Canaccord Genuity Group Has Lowered Expectations for Middleby (NASDAQ:MIDD) Stock Price

Middleby (NASDAQ:MIDD) had its price target lowered by Canaccord Genuity Group from $175.00 to $171.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 38.80% from the stock’s previous close.

Several other research analysts have also recently issued reports on MIDD. Barclays reiterated an “overweight” rating and issued a $180.00 price objective (up previously from $165.00) on shares of Middleby in a research report on Monday, October 20th. JPMorgan Chase & Co. upgraded shares of Middleby from an “underweight” rating to a “neutral” rating and reduced their price objective for the company from $140.00 to $125.00 in a research note on Friday. Wolfe Research set a $163.00 price objective on shares of Middleby and gave the stock an “outperform” rating in a report on Thursday, September 4th. Zacks Research upgraded shares of Middleby from a “strong sell” rating to a “hold” rating in a research report on Monday, October 27th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Middleby in a research report on Wednesday, October 8th. Five investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $162.29.

Middleby Price Performance

Shares of NASDAQ:MIDD opened at $123.20 on Friday. Middleby has a 52 week low of $114.57 and a 52 week high of $182.73. The company has a 50-day moving average price of $133.20 and a 200 day moving average price of $138.79. The company has a market cap of $6.24 billion, a P/E ratio of 15.67 and a beta of 1.57. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64.

Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, November 6th. The industrial products company reported $2.37 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.34. The company had revenue of $982.13 million for the quarter, compared to analysts’ expectations of $961.21 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%.The firm’s quarterly revenue was up 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.33 EPS. Middleby has set its FY 2025 guidance at 8.990-9.140 EPS. Q4 2025 guidance at 2.190-2.340 EPS. Research analysts predict that Middleby will post 9.11 earnings per share for the current year.

Institutional Trading of Middleby

Institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD raised its position in shares of Middleby by 59.8% during 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 purchasing an additional 1,133,931 shares during the last quarter. Earnest Partners LLC increased 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 buying an additional 7,791 shares in the last quarter. Clarkston Capital Partners LLC raised its holdings in shares of Middleby by 0.6% in the second 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 during the last quarter. Sei Investments Co. lifted its position in shares of Middleby by 4.0% in the second quarter. Sei Investments Co. now owns 680,688 shares of the industrial products company’s stock valued at $98,019,000 after acquiring an additional 26,022 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in shares of Middleby by 27.0% during the second quarter. Franklin Resources Inc. now owns 621,794 shares of the industrial products company’s stock valued at $89,538,000 after acquiring an additional 132,191 shares during 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.