Middleby (NASDAQ:MIDD) Stock Price Expected to Rise, Barclays Analyst Says

Middleby (NASDAQ:MIDD) had its price objective upped by analysts at Barclays from $160.00 to $180.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the industrial products company’s stock. Barclays‘s price target points to a potential upside of 6.35% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on MIDD. Canaccord Genuity Group upped their price target on Middleby from $155.00 to $192.00 and gave the stock a “buy” rating in a report on Monday, January 27th. JPMorgan Chase & Co. upped their target price on shares of Middleby from $134.00 to $145.00 and gave the company an “underweight” rating in a research note on Monday, February 3rd. KeyCorp lifted their price target on shares of Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. Robert W. Baird boosted their price objective on shares of Middleby from $157.00 to $227.00 and gave the stock an “outperform” rating in a report on Tuesday, January 28th. Finally, Jefferies Financial Group restated a “hold” rating and set a $160.00 target price (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $179.00.

Middleby Stock Performance

NASDAQ:MIDD opened at $169.25 on Wednesday. The firm’s fifty day simple moving average is $151.72 and its 200 day simple moving average is $143.00. 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 has a twelve month low of $118.41 and a twelve month high of $182.73. The firm has a market capitalization of $9.10 billion, a price-to-earnings ratio of 23.34 and a beta of 1.64.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $996.69 million. During the same quarter in the previous year, the firm posted $2.65 earnings per share. The firm’s quarterly revenue was up .4% on a year-over-year basis. As a group, equities research analysts expect that Middleby will post 9.11 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Middleby

Several hedge funds and other institutional investors have recently modified their holdings of MIDD. Lorne Steinberg Wealth Management Inc. grew its stake in Middleby by 0.3% in the fourth quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company’s stock worth $3,323,000 after purchasing an additional 70 shares in the last quarter. Principal Securities Inc. lifted its holdings in Middleby by 16.0% during the 4th quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock worth $77,000 after buying an additional 78 shares during the last quarter. CIBC Asset Management Inc grew its position in shares of Middleby by 5.2% in the 4th quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company’s stock worth $224,000 after acquiring an additional 81 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of Middleby by 1.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company’s stock valued at $971,000 after acquiring an additional 81 shares during the last quarter. Finally, Verdence Capital Advisors LLC raised its position in shares of Middleby by 4.0% during the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after acquiring an additional 88 shares in the last quarter. 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.