Middleby (NASDAQ:MIDD) Price Target Cut to $182.00

Middleby (NASDAQ:MIDDGet Rating) had its price target cut by analysts at KeyCorp from $200.00 to $182.00 in a research report issued on Wednesday, The Fly reports. KeyCorp’s target price would suggest a potential upside of 30.18% from the stock’s current price.

Several other brokerages have also recently issued reports on MIDD. Zacks Investment Research cut Middleby from a “buy” rating to a “hold” rating and set a $180.00 target price on the stock. in a research report on Friday, February 25th. StockNews.com assumed coverage on shares of Middleby in a research report on Thursday, March 31st. They set a “hold” rating for the company. Barclays increased their price target on shares of Middleby from $215.00 to $217.00 and gave the stock an “overweight” rating in a research report on Thursday, January 13th. JPMorgan Chase & Co. cut their price objective on shares of Middleby from $198.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 28th. Finally, Citigroup decreased their target price on Middleby from $215.00 to $190.00 and set a “buy” rating on the stock in a report on Monday, April 4th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $195.00.

Shares of NASDAQ MIDD opened at $139.81 on Wednesday. The firm’s 50-day moving average price is $159.88 and its 200-day moving average price is $177.53. Middleby has a 52-week low of $138.02 and a 52-week high of $201.34. The company has a market cap of $7.66 billion, a PE ratio of 16.24 and a beta of 1.56. The company has a quick ratio of 0.95, a current ratio of 1.87 and a debt-to-equity ratio of 0.96.

Middleby (NASDAQ:MIDDGet Rating) last posted its earnings results on Tuesday, May 10th. The industrial products company reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.10 by $0.03. The business had revenue of $994.68 million during the quarter, compared to the consensus estimate of $934.97 million. Middleby had a net margin of 15.03% and a return on equity of 19.69%. The firm’s revenue was up 31.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.79 EPS. As a group, equities research analysts anticipate that Middleby will post 9.94 EPS for the current fiscal year.

In related news, Director Robert A. Nerbonne purchased 600 shares of Middleby stock in a transaction on Monday, March 14th. The shares were bought at an average cost of $168.84 per share, for a total transaction of $101,304.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John R. Miller III sold 2,769 shares of the business’s stock in a transaction on Monday, March 7th. The stock was 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. Corporate insiders own 1.24% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the stock. Ovata Capital Management Ltd purchased a new position in shares of Middleby in the 3rd quarter worth $2,864,000. Sarasin & Partners LLP lifted its holdings in shares of Middleby by 11.4% in the 4th quarter. Sarasin & Partners LLP now owns 1,733,656 shares of the industrial products company’s stock valued at $341,114,000 after acquiring an additional 176,759 shares during the last quarter. Goldman Sachs Group Inc. grew its position in Middleby by 22.1% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,731,799 shares of the industrial products company’s stock worth $340,748,000 after acquiring an additional 313,301 shares in the last quarter. Alliancebernstein L.P. increased its stake in Middleby by 9.0% during the fourth quarter. Alliancebernstein L.P. now owns 1,515,971 shares of the industrial products company’s stock worth $298,282,000 after acquiring an additional 125,714 shares during the last quarter. Finally, Fiera Capital Corp raised its position in Middleby by 5.0% during the first quarter. Fiera Capital Corp now owns 1,411,407 shares of the industrial products company’s stock valued at $231,386,000 after purchasing an additional 66,617 shares during the period. 99.88% of the stock is owned by institutional investors.

About Middleby (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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