Canaccord Genuity Group Lowers Middleby (NASDAQ:MIDD) Price Target to $186.00

Middleby (NASDAQ:MIDD) had its price objective reduced by Canaccord Genuity Group from $200.00 to $186.00 in a research note published on Thursday morning,Benzinga reports. They currently have a buy rating on the industrial products company’s stock.

A number of other brokerages also recently issued reports on MIDD. StockNews.com downgraded Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, April 10th. Barclays increased their price target on Middleby from $160.00 to $180.00 and gave the company an “overweight” rating in a report on Wednesday, February 26th. KeyCorp lowered their price target on Middleby from $185.00 to $175.00 and set an “overweight” rating for the company in a research report on Tuesday, April 8th. Robert W. Baird cut their price objective on shares of Middleby from $188.00 to $162.00 and set an “outperform” rating on the stock in a research report on Thursday. Finally, JPMorgan Chase & Co. raised their target price on shares of Middleby from $145.00 to $150.00 and gave the stock an “underweight” rating in a report on Wednesday, February 26th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $168.14.

Middleby Stock Up 0.1 %

NASDAQ MIDD opened at $139.66 on Thursday. The stock has a 50 day moving average price of $142.00 and a 200-day moving average price of $145.42. Middleby has a one year low of $118.41 and a one year high of $182.73. The company has a market capitalization of $7.49 billion, a P/E ratio of 19.26 and a beta of 1.65. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $2.08 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.14. The business had revenue of $906.63 million during the quarter, compared to analysts’ expectations of $941.46 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s revenue was down 2.2% on a year-over-year basis. During the same period last year, the company posted $1.89 EPS. As a group, equities analysts predict that Middleby will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the transaction, the director now directly owns 6,111 shares in the company, valued at $999,209.61. This represents a 7.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 6.18% of the stock is currently owned by insiders.

Institutional Trading of Middleby

A number of large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. raised its position in Middleby by 4,494.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company’s stock valued at $171,524,000 after purchasing an additional 1,238,767 shares in the last quarter. Garden Investment Management L.P. purchased a new stake in Middleby in the fourth quarter worth about $101,958,000. Clarkston Capital Partners LLC bought a new position in Middleby during the 4th quarter worth about $91,869,000. Ameriprise Financial Inc. increased its position in Middleby by 237.2% during the 4th quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company’s stock valued at $49,614,000 after purchasing an additional 257,669 shares during the period. Finally, Thompson Siegel & Walmsley LLC bought a new stake in shares of Middleby in the 4th quarter valued at about $26,930,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Company Profile

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.