Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $117.00 target price on the industrial products company’s stock.
According to Zacks, “Over the past six months, Middleby's shares have outperformed the industry. Stronger demand from chain restaurant customers, strength in Viking business, new product launches and ongoing consolidation efforts are expected to boost up the company's revenues in the quarters ahead. On the other hand, lower corporate taxes, the ASC 606 adoption and improved top line performance would likely improve profitability in the near-term quarters. The company also believes that its strategic business acquisitions will prove beneficial going forward. Recently, the company has acquired EVO America — manufacturer of equipments related to ventless cooking. In the past 60 days, earnings estimates on the stock improved for 2019.”
MIDD has been the topic of a number of other reports. BidaskClub downgraded shares of Middleby from a buy rating to a hold rating in a research note on Saturday, December 8th. Seaport Global Securities upgraded shares of Middleby from a neutral rating to a buy rating in a research note on Wednesday, November 14th. TheStreet downgraded shares of Middleby from a b- rating to a c+ rating in a research note on Friday, December 28th. Finally, Buckingham Research upgraded shares of Middleby from a neutral rating to a buy rating and raised their price target for the company from $115.00 to $174.00 in a research note on Monday, September 24th. Four research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $136.17.
Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, November 7th. The industrial products company reported $1.56 EPS for the quarter, missing the consensus estimate of $1.57 by ($0.01). Middleby had a net margin of 11.45% and a return on equity of 22.14%. The firm had revenue of $713.30 million during the quarter, compared to the consensus estimate of $731.46 million. During the same period in the prior year, the business earned $1.36 earnings per share. Middleby’s quarterly revenue was up 20.3% compared to the same quarter last year. Equities analysts predict that Middleby will post 5.99 EPS for the current year.
Institutional investors and hedge funds have recently bought and sold shares of the company. Standard Life Aberdeen plc purchased a new stake in Middleby in the 2nd quarter valued at approximately $311,000. Dimensional Fund Advisors LP lifted its stake in shares of Middleby by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 314,797 shares of the industrial products company’s stock worth $32,870,000 after purchasing an additional 2,719 shares during the period. FMR LLC lifted its stake in shares of Middleby by 12.6% during the 2nd quarter. FMR LLC now owns 179,736 shares of the industrial products company’s stock worth $18,768,000 after purchasing an additional 20,123 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Middleby by 7.6% during the 2nd quarter. Caisse DE Depot ET Placement DU Quebec now owns 8,500 shares of the industrial products company’s stock worth $888,000 after purchasing an additional 600 shares during the period. Finally, Oregon Public Employees Retirement Fund purchased a new position in shares of Middleby during the 2nd quarter worth $683,000.
Middleby Company Profile
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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