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 report issued on Saturday, Stock Target Advisor reports. Canaccord Genuity Group currently has a $164.00 target price on the industrial products company’s stock.

A number of other research firms have also recently weighed in on MIDD. KeyCorp decreased their price target on Middleby from $175.00 to $160.00 and set an overweight rating for the company in a report on Monday, July 15th. Canaccord Genuity Group reaffirmed a buy rating and set a $164.00 price target on shares of Middleby in a report on Friday, September 13th. Raymond James began coverage on shares of Middleby in a report on Friday, June 28th. They issued a market perform rating on the stock. Robert W. Baird raised their target price on Middleby from $155.00 to $169.00 and gave the company an outperform rating in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on Middleby from $118.00 to $120.00 and gave the stock an underweight rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $156.50.

Middleby Price Performance

Middleby stock opened at $139.19 on Friday. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. The firm has a market capitalization of $7.48 billion, a P/E ratio of 19.30 and a beta of 1.58. The firm has a fifty day moving average of $134.45 and a 200-day moving average of $137.26. 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 results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.31 by $0.08. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm had revenue of $991.55 million during the quarter, compared to the consensus estimate of $994.05 million. During the same period in the prior year, the firm earned $2.47 EPS. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. As a group, analysts predict that Middleby will post 9.66 EPS for the current year.

Hedge Funds Weigh In On Middleby

Several institutional investors have recently modified their holdings of MIDD. Rise Advisors LLC bought a new stake in Middleby during the 1st quarter valued at $25,000. Allspring Global Investments Holdings LLC lifted its holdings 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 worth $28,000 after purchasing an additional 162 shares during the period. Quarry LP grew its position in Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares in the last quarter. GAMMA Investing LLC grew its position in Middleby by 97.7% in the 2nd 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 in the last quarter. Finally, Crewe Advisors LLC increased its stake in Middleby by 620.0% during the 1st 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 period. Institutional investors own 98.55% of the company’s stock.

About Middleby

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.