Canaccord Genuity Group Reiterates Buy Rating for Middleby (NASDAQ:MIDD)

Middleby (NASDAQ:MIDD)‘s stock had its “buy” rating restated by equities research analysts at Canaccord Genuity Group in a research note issued to investors on Friday,Benzinga reports. They currently have a $155.00 target price on the industrial products company’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 16.97% from the company’s current price.

MIDD has been the topic of several other research reports. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research note on Saturday, September 14th. Jefferies Financial Group reiterated a “hold” rating and set a $160.00 target price (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Finally, StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Middleby currently has a consensus rating of “Hold” and an average target price of $154.67.

Middleby Trading Down 0.2 %

Shares of MIDD opened at $132.51 on Friday. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The stock has a market cap of $7.13 billion, a PE ratio of 18.28 and a beta of 1.60. Middleby has a 1 year low of $118.41 and a 1 year high of $161.01. The stock has a 50 day simple moving average of $138.85 and a 200-day simple moving average of $134.64.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company’s revenue was down 3.9% compared to the same quarter last year. During the same period last year, the company earned $2.35 EPS. On average, sell-side analysts predict that Middleby will post 9.12 EPS for the current fiscal year.

Institutional Trading of Middleby

Several institutional investors and hedge funds have recently bought and sold shares of MIDD. Pacer Advisors Inc. raised its stake in shares of Middleby by 11,853.1% during the 2nd quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after purchasing an additional 959,272 shares in the last quarter. Select Equity Group L.P. increased its stake in shares of Middleby by 15.4% during the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock worth $779,835,000 after purchasing an additional 846,884 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Middleby by 43.7% during the second quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company’s stock worth $110,768,000 after buying an additional 274,513 shares during the last quarter. Ariel Investments LLC lifted its position in shares of Middleby by 58.0% in the second quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company’s stock valued at $62,547,000 after buying an additional 187,304 shares during the last quarter. Finally, Principal Financial Group Inc. lifted its holdings in Middleby by 30.6% during the 2nd quarter. Principal Financial Group Inc. now owns 713,618 shares of the industrial products company’s stock valued at $87,497,000 after purchasing an additional 167,298 shares during the last quarter. Institutional investors own 98.55% of the company’s stock.

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.