Robert W. Baird Cuts Middleby (NASDAQ:MIDD) Price Target to $162.00

Middleby (NASDAQ:MIDD - Free Report) had its price target cut by Robert W. Baird from $188.00 to $162.00 in a report published on Thursday morning,Benzinga reports. They currently have an outperform rating on the industrial products company's stock.

Several other analysts also recently issued reports on the company. StockNews.com downgraded Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Barclays lifted their target price on Middleby from $160.00 to $180.00 and gave the company an "overweight" rating in a research note on Wednesday, February 26th. Canaccord Genuity Group raised their price target on Middleby from $192.00 to $200.00 and gave the company a "buy" rating in a report on Wednesday, February 26th. JPMorgan Chase & Co. increased their target price on shares of Middleby from $145.00 to $150.00 and gave the company an "underweight" rating in a research report on Wednesday, February 26th. Finally, KeyCorp decreased their price target on Middleby from $185.00 to $175.00 and set an "overweight" rating for the company in a research note on Tuesday, April 8th. One research 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. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $168.14.

Middleby Stock Up 1.2%

Shares of MIDD traded up $1.71 during mid-day trading on Thursday, reaching $148.61. 622,169 shares of the stock traded hands, compared to its average volume of 710,135. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 20.50 and a beta of 1.65. The stock has a fifty day simple moving average of $141.74 and a 200 day simple moving average of $145.53. Middleby has a 12-month low of $118.41 and a 12-month high of $182.73. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share for the quarter, beating analysts' consensus estimates of $1.94 by $0.14. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $906.63 million during the quarter, compared to analyst estimates of $941.46 million. During the same quarter last year, the firm earned $1.89 EPS. Middleby's quarterly revenue was down 2.2% on a year-over-year basis. Sell-side analysts expect that Middleby will post 9.11 EPS for the current fiscal year.

Insiders Place Their Bets

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was 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 of the company's stock, valued at $999,209.61. This represents a 7.56% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 6.18% of the company's stock.

Institutional Trading of Middleby

A number of institutional investors and hedge funds have recently made changes to their positions in MIDD. TCTC Holdings LLC raised its holdings in Middleby by 116.7% in the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 91 shares in the last quarter. Versant Capital Management Inc lifted its stake in shares of Middleby by 760.0% during the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock valued at $39,000 after acquiring an additional 228 shares during the period. UMB Bank n.a. lifted its stake in shares of Middleby by 41.1% during the fourth quarter. UMB Bank n.a. now owns 398 shares of the industrial products company's stock valued at $54,000 after acquiring an additional 116 shares during the period. Aster Capital Management DIFC Ltd bought a new position in shares of Middleby in the 4th quarter worth $71,000. Finally, Principal Securities Inc. boosted its position in shares of Middleby by 16.0% in the 4th quarter. Principal Securities Inc. now owns 566 shares of the industrial products company's stock worth $77,000 after purchasing an additional 78 shares during the last quarter. Institutional investors and hedge funds 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.