forecast for Middleby (NASDAQ:MIDD) Stock Price

Middleby (NASDAQ:MIDD) had its price objective lifted by Canaccord Genuity Group from $192.00 to $200.00 in a research report sent to investors on Wednesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the industrial products company’s stock.

MIDD has been the topic of a number of other reports. Jefferies Financial Group reaffirmed a “hold” rating and set a $160.00 price objective (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. JPMorgan Chase & Co. lifted their target price on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research note on Wednesday. KeyCorp lifted their target price on Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a research note on Monday, January 27th. Robert W. Baird lifted their target price on Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Finally, Barclays lifted their target price on Middleby from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $180.86.

Middleby Stock Down 2.3 %

MIDD stock opened at $165.36 on Wednesday. Middleby has a twelve month low of $118.41 and a twelve month high of $182.73. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The stock has a market cap of $8.90 billion, a P/E ratio of 22.81 and a beta of 1.64. The business’s 50-day moving average price is $152.36 and its 200-day moving average price is $143.15.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts’ consensus estimates of $2.50 by $0.38. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $996.69 million. During the same period in the previous year, the firm earned $2.65 EPS. The business’s quarterly revenue was up .4% on a year-over-year basis. On average, equities research analysts forecast that Middleby will post 9.11 EPS for the current year.

Hedge Funds Weigh In On Middleby

Several large investors have recently modified their holdings of the stock. Lorne Steinberg Wealth Management Inc. increased its position in shares of Middleby by 0.3% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company’s stock valued at $3,323,000 after purchasing an additional 70 shares during the last quarter. Principal Securities Inc. increased its position in shares of Middleby by 16.0% during the 4th 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 during the last quarter. CIBC Asset Management Inc increased its position in shares of Middleby by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company’s stock valued at $224,000 after purchasing an additional 81 shares during the last quarter. Pictet Asset Management Holding SA increased its position in shares of Middleby by 1.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company’s stock valued at $971,000 after purchasing an additional 81 shares during the last quarter. Finally, Verdence Capital Advisors LLC increased its position in shares of Middleby by 4.0% during the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after purchasing an additional 88 shares during the last quarter. 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.