Canaccord Genuity Group Reiterates “Buy” Rating for Middleby (NASDAQ:MIDD)

Middleby (NASDAQ:MIDD)‘s stock had its “buy” rating reaffirmed by Canaccord Genuity Group in a research note issued on Friday,Benzinga reports. They currently have a $155.00 price target on the industrial products company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 16.97% from the company’s current price.

Other analysts also recently issued research reports about the company. Canaccord Genuity Group restated a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. Jefferies Financial Group restated a “hold” rating and set a $160.00 price target (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Middleby presently has a consensus rating of “Hold” and a consensus price target of $154.67.

Middleby Trading Down 0.2 %

Shares of MIDD stock opened at $132.51 on Friday. 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 50-day simple moving average of $138.85 and a 200 day simple moving average of $134.64. Middleby has a fifty-two week low of $118.41 and a fifty-two week high of $161.01. The stock has a market capitalization of $7.13 billion, a P/E ratio of 18.28 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same quarter last year, the business posted $2.35 EPS. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. On average, sell-side analysts expect that Middleby will post 9.12 earnings per share for the current fiscal year.

Institutional Trading of Middleby

A number of institutional investors and hedge funds have recently made changes to their positions in MIDD. Quarry LP raised its stake in Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares during the last quarter. Covestor Ltd raised its position in shares of 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 buying an additional 190 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after buying an additional 136 shares during the period. Strategic Financial Concepts LLC acquired a new stake in Middleby during the second quarter worth about $45,000. Finally, Avior Wealth Management LLC increased its stake in Middleby by 820.0% during the third quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 287 shares during the period. Institutional investors and hedge funds 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.