Middleby (NASDAQ:MIDD) Cut to Sell at ValuEngine

ValuEngine cut shares of Middleby (NASDAQ:MIDD) from a hold rating to a sell rating in a research report released on Thursday, ValuEngine reports.

MIDD has been the topic of several other research reports. Citigroup lowered their price target on Middleby from $115.00 to $54.00 and set a neutral rating on the stock in a report on Monday, March 23rd. Zacks Investment Research raised Middleby from a sell rating to a hold rating and set a $119.00 price target on the stock in a report on Friday, February 28th. Finally, BidaskClub cut Middleby from a sell rating to a strong sell rating in a report on Tuesday, March 17th. Two analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $108.67.

Shares of NASDAQ:MIDD traded up $3.22 on Thursday, hitting $51.93. The company’s stock had a trading volume of 2,371,100 shares, compared to its average volume of 838,229. The company has a 50-day simple moving average of $85.81 and a 200 day simple moving average of $107.01. Middleby has a 1 year low of $41.73 and a 1 year high of $142.98. The company has a market capitalization of $2.74 billion, a PE ratio of 8.20 and a beta of 1.82. The company has a debt-to-equity ratio of 0.96, a current ratio of 2.04 and a quick ratio of 1.05.

Middleby (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, February 26th. The industrial products company reported $2.00 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.29. Middleby had a return on equity of 20.64% and a net margin of 11.90%. The firm had revenue of $787.63 million for the quarter, compared to analysts’ expectations of $759.84 million. During the same quarter last year, the firm posted $1.79 EPS. The company’s revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Middleby will post 6.09 earnings per share for the current fiscal year.

In other news, CEO Timothy John Fitzgerald acquired 6,250 shares of Middleby stock in a transaction dated Friday, March 13th. The shares were purchased at an average cost of $74.33 per share, for a total transaction of $464,562.50. Following the transaction, the chief executive officer now owns 255,976 shares of the company’s stock, valued at $19,026,696.08. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Robert A. Nerbonne acquired 465 shares of Middleby stock in a transaction dated Monday, March 2nd. The shares were purchased at an average price of $108.94 per share, for a total transaction of $50,657.10. Following the completion of the transaction, the director now directly owns 1,282 shares in the company, valued at approximately $139,661.08. The disclosure for this purchase can be found here. Insiders have bought a total of 9,365 shares of company stock worth $735,029 over the last quarter. Corporate insiders own 1.98% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main increased its position in shares of Middleby by 11.2% during the 4th quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 190,653 shares of the industrial products company’s stock valued at $20,851,000 after purchasing an additional 19,140 shares during the last quarter. Metropolitan Life Insurance Co NY grew its position in Middleby by 39.9% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 4,081 shares of the industrial products company’s stock worth $477,000 after acquiring an additional 1,164 shares during the last quarter. Great West Life Assurance Co. Can grew its position in Middleby by 4.8% during the 4th quarter. Great West Life Assurance Co. Can now owns 23,849 shares of the industrial products company’s stock worth $2,594,000 after acquiring an additional 1,098 shares during the last quarter. DNB Asset Management AS grew its position in Middleby by 2.8% during the 4th quarter. DNB Asset Management AS now owns 12,400 shares of the industrial products company’s stock worth $1,358,000 after acquiring an additional 334 shares during the last quarter. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund grew its position in Middleby by 38.1% during the 4th quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 27,208 shares of the industrial products company’s stock worth $2,980,000 after acquiring an additional 7,500 shares during the last quarter. Hedge funds and other institutional investors own 95.19% of the company’s stock.

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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