Middleby (NASDAQ:MIDD) Price Target Raised to $185.00

Middleby (NASDAQ:MIDD) had its target price increased by stock analysts at KeyCorp from $160.00 to $185.00 in a report released on Monday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. KeyCorp’s price objective indicates a potential upside of 7.26% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Jefferies Financial Group reaffirmed a “hold” rating and set a $160.00 price target (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group boosted their target price on shares of Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a report on Monday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $165.00.

Middleby Stock Up 1.6 %

Middleby stock traded up $2.75 during midday trading on Monday, hitting $172.47. 220,768 shares of the stock were exchanged, compared to its average volume of 736,180. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $9.28 billion, a price-to-earnings ratio of 23.89 and a beta of 1.61. Middleby has a 52-week low of $118.41 and a 52-week high of $171.60. The business’s 50-day moving average price is $139.56 and its 200-day moving average price is $137.45.

Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The company had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $2.35 earnings per share. On average, research analysts expect 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 grew its holdings in shares of Middleby by 133.3% during the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares during the last quarter. Covestor Ltd lifted its position in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after acquiring an additional 190 shares in the last quarter. UMB Bank n.a. increased its holdings in shares of Middleby by 93.2% in the 3rd 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 in the last quarter. Avior Wealth Management LLC raised its stake in shares of Middleby by 820.0% in the third quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after purchasing an additional 287 shares during the last quarter. Finally, GAMMA Investing LLC boosted its position in shares of Middleby by 91.8% during the third quarter. GAMMA Investing LLC now owns 489 shares of the industrial products company’s stock valued at $68,000 after buying an additional 234 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors.

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.