Middleby’s (MIDD) Buy Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Middleby (NASDAQ:MIDD) in a research note published on Wednesday, Benzinga reports. Canaccord Genuity Group currently has a $173.00 price objective on the industrial products company’s stock.

A number of other analysts have also recently weighed in on MIDD. Citigroup boosted their target price on shares of Middleby from $165.00 to $166.00 and gave the stock a buy rating in a research note on Tuesday, July 18th. Benchmark decreased their target price on shares of Middleby from $180.00 to $170.00 and set a buy rating on the stock in a research note on Monday, August 7th. BMO Capital Markets boosted their target price on shares of Middleby from $170.00 to $175.00 in a research note on Monday, May 15th. Finally, StockNews.com assumed coverage on shares of Middleby in a report on Thursday, August 17th. They set a hold rating on the stock. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $173.57.

Middleby Stock Performance

Shares of NASDAQ:MIDD opened at $138.35 on Wednesday. The company’s 50 day simple moving average is $144.91 and its 200 day simple moving average is $143.30. The stock has a market capitalization of $7.42 billion, a price-to-earnings ratio of 16.57 and a beta of 1.54. The company has a debt-to-equity ratio of 0.90, a current ratio of 2.32 and a quick ratio of 1.09. Middleby has a 1 year low of $122.33 and a 1 year high of $162.02.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, August 3rd. The industrial products company reported $2.47 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.32 by $0.15. The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.04 billion. Middleby had a net margin of 11.14% and a return on equity of 18.15%. The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same period last year, the firm posted $2.23 earnings per share. As a group, research analysts predict that Middleby will post 9.64 EPS for the current fiscal year.

Insider Activity at Middleby

In related news, CTO James K. Pool III sold 1,250 shares of the business’s stock in a transaction on Friday, August 11th. The shares were sold at an average price of $150.78, for a total value of $188,475.00. Following the transaction, the chief technology officer now owns 39,158 shares in the company, valued at $5,904,243.24. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CTO James K. Pool III sold 1,500 shares of the company’s stock in a transaction dated Monday, August 14th. The shares were sold at an average price of $149.01, for a total transaction of $223,515.00. Following the transaction, the chief technology officer now owns 37,658 shares in the company, valued at $5,611,418.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO James K. Pool III sold 1,250 shares of the company’s stock in a transaction dated Friday, August 11th. The shares were sold at an average price of $150.78, for a total transaction of $188,475.00. Following the transaction, the chief technology officer now owns 39,158 shares in the company, valued at approximately $5,904,243.24. The disclosure for this sale can be found here. Insiders have sold a total of 4,950 shares of company stock worth $732,650 over the last quarter. Company insiders own 1.16% of the company’s stock.

Hedge Funds Weigh In On Middleby

Several institutional investors have recently made changes to their positions in the stock. Select Equity Group L.P. raised its holdings in shares of Middleby by 5.4% during the first quarter. Select Equity Group L.P. now owns 4,782,965 shares of the industrial products company’s stock valued at $701,230,000 after purchasing an additional 246,174 shares during the period. Victory Capital Management Inc. increased its position in shares of Middleby by 3.3% during the first quarter. Victory Capital Management Inc. now owns 2,740,299 shares of the industrial products company’s stock worth $401,755,000 after acquiring an additional 88,789 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Middleby by 23.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,171,437 shares of the industrial products company’s stock worth $290,756,000 after acquiring an additional 407,150 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of Middleby by 5.4% during the first quarter. Goldman Sachs Group Inc. now owns 1,826,029 shares of the industrial products company’s stock worth $299,359,000 after acquiring an additional 94,230 shares in the last quarter. Finally, Sarasin & Partners LLP increased its position in shares of Middleby by 67.5% during the first quarter. Sarasin & Partners LLP now owns 1,735,092 shares of the industrial products company’s stock worth $342,403,000 after acquiring an additional 699,205 shares in the last quarter. Institutional investors and hedge funds own 96.66% of the company’s stock.

About Middleby

The Middleby Corporation designs, manufactures, markets, 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, and IoT solutions.