Middleby (NASDAQ:MIDD) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Middleby (NASDAQ:MIDD) had its target price hoisted by equities researchers at Canaccord Genuity Group from $155.00 to $192.00 in a note issued to investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 11.05% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Jefferies Financial Group restated a “hold” rating and issued 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 Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Middleby has an average rating of “Hold” and a consensus target price of $174.67.

Middleby Trading Up 0.7 %

MIDD opened at $172.89 on Monday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. Middleby has a 52 week low of $118.41 and a 52 week high of $177.90. The business’s 50 day moving average is $140.98 and its two-hundred day moving average is $138.12. The firm has a market cap of $9.30 billion, a price-to-earnings ratio of 23.85 and a beta of 1.61.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 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 during the quarter, compared to analysts’ expectations of $996.60 million. During the same quarter last year, the company earned $2.35 EPS. The firm’s revenue for the quarter was down 3.9% compared to the same quarter last year. On average, research analysts predict that Middleby will post 9.12 EPS for the current year.

Institutional Trading of Middleby

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Verdence Capital Advisors LLC increased its holdings in Middleby by 4.0% in the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock valued at $317,000 after buying an additional 88 shares in the last quarter. Townsquare Capital LLC raised its holdings in Middleby by 1.4% during the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after purchasing an additional 89 shares during the last quarter. Assetmark Inc. boosted its position in Middleby by 5.2% during the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 93 shares in the last quarter. UMB Bank n.a. increased its position in shares of Middleby by 41.1% in the fourth quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after buying an additional 116 shares in the last quarter. Finally, Quarry LP boosted its position in shares of Middleby by 133.3% in 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. Institutional investors and hedge funds 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.