Middleby (NASDAQ:MIDD) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Middleby (NASDAQ:MIDD) in a research note released on Friday, Benzinga reports. They currently have a $164.00 price target on the industrial products company’s stock.

Several other brokerages have also recently commented on MIDD. JPMorgan Chase & Co. increased their price target on shares of Middleby from $118.00 to $120.00 and gave the stock an underweight rating in a research report on Friday, August 2nd. KeyCorp cut their target price on Middleby from $175.00 to $160.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, Raymond James assumed coverage on Middleby in a research note on Friday, June 28th. They issued a market perform rating on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Middleby presently has an average rating of Moderate Buy and an average price target of $156.50.

Middleby Stock Performance

Shares of MIDD opened at $135.76 on Friday. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. The firm has a market cap of $7.30 billion, a PE ratio of 18.91 and a beta of 1.58. The company’s 50 day simple moving average is $134.45 and its 200-day simple moving average is $137.26.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.31 by $0.08. The firm had revenue of $991.55 million during the quarter, compared to the consensus estimate of $994.05 million. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The firm’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same period last year, the firm posted $2.47 EPS. As a group, equities analysts predict that Middleby will post 9.66 EPS for the current year.

Hedge Funds Weigh In On Middleby

Institutional investors have recently added to or reduced their stakes in the company. Select Equity Group L.P. raised its stake in shares of Middleby by 15.4% in the second quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock valued at $779,835,000 after acquiring an additional 846,884 shares during the last quarter. Vanguard Group Inc. raised its position in Middleby by 0.3% in the 1st quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock valued at $822,165,000 after purchasing an additional 15,798 shares during the last quarter. EdgePoint Investment Group Inc. boosted its stake in Middleby by 1.0% in the first quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company’s stock worth $321,342,000 after purchasing an additional 20,511 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Middleby by 0.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock worth $233,182,000 after purchasing an additional 11,552 shares in the last quarter. Finally, Pacer Advisors Inc. grew its holdings in shares of Middleby by 11,853.1% during the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after purchasing an additional 959,272 shares during the last quarter. 98.55% of the stock is owned by 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.