Middleby (NASDAQ:MIDD) Price Target Raised to $200.00 at Canaccord Genuity Group

Middleby (NASDAQ:MIDD) had its target price hoisted by investment analysts at Canaccord Genuity Group from $192.00 to $200.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 20.39% from the company’s previous close.

Several other research analysts also recently issued reports on MIDD. Jefferies Financial Group restated a “hold” rating and set a $160.00 price objective (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com cut Middleby from a “buy” rating to a “hold” rating in a report on Monday, January 27th. Barclays increased their target price on shares of Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday. JPMorgan Chase & Co. lifted their price objective on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a report on Wednesday. Finally, KeyCorp lifted their price target on shares of Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Middleby currently has an average rating of “Hold” and a consensus price target of $180.86.

Middleby Stock Performance

MIDD traded down $3.13 during midday trading on Wednesday, hitting $166.13. 272,194 shares of the company were exchanged, compared to its average volume of 848,125. 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 company’s 50 day simple moving average is $151.72 and its 200 day simple moving average is $143.00. The firm has a market capitalization of $8.94 billion, a price-to-earnings ratio of 22.96 and a beta of 1.64. Middleby has a 1-year low of $118.41 and a 1-year high of $182.73.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, topping analysts’ consensus estimates of $2.50 by $0.38. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm had revenue of $1.01 billion during the quarter, compared to analysts’ expectations of $996.69 million. During the same quarter in the prior year, the business earned $2.65 EPS. Middleby’s quarterly revenue was up .4% compared to the same quarter last year. As a group, sell-side analysts predict that Middleby will post 9.11 earnings per share for the current year.

Hedge Funds Weigh In On Middleby

Large investors have recently modified their holdings of the stock. Covestor Ltd increased its stake in shares of Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares during the period. Avior Wealth Management LLC boosted its holdings in Middleby by 820.0% in the third quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock valued at $45,000 after acquiring an additional 287 shares in the last quarter. UMB Bank n.a. raised its stake in Middleby by 41.1% during the fourth quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after buying an additional 116 shares during the last quarter. Aster Capital Management DIFC Ltd bought a new position in Middleby in the 4th quarter valued at approximately $71,000. Finally, Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Middleby during the third quarter valued at $72,000. 98.55% of the stock is owned by institutional investors.

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.