Middleby (NASDAQ:MIDD) Cut to Hold at Robert W. Baird

Key Points

• Robert W. Baird downgraded Middleby from “strong-buy” to “hold,” even as other analysts remain more positive overall. MarketBeat says the stock still carries an average rating of “Moderate Buy” with a $187.25 average target price.
• Middleby shares were trading lower, opening at $132.22 and falling 5.1% on the day. The stock is also well below its 50-day and 200-day moving averages, highlighting recent weakness.
• Recent earnings beat expectations: Middleby reported $2.16 EPS versus $1.94 expected and revenue of $839.91 million versus $777.19 million expected. The company also raised guidance, projecting FY2026 EPS of 9.54 to 9.70.

Middleby (NASDAQ:MIDD - Get Free Report) was downgraded by analysts at Robert W. Baird from a "strong-buy" rating to a "hold" rating in a research note issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on the stock. Oppenheimer initiated coverage on shares of Middleby in a report on Wednesday, June 17th. They issued an "outperform" rating and a $205.00 price objective for the company. Wall Street Zen upgraded shares of Middleby from a "hold" rating to a "buy" rating in a report on Sunday, June 14th. Barclays restated an "overweight" rating and set a $190.00 price target (up from $168.00) on shares of Middleby in a report on Friday, May 8th. Canaccord Genuity Group set a $200.00 price target on shares of Middleby in a research report on Friday, May 8th. Finally, JPMorgan Chase & Co. increased their price objective on Middleby from $150.00 to $185.00 and gave the stock a "neutral" rating in a research report on Friday, May 8th. Six equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $187.25.

Middleby Trading Down 5.1%

Shares of Middleby stock opened at $132.22 on Wednesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.96 and a quick ratio of 1.10. The stock's 50 day simple moving average is $156.49 and its 200-day simple moving average is $151.81. The stock has a market cap of $5.98 billion, a P/E ratio of -15.59 and a beta of 1.33. Middleby has a 1-year low of $110.82 and a 1-year high of $180.13.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The industrial products company reported $2.16 EPS for the quarter, topping analysts' consensus estimates of $1.94 by $0.22. The firm had revenue of $839.91 million for the quarter, compared to the consensus estimate of $777.19 million. Middleby had a positive return on equity of 15.94% and a negative net margin of 11.46%.The firm's revenue was up 15.0% compared to the same quarter last year. During the same quarter last year, the business posted $2.08 earnings per share. Middleby has set its FY 2026 guidance at 9.540-9.700 EPS and its Q2 2026 guidance at 2.270-2.390 EPS. Analysts predict that Middleby will post 9.58 EPS for the current fiscal year.

Hedge Funds Weigh In On Middleby

Large investors have recently made changes to their positions in the stock. Quantum Financial Advisors LLC purchased a new stake in Middleby in the second quarter valued at approximately $239,000. Elevation Wealth Partners LLC boosted its position in shares of Middleby by 553.8% during the second quarter. Elevation Wealth Partners LLC now owns 170 shares of the industrial products company's stock worth $29,000 after buying an additional 144 shares during the period. 55 North Private Wealth LLC acquired a new stake in shares of Middleby in the second quarter valued at $207,000. GAMMA Investing LLC grew its stake in shares of Middleby by 13.8% in the second quarter. GAMMA Investing LLC now owns 1,094 shares of the industrial products company's stock valued at $188,000 after buying an additional 133 shares in the last quarter. Finally, Central Pacific Bank Trust Division purchased a new stake in shares of Middleby in the 2nd quarter valued at $181,000. 98.55% of the stock is currently owned by institutional investors and hedge funds.

About Middleby

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby's products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company's portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

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