Middleby (NASDAQ:MIDD) Given New $155.00 Price Target at Canaccord Genuity Group

Middleby (NASDAQ:MIDD) had its price objective lowered by Canaccord Genuity Group from $164.00 to $155.00 in a research note published on Friday, Benzinga reports. The brokerage currently has a buy rating on the industrial products company’s stock.

A number of other brokerages also recently weighed in on MIDD. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research note on Saturday, September 14th. JPMorgan Chase & Co. raised their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird upped their target price on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Finally, KeyCorp lowered 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. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.67.

Middleby Stock Performance

Shares of MIDD stock opened at $134.14 on Friday. The firm’s 50 day moving average is $136.96 and its 200 day moving average is $133.62. The stock has a market capitalization of $7.21 billion, a P/E ratio of 18.50 and a beta of 1.58. Middleby has a 12 month low of $113.77 and a 12 month high of $161.01. 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 posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same period in the prior year, the business posted $2.35 EPS. Middleby’s quarterly revenue was down 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that Middleby will post 9.43 earnings per share for the current year.

Institutional Trading of Middleby

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its stake in shares of 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 buying an additional 162 shares during the period. Quarry LP increased its position in shares of Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 132 shares during the period. Covestor Ltd raised its stake in shares of Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the period. Finally, UMB Bank n.a. grew its stake in shares of Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 136 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.