Middleby (NASDAQ:MIDD) Stock Rating Reaffirmed by Canaccord Genuity Group

Middleby (NASDAQ:MIDD)‘s stock had its “buy” rating reaffirmed by stock analysts at Canaccord Genuity Group in a research report issued to clients and investors on Friday, Benzinga reports. They currently have a $164.00 price objective on the industrial products company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 17.18% from the stock’s current price.

Several other analysts have also commented on MIDD. JPMorgan Chase & Co. lifted their price objective 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. Robert W. Baird upped their price objective on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. William Blair raised Middleby to a “hold” rating in a research report on Wednesday, May 8th. KeyCorp dropped their price target on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Raymond James assumed coverage on Middleby in a report on Friday, June 28th. They issued a “market perform” rating for the company. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $155.43.

Middleby Stock Performance

Shares of NASDAQ MIDD traded down $0.37 during midday trading on Friday, reaching $139.95. The company’s stock had a trading volume of 58,515 shares, compared to its average volume of 467,629. The stock has a market capitalization of $7.52 billion, a P/E ratio of 19.48 and a beta of 1.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.28. The firm has a 50 day moving average price of $131.65 and a 200-day moving average price of $138.65. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.31 by $0.08. The business had revenue of $991.55 million for the quarter, compared to analysts’ expectations of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The business’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.47 earnings per share. As a group, equities analysts predict that Middleby will post 9.77 earnings per share for the current year.

Insider Transactions at Middleby

In related news, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The stock was sold at an average price of $126.32, for a total transaction of $252,640.00. Following the completion of the transaction, the director now directly owns 10,931 shares in the company, valued at $1,380,803.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. International Assets Investment Management LLC increased its position in shares of Middleby by 14,616.7% during the 4th quarter. International Assets Investment Management LLC now owns 15,894 shares of the industrial products company’s stock valued at $2,339,000 after purchasing an additional 15,786 shares during the last quarter. Signaturefd LLC raised its stake in shares of Middleby by 230.1% during the fourth quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares in the last quarter. CWM LLC lifted its holdings in shares of Middleby by 80.2% in the 4th quarter. CWM LLC now owns 510 shares of the industrial products company’s stock worth $75,000 after acquiring an additional 227 shares during the last quarter. Retirement Systems of Alabama boosted its stake in shares of Middleby by 0.3% in the 4th quarter. Retirement Systems of Alabama now owns 67,136 shares of the industrial products company’s stock valued at $9,880,000 after purchasing an additional 207 shares in the last quarter. Finally, Merit Financial Group LLC grew its holdings in shares of Middleby by 13.8% during the 4th quarter. Merit Financial Group LLC now owns 5,139 shares of the industrial products company’s stock valued at $756,000 after purchasing an additional 625 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.