Canaccord Genuity Group Issues Positive Forecast for Middleby (NASDAQ:MIDD) Stock Price

Middleby (NASDAQ:MIDD) had its price objective boosted by Canaccord Genuity Group from $162.00 to $175.00 in a research report report published on Tuesday morning,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the industrial products company’s stock.

A number of other research firms have also recently commented on MIDD. Wall Street Zen cut Middleby from a “buy” rating to a “hold” rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. cut their price objective on Middleby from $145.00 to $125.00 and set an “underweight” rating on the stock in a report on Thursday, August 7th. Barclays cut their price objective on Middleby from $180.00 to $165.00 and set an “overweight” rating on the stock in a report on Monday, July 21st. Robert W. Baird cut their price objective on Middleby from $188.00 to $162.00 and set an “outperform” rating on the stock in a report on Thursday, May 8th. Finally, Zacks Research raised Middleby to a “strong sell” rating in a report on Monday, August 11th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $160.86.

Middleby Price Performance

Shares of MIDD stock opened at $137.37 on Tuesday. Middleby has a twelve month low of $118.09 and a twelve month high of $182.73. The stock has a market capitalization of $6.96 billion, a price-to-earnings ratio of 17.48 and a beta of 1.54. The stock has a fifty day simple moving average of $140.57 and a two-hundred day simple moving average of $144.56. The company has a current ratio of 2.57, a quick ratio of 1.56 and a debt-to-equity ratio of 0.64.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share for the quarter, topping analysts’ consensus estimates of $2.20 by $0.15. The firm had revenue of $977.86 million during the quarter, compared to analysts’ expectations of $979.59 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%.The firm’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.39 EPS. On average, analysts predict that Middleby will post 9.11 EPS for the current fiscal year.

Hedge Funds Weigh In On Middleby

A number of hedge funds have recently bought and sold shares of the business. Price T Rowe Associates Inc. MD boosted its position in Middleby by 59.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company’s stock worth $460,422,000 after purchasing an additional 1,133,931 shares in the last quarter. Turtle Creek Asset Management Inc. boosted its position in Middleby by 2.9% during the fourth quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company’s stock worth $252,798,000 after purchasing an additional 53,276 shares in the last quarter. Earnest Partners LLC boosted its position in Middleby by 0.6% during the first quarter. Earnest Partners LLC now owns 1,319,757 shares of the industrial products company’s stock worth $200,577,000 after purchasing an additional 7,791 shares in the last quarter. Garden Investment Management L.P. purchased a new position in Middleby during the fourth quarter worth approximately $101,958,000. Finally, Clarkston Capital Partners LLC boosted its position in Middleby by 0.6% during the second quarter. Clarkston Capital Partners LLC now owns 692,764 shares of the industrial products company’s stock worth $99,758,000 after purchasing an additional 4,204 shares in the last quarter. Hedge funds and other institutional investors own 98.55% of the company’s stock.

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.