Middleby (NASDAQ:MIDD) Price Target Cut to $159.00

Middleby (NASDAQ:MIDD) had its price objective dropped by Canaccord Genuity Group from $166.00 to $159.00 in a research note issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 16.67% from the stock’s current price.

Separately, Jefferies Financial Group upped their price objective on Middleby from $140.00 to $160.00 and gave the stock a “buy” rating in a report on Thursday, January 11th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $158.50.

Middleby Price Performance

MIDD stock traded down $2.30 on Thursday, reaching $136.28. The company had a trading volume of 552,489 shares, compared to its average volume of 352,622. Middleby has a 1 year low of $109.59 and a 1 year high of $161.01. The company has a market cap of $7.31 billion, a P/E ratio of 18.39 and a beta of 1.58. The company’s fifty day moving average is $149.24 and its 200 day moving average is $140.32. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.21 and a current ratio of 2.31.

Middleby (NASDAQ:MIDD) last released its earnings results on Wednesday, May 8th. The industrial products company reported $1.89 EPS for the quarter, missing the consensus estimate of $2.05 by ($0.16). The firm had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. Middleby had a return on equity of 16.99% and a net margin of 9.93%. The firm’s revenue was down 8.0% on a year-over-year basis. During the same period in the previous year, the firm posted $2.19 earnings per share. On average, research analysts forecast that Middleby will post 10.27 earnings per share for the current year.

Insider Activity

In related news, Director Chapin Sarah Palisi sold 350 shares of the stock in a transaction that occurred on Thursday, February 22nd. The stock was sold at an average price of $151.47, for a total value of $53,014.50. Following the completion of the transaction, the director now directly owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Chapin Sarah Palisi sold 350 shares of Middleby stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $151.47, for a total value of $53,014.50. Following the transaction, the director now owns 6,306 shares of the company’s stock, valued at approximately $955,169.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Cathy L. Mccarthy sold 1,000 shares of the stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the sale, the director now directly owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The disclosure for this sale can be found here. Corporate insiders own 1.16% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Rise Advisors LLC acquired a new position in shares of Middleby in the first quarter worth $25,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Middleby by 1,246.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares in the last quarter. Signaturefd LLC lifted its position in shares of Middleby by 230.1% in the fourth quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after buying an additional 168 shares during the last quarter. Clear Street Markets LLC bought a new stake in shares of Middleby during the 3rd quarter worth about $50,000. Finally, Fidelis Capital Partners LLC acquired a new stake in Middleby in the 1st quarter worth approximately $63,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Company Profile

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.