Middleby’s (MIDD) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Middleby (NASDAQ:MIDD) in a research report report published on Thursday morning, Benzinga reports. The firm currently has a $159.00 target price on the industrial products company’s stock.

Several other equities analysts have also weighed in on MIDD. William Blair raised Middleby to a hold rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. downgraded shares of Middleby from a neutral rating to an underweight rating and decreased their price objective for the stock from $145.00 to $118.00 in a research note on Wednesday, May 22nd. Raymond James started coverage on shares of Middleby in a research note on Friday, June 28th. They issued a market perform rating on the stock. Finally, KeyCorp decreased their price target on shares of Middleby from $175.00 to $160.00 and set an overweight rating for the company in a research report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and an average price target of $154.57.

Middleby Stock Performance

Shares of MIDD stock opened at $131.71 on Thursday. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40. The firm has a market capitalization of $7.08 billion, a price-to-earnings ratio of 18.34 and a beta of 1.61. Middleby has a one year low of $109.59 and a one year high of $161.01. The company has a 50 day moving average price of $125.96 and a 200 day moving average price of $139.15.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.16). Middleby had a return on equity of 15.88% and a net margin of 9.82%. The firm had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. During the same period last year, the business posted $2.19 earnings per share. The company’s quarterly revenue was down 8.0% compared to the same quarter last year. Sell-side analysts anticipate that Middleby will post 9.77 EPS for the current year.

Insider Activity

In other Middleby news, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the transaction, the director now owns 10,931 shares in the company, valued at approximately $1,380,803.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Middleby news, Director John R. Miller III sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 6th. The stock was sold at an average price of $126.32, for a total transaction of $252,640.00. Following the completion of the sale, the director now owns 10,931 shares in the company, valued at approximately $1,380,803.92. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Chapin Sarah Palisi sold 235 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the transaction, the director now directly owns 7,211 shares in the company, valued at $989,204.98. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,385 shares of company stock worth $304,134. 1.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Middleby

Several hedge funds and other institutional investors have recently modified their holdings of MIDD. Rise Advisors LLC bought a new position in shares of Middleby during the first quarter worth about $25,000. Allspring Global Investments Holdings LLC lifted its holdings in Middleby by 1,246.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after buying an additional 162 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Middleby by 97.7% in the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 168 shares during the last quarter. Finally, Crewe Advisors LLC raised its position in shares of Middleby by 620.0% during the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 310 shares in 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.