Middleby’s (MIDD) “Buy” Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group restated their buy rating on shares of Middleby (NASDAQ:MIDD) in a research note issued to investors on Saturday, Stock Target Advisor reports. Canaccord Genuity Group currently has a $164.00 target price on the industrial products company’s stock.

Other analysts have also issued reports about the company. Raymond James initiated coverage on Middleby in a report on Friday, June 28th. They issued a market perform rating on the stock. JPMorgan Chase & Co. raised their price objective on Middleby from $118.00 to $120.00 and gave the company an underweight rating in a report on Friday, August 2nd. Canaccord Genuity Group reissued a buy rating and issued a $164.00 price objective on shares of Middleby in a report on Friday. KeyCorp decreased their target price on Middleby from $175.00 to $160.00 and set an overweight rating on the stock in a research report on Monday, July 15th. Finally, Robert W. Baird raised their target price on Middleby from $155.00 to $169.00 and gave the company an outperform rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $156.50.

Middleby Stock Up 2.2 %

Middleby stock opened at $135.76 on Friday. The firm has a market cap of $7.30 billion, a price-to-earnings ratio of 18.91 and a beta of 1.58. Middleby has a 52 week low of $109.59 and a 52 week high of $161.01. The business’s 50-day moving average price is $134.45 and its 200 day moving average price is $137.26. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. 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 analyst estimates of $994.05 million. During the same period last year, the company earned $2.47 earnings per share. Middleby’s revenue for the quarter was down 4.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Middleby will post 9.66 earnings per share for the current year.

Hedge Funds Weigh In On Middleby

A number of institutional investors have recently added to or reduced their stakes in MIDD. Pacer Advisors Inc. lifted its position in Middleby by 11,853.1% during the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after buying an additional 959,272 shares in the last quarter. Select Equity Group L.P. lifted its position in Middleby by 15.4% during the second quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock worth $779,835,000 after buying an additional 846,884 shares in the last quarter. Balyasny Asset Management L.P. raised its position in Middleby by 533.7% in the fourth quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after purchasing an additional 406,958 shares during the period. Principal Financial Group Inc. raised its position in Middleby by 177.6% in the first quarter. Principal Financial Group Inc. now owns 546,320 shares of the industrial products company’s stock valued at $87,843,000 after purchasing an additional 349,546 shares during the period. Finally, Epoch Investment Partners Inc. raised its position in Middleby by 421.5% in the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock valued at $57,356,000 after purchasing an additional 288,314 shares during the period. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Company Profile

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.