Middleby (NASDAQ:MIDD) Price Target Raised to $140.00 at JPMorgan Chase & Co.

Key Points

• JPMorgan Chase & Co. has raised its price target for Middleby (NASDAQ:MIDD) from $125.00 to $140.00, indicating a potential upside of 6.09% from the company's previous close.
• Despite the positive price target adjustment, JPMorgan maintains an "underweight" rating on the stock, contrasting with other analysts who have assigned varied ratings, including five Buy ratings.
• Middleby reported a quarterly earnings per share (EPS) of $2.35, surpassing analysts' expectations of $2.20, though its revenue was slightly down 1.4% year-over-year.

Middleby (NASDAQ:MIDD - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $125.00 to $140.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has an "underweight" rating on the industrial products company's stock. JPMorgan Chase & Co.'s price objective would indicate a potential upside of 6.09% from the company's previous close.

Other research analysts have also issued reports about the company. Wall Street Zen lowered Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Canaccord Genuity Group raised their price target on Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Barclays reduced their target price on Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Zacks Research raised Middleby to a "strong sell" rating in a research report on Monday, August 11th. Finally, Wolfe Research set a $163.00 price target on Middleby and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Five research analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $162.86.

Middleby Stock Performance

Shares of NASDAQ MIDD traded up $0.06 during midday trading on Tuesday, reaching $131.97. 26,996 shares of the company traded hands, compared to its average volume of 869,900. The stock has a 50-day moving average price of $134.29 and a 200 day moving average price of $139.58. The company has a market cap of $6.69 billion, a price-to-earnings ratio of 16.79 and a beta of 1.52. Middleby has a 52 week low of $118.09 and a 52 week high of $182.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.15. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The company had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. During the same period in the prior year, the firm earned $2.39 earnings per share. The business's quarterly revenue was down 1.4% on a year-over-year basis. Sell-side analysts anticipate that Middleby will post 9.11 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

Several hedge funds have recently made changes to their positions in the stock. GAMMA Investing LLC grew its position in Middleby by 44.9% during the first quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock worth $137,000 after buying an additional 279 shares in the last quarter. SG Americas Securities LLC grew its stake in shares of Middleby by 209.6% in the 1st quarter. SG Americas Securities LLC now owns 4,458 shares of the industrial products company's stock worth $678,000 after buying an additional 3,018 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its position in Middleby by 10.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,564 shares of the industrial products company's stock valued at $694,000 after acquiring an additional 415 shares in the last quarter. Ritholtz Wealth Management bought a new position in shares of Middleby during the 1st quarter valued at $554,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Middleby by 2.9% during the 1st quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock valued at $542,000 after buying an additional 101 shares during the period. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

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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