The Middleby Co. (NASDAQ:MIDD) Receives Consensus “Moderate Buy” Recommendation From Brokerages
The Middleby Co. (NASDAQ:MIDD – Get Rating) earned a consensus “moderate buy” recommendation from the seven research firms that cover the business, Marketbeat.com reports. Two analysts rated the stock with a hold recommendation and two gave the company a buy recommendation. The 12-month average price target among brokers who have covered the stock over the past year is $177.60.
Several research analysts have recently commented on the company. JPMorgan Chase & Co. cut its price target on Middleby from $160.00 to $135.00 and set a “neutral” rating on the stock in a Tuesday, July 12 report. KeyCorp cut its price target on Middleby from $182.00 to $175.00 and set an “overweight” rating on the stock in a report on Friday. TheStreet downgraded Middleby’s shares from a “b-” rating to a “c+” rating in a Wednesday, May 11 report. Citigroup lowered its target price on Middleby from $180.00 to $160.00 in a Thursday, July 7 research report. Finally, Robert W. Baird lowered his price target on Middleby from $211.00 to $201.00 in a Wednesday, May 11 research report.
Insider trading in Middleby
In addition, director Robert A. Nerbonne purchased 1,450 shares in a transaction dated Friday, May 13. The stock was acquired at an average price of $139.57 per share, for a total transaction of $202,376.50. Following the completion of the purchase, the administrator now owns 17,276 shares of the company, valued at $2,411,211.32. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Separately, director Robert A. Nerbonne purchased 1,450 shares of the company in a transaction dated Friday, May 13. The stock was purchased at an average price of $139.57 per share, for a total transaction of $202,376.50. Following the transaction, the administrator now owns 17,276 shares of the company, valued at $2,411,211.32. The purchase was disclosed in a legal filing with the SEC, accessible via this link. Additionally, director Nassem Ziyad purchased 2,035 shares of the company in a transaction that took place on Tuesday, May 24. The stock was purchased at an average price of $135.83 per share, for a total transaction of $276,414.05. Following the acquisition, the administrator now owns 10,845 shares of the company, valued at approximately $1,473,076.35. Disclosure of this purchase can be found here. Insiders have purchased a total of 10,985 shares of the company worth $1,470,966 over the past three months. 1.24% of the shares are currently held by insiders of the company.
Hedge funds weigh on Middleby
A number of institutional investors have recently bought and sold shares of MIDD. Steward Partners Investment Advisory LLC increased its stake in Middleby shares by 39.4% in Q4. Steward Partners Investment Advisory LLC now owns 191 shares of the industrial products company valued at $38,000 after buying 54 additional shares last quarter. Fifth Third Bancorp increased its holdings in Middleby by 17.0% in the fourth quarter. Fifth Third Bancorp now owns 400 shares of the industrial products company worth $79,000 after buying 58 more shares in the last quarter. Arizona State Retirement System increased its holdings in Middleby by 0.4% in the first quarter. Arizona State Retirement System now owns 15,037 shares of the industrial products company worth $2,465,000 after buying 65 additional shares in the last quarter. FDx Advisors Inc. increased its holdings in Middleby by 2.1% in the fourth quarter. FDx Advisors Inc. now owns 3,788 shares of the industrial products company worth $745,000 after buying 79 additional shares in the last quarter. Finally, Camden Capital LLC increased its stake in Middleby by 5.1% in the 4th quarter. Camden Capital LLC now owns 1,887 shares of the industrial products company worth $371,000 after buying 91 additional shares in the last quarter. Hedge funds and other institutional investors hold 99.88% of the company’s shares.
Middleby Stock down 0.6%
The NASDAQ MIDD opened at $136.58 on Friday. Middleby has a 52-week low of $120.30 and a 52-week high of $201.34. The company has a quick ratio of 0.98, a current ratio of 1.99 and a leverage ratio of 1.06. The company’s 50-day simple moving average is $135.26 and its 200-day simple moving average is $158.72. The company has a market capitalization of $7.43 billion, a PE ratio of 15.99 and a beta of 1.58.
Middleby (NASDAQ:MIDD – Get Rating) last released its quarterly results on Tuesday, May 10. The industrial products company reported EPS of $2.13 for the quarter, beating the consensus estimate of $2.12 by $0.01. Middleby had a return on equity of 19.53% and a net margin of 13.91%. The company posted revenue of $994.68 million for the quarter, versus analyst estimates of $934.97 million. In the same quarter of the previous year, the company achieved EPS of $1.79. The company’s quarterly revenue increased by 31.2% compared to the same quarter last year. As a group, stock analysts expect Middleby to post earnings per share of 9.49 for the current year.
Middleby Company Profile
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Middleby Corporation designs, manufactures, markets, distributes and services a line of catering, food processing and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East and Latin America. Its Commercial Foodservice Equipment Group segment offers conveyor, combination, convection, bake, proofer, deck, rapid bake and hydrovection ovens; stoves, fryers, rethermalizers; steaming, food reheating, catering, induction cooking and countertop cooking equipment; hot cupboards, grills, ventless cooking systems, kitchen ventilation, toasters, hot plates, charcoal grills, professional blenders, stainless steel fabrication, custom carpentry, professional refrigerators, blast chillers, cold rooms , ice machines and freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional brewing equipment, French fries dispensers, bottle filling and canning equipment, and IoT solutions.
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