Canaccord Genuity Group Cuts Middleby (NASDAQ:MIDD) Price Target to $162.00

Key Points

• Canaccord Genuity Group has reduced its price target for Middleby from $186.00 to $162.00, while maintaining a "buy" rating on the stock.
• Other analysts have also lowered their target prices for Middleby, including Barclays, which set a new target of $165.00, and Robert W. Baird, which matched Canaccord's target of $162.00.
• Amidst these changes, Middleby shares are currently trading at $120.17, indicating a potential upside of approximately 34.81% from Canaccord's revised target price.

Middleby (NASDAQ:MIDD - Get Free Report) had its target price cut by equities researchers at Canaccord Genuity Group from $186.00 to $162.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the industrial products company's stock. Canaccord Genuity Group's target price would indicate a potential upside of 34.81% from the stock's previous close.

Other equities analysts also recently issued research reports about the company. Wall Street Zen downgraded Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Barclays reduced their price objective on Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Robert W. Baird lowered their target price on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Finally, 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 research note on Thursday. One analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $159.00.

Middleby Trading Up 1.6%

NASDAQ MIDD traded up $1.87 on Thursday, hitting $120.17. 1,985,569 shares of the company were exchanged, compared to its average volume of 902,092. The company's 50 day moving average price is $145.41 and its 200-day moving average price is $148.77. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The firm has a market capitalization of $6.45 billion, a P/E ratio of 15.02 and a beta of 1.58. Middleby has a twelve month low of $118.09 and a twelve month high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.15. The firm 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 14.47% and a net margin of 11.26%. The business's revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.39 EPS. Analysts predict that Middleby will post 9.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Middleby news, Director Edward P. Garden bought 137,000 shares of the firm's stock in a transaction on Wednesday, May 21st. The stock was bought at an average cost of $148.03 per share, with a total value of $20,280,110.00. Following the completion of the transaction, the director directly owned 3,276,834 shares of the company's stock, valued at approximately $485,069,737.02. The trade was a 4.36% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have purchased 640,968 shares of company stock valued at $93,495,270 over the last ninety days. Insiders own 6.18% of the company's stock.

Institutional Investors Weigh In On Middleby

Large investors have recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its position in shares of Middleby by 59.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company's stock valued at $460,422,000 after acquiring an additional 1,133,931 shares during the period. Garden Investment Management L.P. acquired a new position in shares of Middleby in the fourth quarter valued at $101,958,000. Ameriprise Financial Inc. raised its stake in shares of Middleby by 237.2% in the fourth 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 in the last quarter. Nuveen LLC acquired a new position in shares of Middleby in the first quarter valued at $29,733,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Middleby by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company's stock valued at $169,000,000 after purchasing an additional 150,709 shares in the last quarter. 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.

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