Middleby (NASDAQ:MIDD) Upgraded by StockNews.com to Buy Rating

Middleby (NASDAQ:MIDD) was upgraded by equities research analysts at StockNews.com from a “hold” rating to a “buy” rating in a report issued on Tuesday.

Other equities research analysts have also issued research reports about the stock. 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. Barclays boosted their price objective on Middleby from $160.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. Robert W. Baird increased their target price on Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. KeyCorp boosted their price target on Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a report on Monday, January 27th. Finally, Canaccord Genuity Group boosted their price objective on shares of Middleby from $192.00 to $200.00 and gave the company a “buy” rating in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $180.86.

Middleby Stock Down 1.2 %

NASDAQ MIDD traded down $1.89 during mid-day trading on Tuesday, reaching $156.65. 341,375 shares of the company’s stock traded hands, compared to its average volume of 605,697. The company has a fifty day simple moving average of $160.45 and a 200-day simple moving average of $145.62. Middleby has a 1-year low of $118.41 and a 1-year high of $182.73. The company has a market cap of $8.40 billion, a price-to-earnings ratio of 21.61 and a beta of 1.72. 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 (NASDAQ:MIDD) last released its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. The business had revenue of $1.01 billion during the quarter, compared to the consensus estimate of $996.69 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter last year, the company earned $2.65 earnings per share. As a group, equities research analysts expect that Middleby will post 9.11 EPS for the current year.

Insider Activity

In related news, Director Chapin Sarah Palisi sold 500 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the transaction, the director now directly owns 6,111 shares of the company’s stock, valued at $999,209.61. This represents a 7.56 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Lorne Steinberg Wealth Management Inc. increased its holdings in shares of Middleby by 0.3% during the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company’s stock valued at $3,323,000 after purchasing an additional 70 shares during the period. Principal Securities Inc. increased its stake in Middleby by 16.0% during the 4th quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock valued at $77,000 after buying an additional 78 shares during the period. CIBC Asset Management Inc raised its position in shares of Middleby by 5.2% during the 4th quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company’s stock worth $224,000 after buying an additional 81 shares in the last quarter. Pictet Asset Management Holding SA raised its position in shares of Middleby by 1.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company’s stock worth $971,000 after buying an additional 81 shares in the last quarter. Finally, Townsquare Capital LLC lifted its stake in shares of Middleby by 1.4% in the 3rd quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after acquiring an additional 89 shares during the period. Institutional investors and hedge funds 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.