Middleby (NASDAQ:MIDD – Free Report) had its price target decreased by KeyCorp from $160.00 to $152.00 in a research note issued to investors on Thursday morning, Benzinga reports. KeyCorp currently has an overweight rating on the industrial products company’s stock. KeyCorp also issued estimates for Middleby’s Q4 2023 earnings at $2.41 EPS, FY2023 earnings at $9.42 EPS and FY2024 earnings at $10.15 EPS.
Several other analysts have also recently commented on the stock. StockNews.com began coverage on shares of Middleby in a research note on Thursday, October 5th. They issued a hold rating for the company. JPMorgan Chase & Co. reduced their price objective on shares of Middleby from $158.00 to $137.00 and set a neutral rating for the company in a research note on Monday, October 16th. Citigroup reduced their price objective on shares of Middleby from $160.00 to $155.00 and set a buy rating for the company in a research note on Friday, October 13th. Benchmark reduced their price objective on shares of Middleby from $180.00 to $170.00 and set a buy rating for the company in a research note on Monday, August 7th. Finally, TheStreet cut shares of Middleby from a b- rating to a c+ rating in a research note on Thursday, November 2nd. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus target price of $162.00.
Middleby Stock Up 1.3 %
Middleby (NASDAQ:MIDD – Get Free Report) last released its earnings results on Wednesday, November 8th. The industrial products company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.29 by $0.06. Middleby had a net margin of 11.28% and a return on equity of 17.52%. The company had revenue of $980.65 million during the quarter, compared to analysts’ expectations of $1.02 billion. During the same quarter last year, the business earned $2.18 EPS. The business’s revenue was down 1.2% on a year-over-year basis. As a group, analysts expect that Middleby will post 9.48 EPS for the current year.
Insider Transactions at Middleby
In other news, Director Chapin Sarah Palisi sold 450 shares of Middleby stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $142.00, for a total transaction of $63,900.00. Following the completion of the sale, the director now directly owns 6,806 shares in the company, valued at $966,452. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Chapin Sarah Palisi sold 450 shares of Middleby stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $142.00, for a total transaction of $63,900.00. Following the completion of the sale, the director now directly owns 6,806 shares in the company, valued at $966,452. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO James K. Pool III sold 500 shares of Middleby stock in a transaction dated Friday, September 1st. The stock was sold at an average price of $146.82, for a total transaction of $73,410.00. Following the sale, the chief technology officer now owns 35,908 shares of the company’s stock, valued at $5,272,012.56. The disclosure for this sale can be found here. Insiders sold a total of 2,200 shares of company stock worth $320,660 over the last ninety days. 1.16% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Middleby
Hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Middleby by 339.3% in the second quarter. Pacer Advisors Inc. now owns 9,400 shares of the industrial products company’s stock worth $1,390,000 after acquiring an additional 7,260 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Middleby by 82.6% in the second quarter. SG Americas Securities LLC now owns 52,100 shares of the industrial products company’s stock worth $7,702,000 after acquiring an additional 23,574 shares during the last quarter. Sarasin & Partners LLP boosted its position in shares of Middleby by 67.5% in the first quarter. Sarasin & Partners LLP now owns 1,735,092 shares of the industrial products company’s stock worth $342,403,000 after acquiring an additional 699,205 shares during the last quarter. Raymond James & Associates acquired a new stake in shares of Middleby in the first quarter worth approximately $202,000. Finally, Sandbar Asset Management LLP lifted its position in Middleby by 181.0% during the first quarter. Sandbar Asset Management LLP now owns 6,999 shares of the industrial products company’s stock valued at $1,026,000 after buying an additional 4,508 shares in the last quarter. 96.66% of the stock is owned by institutional investors and hedge funds.
The Middleby Corporation designs, manufactures, markets, 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, and IoT solutions.
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