Middleby (NASDAQ:MIDD) Price Target Raised to $227.00

Middleby (NASDAQ:MIDD) had its price objective hoisted by Robert W. Baird from $157.00 to $227.00 in a report issued on Tuesday,Benzinga reports. Robert W. Baird currently has an outperform rating on the industrial products company’s stock.

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

Middleby Stock Performance

MIDD stock opened at $171.66 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a market cap of $9.23 billion, a P/E ratio of 23.68 and a beta of 1.61. The firm has a 50 day simple moving average of $142.33 and a 200 day simple moving average of $138.57. Middleby has a 52 week low of $118.41 and a 52 week high of $177.90.

Middleby (NASDAQ:MIDD) last posted 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). The company had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business’s revenue for the quarter was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.35 earnings per share. Research analysts anticipate that Middleby will post 9.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

A number of institutional investors have recently modified their holdings of the company. Assenagon Asset Management S.A. increased its position in Middleby by 4,494.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock worth $171,524,000 after acquiring an additional 1,238,767 shares during the period. Pacer Advisors Inc. increased its position in Middleby by 17.7% during the third quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company’s stock worth $158,469,000 after acquiring an additional 171,634 shares during the period. New York State Common Retirement Fund increased its position in Middleby by 275.2% during the third quarter. New York State Common Retirement Fund now owns 185,885 shares of the industrial products company’s stock worth $25,862,000 after acquiring an additional 136,345 shares during the period. Natixis Advisors LLC bought a new position in Middleby during the third quarter worth $10,928,000. Finally, Point72 Asset Management L.P. bought a new position in Middleby during the third quarter worth $4,486,000. 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.