KeyCorp Cuts Middleby (NASDAQ:MIDD) Price Target to $200.00

Middleby (NASDAQ:MIDDGet Rating) had its target price cut by KeyCorp from $220.00 to $200.00 in a research report issued to clients and investors on Tuesday, The Fly reports. KeyCorp’s price target would suggest a potential upside of 30.36% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. Zacks Investment Research cut shares of Middleby from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a research note on Friday, February 25th. JPMorgan Chase & Co. decreased their target price on shares of Middleby from $198.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 28th. Citigroup decreased their target price on shares of Middleby from $215.00 to $190.00 and set a “buy” rating on the stock in a research note on Monday, April 4th. Barclays boosted their target price on shares of Middleby from $215.00 to $217.00 and gave the stock an “overweight” rating in a research note on Thursday, January 13th. Finally, StockNews.com began coverage on shares of Middleby in a research note on Thursday, March 31st. They set a “hold” rating on the stock. Three equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, Middleby has an average rating of “Buy” and a consensus price target of $206.75.

Shares of MIDD opened at $153.42 on Tuesday. Middleby has a 12 month low of $145.31 and a 12 month high of $201.34. The firm’s 50 day moving average is $165.51 and its 200-day moving average is $178.95. The stock has a market capitalization of $8.41 billion, a PE ratio of 17.82 and a beta of 1.62. The company has a current ratio of 1.87, a quick ratio of 0.95 and a debt-to-equity ratio of 0.96.

Middleby (NASDAQ:MIDDGet Rating) last announced its quarterly earnings data on Tuesday, February 22nd. The industrial products company reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.07 by $0.04. The business had revenue of $866.40 million for the quarter, compared to analysts’ expectations of $847.41 million. Middleby had a net margin of 15.03% and a return on equity of 19.69%. The firm’s quarterly revenue was up 18.8% compared to the same quarter last year. During the same period last year, the firm posted $1.62 earnings per share. Equities research analysts predict that Middleby will post 9.98 earnings per share for the current fiscal year.

In related news, Director Robert A. Nerbonne purchased 600 shares of the firm’s stock in a transaction on Monday, March 14th. The stock was purchased at an average cost of $168.84 per share, with a total value of $101,304.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director John R. Miller III sold 2,769 shares of Middleby stock in a transaction on Monday, March 7th. The shares were sold at an average price of $166.45, for a total transaction of $460,900.05. The disclosure for this sale can be found here. 1.24% of the stock is owned by insiders.

Large investors have recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV increased its position in shares of Middleby by 410.3% during the third quarter. Massmutual Trust Co. FSB ADV now owns 148 shares of the industrial products company’s stock worth $25,000 after acquiring an additional 119 shares in the last quarter. Freedman Financial Associates Inc. bought a new stake in shares of Middleby during the fourth quarter worth about $35,000. Steward Partners Investment Advisory LLC increased its position in shares of Middleby by 39.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 191 shares of the industrial products company’s stock worth $38,000 after acquiring an additional 54 shares in the last quarter. O Shaughnessy Asset Management LLC increased its position in shares of Middleby by 170.0% during the third quarter. O Shaughnessy Asset Management LLC now owns 243 shares of the industrial products company’s stock worth $41,000 after acquiring an additional 153 shares in the last quarter. Finally, First Horizon Advisors Inc. bought a new stake in shares of Middleby during the third quarter worth about $44,000. 99.64% of the stock is owned by institutional investors.

Middleby Company Profile (Get Rating)

The Middleby Corporation designs, manufactures, markets, distributes, and services a range of 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 conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, 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; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.

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