Middleby (NASDAQ:MIDD) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Middleby (NASDAQ:MIDD) from a buy rating to a hold rating in a research report report published on Wednesday morning.

A number of other research analysts have also recently issued reports on MIDD. Jefferies Financial Group restated a “hold” rating and set a $160.00 price objective (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. JPMorgan Chase & Co. upped their price objective on shares of Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research report on Wednesday, February 26th. Barclays lifted their target price on Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, February 26th. KeyCorp increased their price target on Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. Finally, Canaccord Genuity Group lifted their price objective on Middleby from $192.00 to $200.00 and gave the company a “buy” rating in a report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $180.86.

Middleby Stock Down 4.7 %

NASDAQ:MIDD opened at $135.46 on Wednesday. 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 12-month low of $118.41 and a 12-month high of $182.73. The stock’s fifty day simple moving average is $161.13 and its 200-day simple moving average is $146.49. The firm has a market capitalization of $7.26 billion, a P/E ratio of 18.68 and a beta of 1.72.

Middleby (NASDAQ:MIDD) last issued its earnings results 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. The firm had revenue of $1.01 billion for the quarter, compared to analysts’ expectations of $996.69 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The company’s revenue was up .4% compared to the same quarter last year. During the same quarter last year, the business earned $2.65 earnings per share. Equities research analysts expect that Middleby will post 9.11 earnings per share for the current year.

Insider Buying and Selling at Middleby

In other news, Director Chapin Sarah Palisi sold 500 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total transaction of $81,755.00. Following the completion of the transaction, the director now directly owns 6,111 shares of the company’s stock, valued at $999,209.61. This trade represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Versant Capital Management Inc boosted its stake in shares of Middleby by 760.0% during the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company’s stock worth $39,000 after buying an additional 228 shares during the last quarter. First Hawaiian Bank boosted its position in Middleby by 6.7% during the first quarter. First Hawaiian Bank now owns 5,960 shares of the industrial products company’s stock valued at $906,000 after purchasing an additional 375 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in Middleby by 39.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,149 shares of the industrial products company’s stock valued at $562,000 after purchasing an additional 1,171 shares in the last quarter. Forum Financial Management LP acquired a new position in shares of Middleby during the 4th quarter worth approximately $348,000. Finally, Burgundy Asset Management Ltd. bought a new stake in shares of Middleby during the 4th quarter worth approximately $207,000. 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.