Middleby (NASDAQ:MIDD) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports. The brokerage currently has $126.00 price target on the industrial products company’s stock.

According to Zacks, “Middleby stands to gain from solid demand from restaurant customers, strength in the Viking business, and efforts to broaden the product portfolio, technologies and manufacturing capabilities in the quarters ahead. Also, business acquisitions, with recent buyouts being Packaging Progressions and Ss Brewtech, will prove beneficial. However, the company's shares have underperformed the industry and look relatively overvalued in the past three months. It faces headwinds from rising costs, forex woes and high debts. Also, persistent weakness in the meat processing business might continue hurting Food Processing Equipment Group. Uncertainties in the U.K., Europe and China will likely be detrimental to Middleby’s international business. In the past 60 days, its earnings estimates for 2019 and 2020 have been lowered.”

MIDD has been the topic of a number of other research reports. BidaskClub upgraded shares of Middleby from a sell rating to a hold rating in a report on Wednesday. Citigroup cut their price objective on shares of Middleby from $138.00 to $125.00 and set a neutral rating on the stock in a report on Wednesday, August 14th. ValuEngine cut shares of Middleby from a buy rating to a hold rating in a report on Thursday, August 1st. TheStreet cut shares of Middleby from a b- rating to a c rating in a report on Thursday, August 29th. Finally, Buckingham Research set a $153.00 price objective on shares of Middleby and gave the stock a buy rating in a report on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $141.57.

MIDD stock traded down $0.39 during trading on Wednesday, reaching $121.26. The company had a trading volume of 256,600 shares, compared to its average volume of 411,411. Middleby has a 52 week low of $96.65 and a 52 week high of $142.98. The company has a market cap of $6.68 billion, a P/E ratio of 19.88 and a beta of 1.62. The business has a 50 day moving average of $115.28 and a 200 day moving average of $126.72. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.10 and a quick ratio of 1.01.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $1.70 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.77 by ($0.07). Middleby had a return on equity of 21.17% and a net margin of 11.27%. The company had revenue of $761.00 million during the quarter, compared to the consensus estimate of $774.13 million. During the same period in the previous year, the company earned $1.63 earnings per share. Middleby’s quarterly revenue was up 13.9% on a year-over-year basis. Research analysts expect that Middleby will post 6.56 earnings per share for the current year.

In other news, Director Robert A. Nerbonne purchased 455 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were purchased at an average price of $111.21 per share, for a total transaction of $50,600.55. Following the completion of the acquisition, the director now directly owns 1,282 shares in the company, valued at approximately $142,571.22. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Robert A. Nerbonne purchased 450 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were purchased at an average price of $113.85 per share, for a total transaction of $51,232.50. Following the acquisition, the director now owns 1,282 shares of the company’s stock, valued at $145,955.70. The disclosure for this purchase can be found here. 1.98% of the stock is currently owned by corporate insiders.

Several large investors have recently bought and sold shares of the company. Prudential Financial Inc. grew its holdings in shares of Middleby by 3.2% during the second quarter. Prudential Financial Inc. now owns 3,200 shares of the industrial products company’s stock valued at $434,000 after buying an additional 100 shares during the last quarter. First Hawaiian Bank grew its holdings in shares of Middleby by 1.4% during the third quarter. First Hawaiian Bank now owns 8,232 shares of the industrial products company’s stock valued at $963,000 after buying an additional 117 shares during the last quarter. Bank of Hawaii grew its holdings in shares of Middleby by 1.1% during the second quarter. Bank of Hawaii now owns 11,092 shares of the industrial products company’s stock valued at $1,505,000 after buying an additional 120 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Middleby by 0.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,780 shares of the industrial products company’s stock valued at $2,277,000 after buying an additional 124 shares during the last quarter. Finally, IFM Investors Pty Ltd grew its holdings in shares of Middleby by 3.7% during the second quarter. IFM Investors Pty Ltd now owns 3,581 shares of the industrial products company’s stock valued at $486,000 after buying an additional 127 shares during the last quarter. Hedge funds and other institutional investors own 95.24% of the company’s stock.

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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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Analyst Recommendations for Middleby (NASDAQ:MIDD)

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