Middleby (NASDAQ:MIDD) PT Lowered to $159.00

Middleby (NASDAQ:MIDD) had its target price dropped by stock analysts at Canaccord Genuity Group from $166.00 to $159.00 in a report issued on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price points to a potential upside of 16.67% from the company’s previous close.

Separately, Jefferies Financial Group raised their target price on shares of Middleby from $140.00 to $160.00 and gave the company a “buy” rating in a research note on Thursday, January 11th. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $158.50.

Middleby Price Performance

Middleby stock traded down $2.30 during trading hours on Thursday, hitting $136.28. 552,489 shares of the company traded hands, compared to its average volume of 352,622. The firm has a market cap of $7.31 billion, a P/E ratio of 18.39 and a beta of 1.58. The company has a quick ratio of 1.21, a current ratio of 2.31 and a debt-to-equity ratio of 0.73. The firm’s 50-day simple moving average is $149.24 and its two-hundred day simple moving average is $140.32. Middleby has a 1-year low of $109.59 and a 1-year high of $161.01.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.16). The company had revenue of $926.90 million for the quarter, compared to analyst estimates of $979.05 million. Middleby had a net margin of 9.93% and a return on equity of 16.99%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the business posted $2.19 EPS. As a group, analysts forecast that Middleby will post 10.27 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total value of $53,014.50. Following the completion of the sale, the director now directly owns 6,306 shares of the company’s stock, valued at $955,169.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Cathy L. Mccarthy sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the transaction, the director now owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Chapin Sarah Palisi sold 350 shares of the firm’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total transaction of $53,014.50. Following the transaction, the director now directly owns 6,306 shares in the company, valued at approximately $955,169.82. The disclosure for this sale can be found here. Corporate insiders own 1.16% of the company’s stock.

Hedge Funds Weigh In On Middleby

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. raised its position in shares of Middleby by 218.8% in the fourth quarter. Assenagon Asset Management S.A. now owns 21,842 shares of the industrial products company’s stock valued at $3,214,000 after purchasing an additional 14,991 shares during the period. Nordea Investment Management AB grew its stake in shares of Middleby by 13.3% in the fourth quarter. Nordea Investment Management AB now owns 1,696,476 shares of the industrial products company’s stock worth $251,621,000 after acquiring an additional 198,859 shares during the last quarter. Envestnet Asset Management Inc. grew its stake in shares of Middleby by 54.3% in the third quarter. Envestnet Asset Management Inc. now owns 38,356 shares of the industrial products company’s stock worth $4,910,000 after acquiring an additional 13,493 shares during the last quarter. Hudson Bay Capital Management LP grew its stake in shares of Middleby by 28.5% in the third quarter. Hudson Bay Capital Management LP now owns 56,712 shares of the industrial products company’s stock worth $7,259,000 after acquiring an additional 12,589 shares during the last quarter. Finally, Cardinal Capital Management grew its stake in shares of Middleby by 2.2% in the fourth quarter. Cardinal Capital Management now owns 5,728 shares of the industrial products company’s stock worth $843,000 after acquiring an additional 124 shares during the last quarter. 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.