Canaccord Genuity Group Issues Positive Forecast for Middleby (NASDAQ:MIDD) Stock Price

Middleby (NASDAQ:MIDD) had its price objective lifted by research analysts at Canaccord Genuity Group from $155.00 to $192.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 13.13% from the stock’s previous close.

Several other analysts have also issued reports on the stock. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Jefferies Financial Group restated a “hold” rating and set a $160.00 target price (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $160.83.

Middleby Stock Up 16.5 %

Shares of NASDAQ:MIDD opened at $169.72 on Monday. The firm has a market capitalization of $9.13 billion, a PE ratio of 23.41 and a beta of 1.61. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. Middleby has a 52-week low of $118.41 and a 52-week high of $169.92. The firm has a fifty day moving average of $139.56 and a 200 day moving average of $137.45.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same quarter last year, the company posted $2.35 earnings per share. Middleby’s revenue for the quarter was down 3.9% compared to the same quarter last year. As a group, research analysts anticipate that Middleby will post 9.12 EPS for the current fiscal year.

Institutional Trading of Middleby

Institutional investors and hedge funds have recently bought and sold shares of the stock. Quarry LP grew its stake in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 132 shares during the period. Covestor Ltd increased its stake in shares of Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 190 shares in the last quarter. UMB Bank n.a. increased its stake in shares of Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 136 shares in the last quarter. Avior Wealth Management LLC lifted its position in Middleby by 820.0% during the 3rd 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 during the period. Finally, GAMMA Investing LLC boosted its stake in Middleby by 91.8% during the third quarter. GAMMA Investing LLC now owns 489 shares of the industrial products company’s stock worth $68,000 after acquiring an additional 234 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other 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.