Citigroup Cuts Middleby (NASDAQ:MIDD) Price Target to $125.00

Middleby (NASDAQ:MIDD) had its price target lowered by research analysts at Citigroup from $138.00 to $125.00 in a research note issued to investors on Wednesday, BenzingaRatingsTable reports. The firm presently has a “neutral” rating on the industrial products company’s stock. Citigroup‘s target price would indicate a potential upside of 12.44% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. ValuEngine lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Monday, May 13th. Buckingham Research set a $153.00 target price on shares of Middleby and gave the company a “buy” rating in a research note on Wednesday, August 7th. Finally, BidaskClub lowered shares of Middleby from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. Middleby presently has a consensus rating of “Buy” and an average target price of $145.57.

Middleby stock traded down $1.14 during midday trading on Wednesday, reaching $111.17. The stock had a trading volume of 1,673 shares, compared to its average volume of 453,031. The firm has a fifty day moving average of $132.35. Middleby has a twelve month low of $96.65 and a twelve month high of $142.98. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.95 and a current ratio of 1.98. The firm has a market cap of $6.25 billion, a price-to-earnings ratio of 18.22 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Wednesday, August 7th. The industrial products company reported $1.70 EPS for the quarter, missing analysts’ consensus estimates of $1.77 by ($0.07). Middleby had a return on equity of 21.63% and a net margin of 11.27%. The firm had revenue of $761.00 million during the quarter, compared to analyst estimates of $774.13 million. During the same period in the prior year, the business posted $1.63 EPS. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. As a group, research analysts predict that Middleby will post 6.71 EPS for the current fiscal year.

In other Middleby news, Director Robert A. Nerbonne acquired 450 shares of Middleby stock in a transaction that occurred on Friday, August 9th. The stock was acquired at an average price of $113.85 per share, with a total value of $51,232.50. Following the purchase, the director now owns 1,282 shares in the company, valued at $145,955.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.98% of the stock is currently owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. Icon Wealth Partners LLC bought a new position in Middleby in the 1st quarter worth $33,000. Quantamental Technologies LLC bought a new position in shares of Middleby during the 2nd quarter worth about $40,000. Quadrant Capital Group LLC increased its holdings in shares of Middleby by 1,724.0% during the 1st quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 431 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Middleby during the 2nd quarter worth about $66,000. Finally, Parkside Financial Bank & Trust increased its holdings in shares of Middleby by 22.9% during the 1st quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock worth $79,000 after purchasing an additional 114 shares during the period. 99.83% of the stock is owned by institutional investors and hedge funds.

About Middleby

The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, 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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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Analyst Recommendations for Middleby (NASDAQ:MIDD)

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