The Middleby Corporation (NASDAQ:MIDD) Receives $160.71 Average PT from Brokerages

Shares of The Middleby Corporation (NASDAQ:MIDD) have been assigned a consensus rating of “Hold” from the nine research firms that are currently covering the stock, Marketbeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation, two have assigned a hold recommendation and five have given a buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $160.7143.

Several research firms have recently commented on MIDD. Barclays dropped their target price on shares of Middleby from $180.00 to $165.00 and set an “overweight” rating for the company in a research report on Monday, July 21st. JPMorgan Chase & Co. dropped their target price on shares of Middleby from $145.00 to $125.00 and set an “underweight” rating for the company in a research report on Thursday, August 7th. Canaccord Genuity Group raised their target price on shares of Middleby from $162.00 to $175.00 and gave the stock a “buy” rating in a research report on Tuesday, September 2nd. Wolfe Research set a $163.00 target price on shares of Middleby and gave the stock an “outperform” rating in a research report on Thursday, September 4th. Finally, Zacks Research raised shares of Middleby to a “strong sell” rating in a research report on Monday, August 11th.

Middleby Trading Down 2.7%

Shares of MIDD opened at $129.12 on Friday. The stock has a market capitalization of $6.54 billion, a P/E ratio of 16.43 and a beta of 1.52. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64. The firm has a fifty day simple moving average of $134.49 and a two-hundred day simple moving average of $139.72. Middleby has a twelve month low of $118.09 and a twelve month high of $182.73.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Price T Rowe Associates Inc. MD increased its stake in shares of Middleby by 59.8% in the 1st 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 acquiring an additional 1,133,931 shares in the last quarter. Earnest Partners LLC increased its stake in shares of Middleby by 0.6% in the 1st quarter. Earnest Partners LLC now owns 1,319,757 shares of the industrial products company’s stock worth $200,577,000 after acquiring an additional 7,791 shares in the last quarter. Clarkston Capital Partners LLC increased its stake in shares of Middleby by 0.6% in the 2nd quarter. Clarkston Capital Partners LLC now owns 692,764 shares of the industrial products company’s stock worth $99,758,000 after acquiring an additional 4,204 shares in the last quarter. Sei Investments Co. increased its stake in shares of Middleby by 4.0% in the 2nd quarter. Sei Investments Co. now owns 680,688 shares of the industrial products company’s stock worth $98,019,000 after acquiring an additional 26,022 shares in the last quarter. Finally, Franklin Resources Inc. increased its stake in shares of Middleby by 27.0% in the 2nd quarter. Franklin Resources Inc. now owns 621,794 shares of the industrial products company’s stock worth $89,538,000 after acquiring an additional 132,191 shares in the last quarter. 98.55% of the stock is currently owned by institutional investors.

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.