Robert W. Baird Forecasts Strong Price Appreciation for Middleby (NASDAQ:MIDD) Stock

Middleby (NASDAQ:MIDD) had its price objective upped by analysts at Robert W. Baird from $157.00 to $227.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the industrial products company’s stock. Robert W. Baird’s price target would suggest a potential upside of 32.00% from the stock’s previous close.

A number of other analysts have also recently commented on MIDD. StockNews.com cut Middleby from a “buy” rating to a “hold” rating in a research report on Monday. Canaccord Genuity Group boosted their price objective on Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a report on Monday. Jefferies Financial Group reissued a “hold” rating and issued a $160.00 price objective (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, KeyCorp boosted their price objective on Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a report on Monday. One investment analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, Middleby currently has an average rating of “Hold” and an average target price of $174.67.

Middleby Stock Performance

MIDD traded up $0.23 on Tuesday, reaching $171.98. 390,227 shares of the stock were exchanged, compared to its average volume of 860,629. The company’s 50-day moving average price is $140.25 and its 200 day moving average price is $137.78. Middleby has a fifty-two week low of $118.41 and a fifty-two week high of $177.90. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The firm has a market capitalization of $9.25 billion, a PE ratio of 23.70 and a beta of 1.61.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same period in the prior year, the firm posted $2.35 EPS. The business’s revenue was down 3.9% compared to the same quarter last year. As a group, sell-side analysts forecast that Middleby will post 9.12 EPS for the current fiscal year.

Hedge Funds Weigh In On Middleby

Several institutional investors and hedge funds have recently modified their holdings of MIDD. Quarry LP increased its stake in Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after buying an additional 132 shares in the last quarter. Covestor Ltd increased its stake in Middleby by 306.5% during the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after buying an additional 190 shares in the last quarter. UMB Bank n.a. increased its stake in Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after buying an additional 136 shares in the last quarter. Avior Wealth Management LLC increased its stake in Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after buying an additional 287 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Middleby by 91.8% during the 3rd quarter. GAMMA Investing LLC now owns 489 shares of the industrial products company’s stock worth $68,000 after buying an additional 234 shares in the last quarter. Hedge funds and other 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.