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

Middleby (NASDAQ:MIDD) had its price objective boosted by equities researchers at Canaccord Genuity Group from $192.00 to $200.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price objective would suggest a potential upside of 20.39% from the stock’s current price.

Several other research firms also recently commented on MIDD. JPMorgan Chase & Co. boosted their price objective on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a report on Wednesday. KeyCorp raised their price target on shares of Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. StockNews.com cut Middleby from a “buy” rating to a “hold” rating in a research report on Monday, January 27th. Barclays increased their target price on shares of Middleby from $160.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Jefferies Financial Group restated a “hold” rating and issued a $160.00 target price (down previously from $170.00) on shares of Middleby in a research note on Thursday, December 12th. 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 company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $180.86.

Middleby Trading Down 1.8 %

MIDD stock traded down $3.13 during trading on Wednesday, hitting $166.13. The company had a trading volume of 272,194 shares, compared to its average volume of 848,125. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. Middleby has a one year low of $118.41 and a one year high of $182.73. The business has a 50-day moving average of $151.72 and a 200-day moving average of $143.00. The stock has a market cap of $8.94 billion, a PE ratio of 22.96 and a beta of 1.64.

Middleby (NASDAQ:MIDD) last released its earnings results on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, topping the consensus estimate of $2.50 by $0.38. The business had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s revenue was up .4% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 earnings per share. Research analysts predict that Middleby will post 9.11 earnings per share for the current fiscal year.

Institutional Trading of Middleby

A number of hedge funds have recently bought and sold shares of MIDD. Covestor Ltd grew its holdings in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 190 shares during the last quarter. Avior Wealth Management LLC boosted its holdings in Middleby by 820.0% in 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 in the last quarter. UMB Bank n.a. raised its holdings in Middleby by 41.1% in the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 116 shares in the last quarter. Aster Capital Management DIFC Ltd purchased a new stake in shares of Middleby in the 4th quarter worth about $71,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Middleby during the third quarter valued at about $72,000. Institutional investors own 98.55% of the company’s stock.

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.