Middleby (NASDAQ:MIDD) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Middleby (NASDAQ:MIDD) had its price target lifted by JPMorgan Chase & Co. from $145.00 to $150.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential downside of 8.12% from the company’s previous close.

Several other equities research analysts also recently commented on MIDD. StockNews.com downgraded Middleby from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Canaccord Genuity Group boosted their price target on shares of Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a research note on Monday, January 27th. Robert W. Baird raised their price objective on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a research note on Tuesday, January 28th. Jefferies Financial Group reissued a “hold” rating and set a $160.00 target price (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Finally, KeyCorp raised their price target on shares of Middleby from $160.00 to $185.00 and gave the company an “overweight” rating in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $180.86.

Middleby Stock Down 1.3 %

Shares of NASDAQ MIDD opened at $163.25 on Wednesday. Middleby has a 12-month low of $118.41 and a 12-month high of $182.73. 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 firm has a market cap of $8.78 billion, a PE ratio of 22.52 and a beta of 1.64. The company’s fifty day simple moving average is $152.97 and its 200 day simple moving average is $143.29.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. 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 prior year, the firm earned $2.65 EPS. The business’s revenue was up .4% on a year-over-year basis. As a group, sell-side analysts forecast that Middleby will post 9.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

Several institutional investors have recently modified their holdings of MIDD. Covestor Ltd lifted its holdings in Middleby by 306.5% during the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 190 shares during the period. Avior Wealth Management LLC increased its position in shares of Middleby by 820.0% during the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock valued at $45,000 after purchasing an additional 287 shares during the last quarter. UMB Bank n.a. raised its stake in shares of Middleby by 41.1% during the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock worth $54,000 after purchasing an additional 116 shares during the period. Aster Capital Management DIFC Ltd purchased a new position in shares of Middleby in the 4th quarter worth about $71,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in Middleby during the third quarter valued at about $72,000. 98.55% of the stock is 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.