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 Saturday morning, Stock Target Advisor reports. They currently have a $164.00 target price on the industrial products company’s stock.

Several other brokerages also recently commented on MIDD. KeyCorp cut their price objective 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 increased their price target on Middleby from $155.00 to $169.00 and gave the stock an outperform rating in a research report on Friday, August 2nd. Raymond James began coverage on Middleby in a research report on Friday, June 28th. They set a market perform rating on the stock. JPMorgan Chase & Co. increased their price target on Middleby from $118.00 to $120.00 and gave the stock an underweight rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reissued a buy rating and set a $164.00 price target on shares of Middleby in a research report on Friday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $156.50.

Middleby Stock Performance

Shares of Middleby stock opened at $135.76 on Friday. The stock’s fifty day moving average is $134.45 and its two-hundred day moving average is $137.26. The company has a market capitalization of $7.30 billion, a PE ratio of 18.91 and a beta of 1.58. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01.

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

Institutional Investors Weigh In On Middleby

Hedge funds have recently made changes to their positions in the stock. Rise Advisors LLC purchased a new stake in Middleby in the first quarter valued at about $25,000. Allspring Global Investments Holdings LLC raised its stake in Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after buying an additional 162 shares during the last quarter. Quarry LP raised its stake in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares during the last quarter. GAMMA Investing LLC raised its stake in Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after buying an additional 126 shares during the last quarter. Finally, Crewe Advisors LLC raised its stake in Middleby by 620.0% in the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after buying an additional 310 shares during 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.