Middleby (NASDAQ:MIDD) Rating Lowered to Hold at Wall Street Zen

Key Points

• Wall Street Zen downgraded Middleby from “buy” to “hold,” although the broader analyst consensus remains “Moderate Buy” with an average price target of $169.50.
• Middleby shares opened at $134.50, below their 50-day and 200-day moving averages of $150.35 and $149.05, respectively, and have traded between $110.82 and $180.13 over the past year.
• The company exceeded quarterly expectations, reporting $2.16 in earnings per share versus the $1.94 consensus and revenue of $839.91 million, up 15% year over year; institutional investors own 98.55% of the stock.

Middleby (NASDAQ:MIDD - Get Free Report) was downgraded by equities research analysts at Wall Street Zen from a "buy" rating to a "hold" rating in a research report issued on Saturday.

A number of other analysts have also recently commented on the company. KeyCorp set a $152.00 price target on Middleby in a research note on Tuesday, July 14th. Canaccord Genuity Group set a $165.00 target price on shares of Middleby in a research note on Wednesday. Oppenheimer initiated coverage on shares of Middleby in a research report on Wednesday, June 17th. They set an "outperform" rating and a $205.00 price target on the stock. JPMorgan Chase & Co. decreased their price target on shares of Middleby from $185.00 to $151.00 and set a "neutral" rating for the company in a report on Monday, July 13th. Finally, Barclays set a $155.00 price objective on shares of Middleby and gave the company an "overweight" rating in a research report on Monday, July 20th. Six analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Middleby currently has a consensus rating of "Moderate Buy" and an average target price of $169.50.

Middleby Stock Performance

MIDD stock opened at $134.50 on Friday. Middleby has a twelve month low of $110.82 and a twelve month high of $180.13. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 0.77. The company has a market cap of $6.08 billion, a P/E ratio of -15.86 and a beta of 1.32. The business's fifty day moving average is $150.35 and its 200-day moving average is $149.05.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings data on Thursday, May 7th. The industrial products company reported $2.16 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.22. Middleby had a positive return on equity of 15.94% and a negative net margin of 11.46%.The business had revenue of $839.91 million during the quarter, compared to the consensus estimate of $777.19 million. During the same quarter in the prior year, the company posted $2.08 earnings per share. The firm's revenue was up 15.0% on a year-over-year basis. Equities research analysts forecast that Middleby will post 9.54 EPS for the current year.

Institutional Investors Weigh In On Middleby

Institutional investors have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Middleby during the 2nd quarter worth about $27,000. Torren Management LLC bought a new stake in shares of Middleby in the fourth quarter valued at about $25,000. Clearstead Advisors LLC boosted its position in shares of Middleby by 201.8% during the fourth quarter. Clearstead Advisors LLC now owns 166 shares of the industrial products company's stock worth $25,000 after buying an additional 111 shares during the period. Elevation Wealth Partners LLC grew its holdings 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 in the last quarter. Finally, Larson Financial Group LLC boosted its position in Middleby by 1,292.9% during the 4th quarter. Larson Financial Group LLC now owns 195 shares of the industrial products company's stock worth $29,000 after acquiring an additional 181 shares during the last quarter. 98.55% of the stock is owned by institutional investors.

Middleby Company Profile

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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