Weiss Ratings Reiterates “Hold (C)” Rating for Middleby (NASDAQ:MIDD)

Middleby (NASDAQ:MIDD)‘s stock had its “hold (c)” rating restated by analysts at Weiss Ratings in a report issued on Wednesday,Weiss Ratings reports.

Several other analysts also recently issued reports on MIDD. Zacks Research raised Middleby to a “strong sell” rating in a research note on Monday, August 11th. Barclays decreased their target price on Middleby from $180.00 to $165.00 and set an “overweight” rating on the stock in a research note on Monday, July 21st. JPMorgan Chase & Co. cut their price target on Middleby from $145.00 to $125.00 and set an “underweight” rating for the company in a report on Thursday, August 7th. Canaccord Genuity Group raised their price target on Middleby from $162.00 to $175.00 and gave the company a “buy” rating in a report on Tuesday, September 2nd. Finally, Wolfe Research set a $163.00 price target on Middleby and gave the company an “outperform” rating in a report on Thursday, September 4th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $160.71.

Middleby Stock Down 1.6%

Shares of MIDD opened at $135.16 on Wednesday. The business’s 50 day moving average is $134.99 and its 200 day moving average is $140.33. The company has a market capitalization of $6.85 billion, a PE ratio of 17.20 and a beta of 1.52. Middleby has a 12-month low of $118.09 and a 12-month high of $182.73. 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 earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.15. The company had revenue of $977.86 million for the quarter, compared to the consensus estimate 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 quarter last year, the company earned $2.39 EPS. Research analysts expect that Middleby will post 9.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

A number of large investors have recently bought and sold shares of MIDD. TCTC Holdings LLC boosted its holdings in Middleby by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company’s stock valued at $26,000 after acquiring an additional 91 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Middleby during the 2nd quarter valued at $30,000. Allworth Financial LP boosted its holdings in Middleby by 168.8% during the 2nd quarter. Allworth Financial LP now owns 207 shares of the industrial products company’s stock valued at $30,000 after acquiring an additional 130 shares during the period. AdvisorShares Investments LLC purchased a new position in Middleby during the 2nd quarter valued at $37,000. Finally, Abound Wealth Management boosted its holdings in Middleby by 157.5% during the 2nd quarter. Abound Wealth Management now owns 309 shares of the industrial products company’s stock valued at $44,000 after acquiring an additional 189 shares during the period. 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.