Middleby (NASDAQ:MIDD) Receives New Coverage from Analysts at Raymond James

Raymond James began coverage on shares of Middleby (NASDAQ:MIDD) in a research note published on Friday morning, Marketbeat Ratings reports. The brokerage issued a market perform rating on the industrial products company’s stock.

A number of other equities analysts have also issued reports on MIDD. JPMorgan Chase & Co. lowered Middleby from a neutral rating to an underweight rating and decreased their price target for the company from $145.00 to $118.00 in a research note on Wednesday, May 22nd. William Blair raised Middleby to a hold rating in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group decreased their price target on Middleby from $166.00 to $159.00 and set a buy rating for the company in a research note on Thursday, May 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, Middleby has an average rating of Moderate Buy and a consensus target price of $153.43.

Middleby Stock Performance

Shares of MIDD stock opened at $119.40 on Friday. Middleby has a 12-month low of $109.59 and a 12-month high of $161.01. The firm has a market capitalization of $6.42 billion, a price-to-earnings ratio of 16.63 and a beta of 1.61. The business has a 50 day simple moving average of $130.93 and a 200 day simple moving average of $141.56. The company has a debt-to-equity ratio of 0.72, a current ratio of 2.40 and a quick ratio of 1.28.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.05 by ($0.16). The firm had revenue of $926.90 million for the quarter, compared to the consensus estimate of $979.05 million. Middleby had a net margin of 9.82% and a return on equity of 15.88%. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. During the same period in the previous year, the business posted $2.19 earnings per share. On average, equities research analysts anticipate that Middleby will post 9.79 EPS for the current year.

Insider Activity

In other news, Director John R. Miller III sold 2,000 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $126.32, for a total value of $252,640.00. Following the completion of the sale, the director now owns 10,931 shares in the company, valued at $1,380,803.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director John R. Miller III sold 2,000 shares of the stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $126.32, for a total value of $252,640.00. Following the completion of the sale, the director now owns 10,931 shares in the company, valued at $1,380,803.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Chapin Sarah Palisi sold 235 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the sale, the director now owns 7,211 shares of the company’s stock, valued at approximately $989,204.98. The disclosure for this sale can be found here. Insiders sold 2,385 shares of company stock worth $304,134 over the last quarter. Corporate insiders own 1.17% of the company’s stock.

Institutional Trading of Middleby

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of Middleby by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock worth $822,165,000 after acquiring an additional 15,798 shares in the last quarter. EdgePoint Investment Group Inc. raised its holdings in shares of Middleby by 1.0% during the first quarter. EdgePoint Investment Group Inc. now owns 1,998,522 shares of the industrial products company’s stock worth $321,342,000 after acquiring an additional 20,511 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Middleby by 13.3% during the fourth quarter. Nordea Investment Management AB now owns 1,696,476 shares of the industrial products company’s stock worth $251,621,000 after acquiring an additional 198,859 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Middleby by 0.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock worth $233,182,000 after acquiring an additional 11,552 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Middleby by 2.3% during the fourth quarter. Dimensional Fund Advisors LP now owns 617,974 shares of the industrial products company’s stock worth $90,953,000 after acquiring an additional 13,632 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other 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.