Middleby (NASDAQ:MIDD) Price Target Raised to $175.00 at Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has raised the price target for Middleby (NASDAQ:MIDD) from $162.00 to $175.00, indicating a potential upside of 29.16% from current levels.
• Middleby reported $2.35 earnings per share (EPS) for the last quarter, surpassing analysts' expectations of $2.20 despite a 1.4% year-over-year revenue decline.
• Currently, the stock holds a consensus rating of "Hold" among analysts, with five giving it a Buy rating, one a Hold, and two a Sell rating.

Middleby (NASDAQ:MIDD - Get Free Report) had its price objective lifted by stock analysts at Canaccord Genuity Group from $162.00 to $175.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has a "buy" rating on the industrial products company's stock. Canaccord Genuity Group's price target would suggest a potential upside of 29.16% from the company's current price.

MIDD has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their price objective on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Barclays decreased their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a report on Monday, July 21st. Wall Street Zen cut shares of Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Robert W. Baird reduced their price objective on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. Finally, Zacks Research upgraded shares of Middleby to a "strong sell" rating in a report on Monday, August 11th. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Middleby has a consensus rating of "Hold" and a consensus price target of $160.86.

Middleby Stock Performance

MIDD stock traded down $1.36 during midday trading on Tuesday, reaching $135.49. The stock had a trading volume of 111,968 shares, compared to its average volume of 907,375. The firm has a fifty day simple moving average of $140.69 and a two-hundred day simple moving average of $144.61. The stock has a market cap of $6.87 billion, a PE ratio of 17.24 and a beta of 1.54. 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 quick ratio of 1.56 and a current ratio of 2.57.

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

Institutional Trading of Middleby

Several hedge funds have recently modified their holdings of the stock. Price T Rowe Associates Inc. MD boosted its holdings in shares of Middleby by 59.8% in 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 buying an additional 1,133,931 shares during the last quarter. Garden Investment Management L.P. bought a new stake in Middleby in the fourth quarter valued at $101,958,000. Ameriprise Financial Inc. lifted its position in Middleby by 237.2% during the fourth quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company's stock valued at $49,614,000 after buying an additional 257,669 shares during the period. Nuveen LLC purchased a new position in shares of Middleby in the 1st quarter worth about $29,733,000. Finally, Epoch Investment Partners Inc. raised its position in Middleby by 32.5% in the 1st quarter. Epoch Investment Partners Inc. now owns 578,496 shares of the industrial products company's stock worth $87,920,000 after buying an additional 141,769 shares during the last quarter. Institutional investors own 98.55% of the company's stock.

Middleby Company Profile

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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