Middleby (NASDAQ:MIDD) Rating Reiterated by Canaccord Genuity Group

Canaccord Genuity Group reissued their buy rating on shares of Middleby (NASDAQ:MIDD) in a research note published on Thursday, Benzinga reports. They currently have a $159.00 price objective on the industrial products company’s stock.

MIDD has been the topic of several other research reports. Raymond James started coverage on shares of Middleby in a report on Friday, June 28th. They issued a market perform rating on the stock. JPMorgan Chase & Co. downgraded Middleby from a neutral rating to an underweight rating and decreased their target price for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. William Blair raised Middleby to a hold rating in a research report on Wednesday, May 8th. Finally, KeyCorp dropped their target price on shares of Middleby from $175.00 to $160.00 and set an overweight rating on the stock in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average price target of $154.57.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $131.71 on Thursday. The stock has a market capitalization of $7.08 billion, a P/E ratio of 18.34 and a beta of 1.61. The business has a 50-day moving average of $125.96 and a two-hundred day moving average of $139.15. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.40 and a quick ratio of 1.28.

Middleby (NASDAQ:MIDD) last posted its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.16). Middleby had a return on equity of 15.88% and a net margin of 9.82%. The company had revenue of $926.90 million during the quarter, compared to analyst estimates of $979.05 million. During the same quarter last year, the firm posted $2.19 earnings per share. The firm’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, equities research analysts predict that Middleby will post 9.77 EPS for the current fiscal year.

Insider Buying and Selling at Middleby

In related news, Director Chapin Sarah Palisi sold 235 shares of the company’s stock in a transaction dated Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the sale, the director now owns 7,211 shares of the company’s stock, valued at $989,204.98. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the transaction, the director now directly owns 7,211 shares of the company’s stock, valued at $989,204.98. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction dated Thursday, June 6th. The shares were 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 owns 10,931 shares in the company, valued at $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold 2,385 shares of company stock valued at $304,134 in the last 90 days. 1.16% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Middleby

Institutional investors have recently bought and sold shares of the business. Rise Advisors LLC acquired a new stake in shares of Middleby in the first quarter valued at $25,000. Allspring Global Investments Holdings LLC increased its position in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 162 shares in the last quarter. GAMMA Investing LLC raised its stake in shares of Middleby by 97.7% in the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 126 shares during the last quarter. Signaturefd LLC lifted its position 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 purchasing an additional 168 shares in the last quarter. Finally, Crewe Advisors LLC lifted its position in shares of Middleby by 620.0% during the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 310 shares in 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.