Middleby (NASDAQ:MIDD) Price Target Raised to $120.00

Middleby (NASDAQ:MIDD) had its price target boosted by JPMorgan Chase & Co. from $118.00 to $120.00 in a report published on Friday, Benzinga reports. The firm currently has an underweight rating on the industrial products company’s stock.

Other analysts have also recently issued reports about the stock. Raymond James started coverage on shares of Middleby in a research note on Friday, June 28th. They set a market perform rating on the stock. Robert W. Baird boosted their price objective on Middleby from $155.00 to $169.00 and gave the company an outperform rating in a research note on Friday. KeyCorp decreased their price target on Middleby from $175.00 to $160.00 and set an overweight rating on the stock in a research report on Monday, July 15th. William Blair raised shares of Middleby to a hold rating in a research note on Wednesday, May 8th. Finally, Canaccord Genuity Group reissued a buy rating and issued a $159.00 price target on shares of Middleby in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $156.63.

Middleby Stock Down 2.5 %

Middleby stock opened at $140.72 on Friday. The company has a quick ratio of 1.28, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $7.57 billion, a P/E ratio of 19.60 and a beta of 1.61. The firm has a 50 day moving average price of $126.79 and a 200-day moving average price of $139.08. Middleby has a twelve month low of $109.59 and a twelve month high of $161.01.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.27 by $0.12. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm had revenue of $991.55 million for the quarter, compared to analysts’ expectations of $994.05 million. During the same quarter in the prior year, the firm earned $2.47 EPS. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, equities analysts predict that Middleby will post 9.77 EPS for the current year.

Insiders Place Their Bets

In related news, Director John R. Miller III sold 2,000 shares of Middleby stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the transaction, the director now owns 10,931 shares in the company, valued at approximately $1,380,803.92. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, Director Chapin Sarah Palisi sold 235 shares of the company’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total transaction of $32,237.30. Following the completion of the sale, the director now directly owns 7,211 shares in the company, valued at approximately $989,204.98. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Miller III sold 2,000 shares of the company’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total transaction of $252,640.00. Following the sale, the director now owns 10,931 shares of the company’s stock, valued at $1,380,803.92. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,385 shares of company stock valued at $304,134. 1.16% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Middleby

Several hedge funds and other institutional investors have recently modified their holdings of MIDD. Rise Advisors LLC purchased a new position in Middleby during the 1st quarter valued at about $25,000. Allspring Global Investments Holdings LLC grew its stake in Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares during the period. Signaturefd LLC grew its position in shares of Middleby by 230.1% in the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after buying an additional 168 shares during the period. GAMMA Investing LLC increased its stake in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 126 shares in the last quarter. Finally, Crewe Advisors LLC raised its stake in Middleby by 620.0% during the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after buying an additional 310 shares during the last quarter. 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.