Middleby (MIDD) Cut to “Buy” at BidaskClub

Middleby (NASDAQ:MIDD) was downgraded by research analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a report issued on Friday.

MIDD has been the topic of several other research reports. TheStreet upgraded shares of Middleby from a “c+” rating to a “b” rating in a research report on Friday, January 25th. Zacks Investment Research upgraded shares of Middleby from a “hold” rating to a “buy” rating and set a $131.00 price target on the stock in a research report on Wednesday, January 23rd. Robert W. Baird upgraded shares of Middleby from a “neutral” rating to an “outperform” rating and set a $142.00 price target on the stock in a research report on Tuesday, January 22nd. Finally, BMO Capital Markets boosted their price target on shares of Middleby to $150.00 and gave the stock a “positive” rating in a research report on Friday, March 8th. Two analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Middleby currently has an average rating of “Buy” and an average target price of $142.80.

Middleby stock opened at $128.05 on Friday. The company has a market cap of $7.16 billion, a PE ratio of 20.99 and a beta of 1.82. The company has a current ratio of 1.90, a quick ratio of 0.97 and a debt-to-equity ratio of 1.13. Middleby has a 1 year low of $96.65 and a 1 year high of $132.82.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, February 27th. The industrial products company reported $1.79 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.16. The firm had revenue of $756.67 million for the quarter, compared to analysts’ expectations of $737.69 million. Middleby had a net margin of 11.65% and a return on equity of 22.18%. The company’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter last year, the business posted $1.35 earnings per share. As a group, analysts anticipate that Middleby will post 7 earnings per share for the current fiscal year.

In related news, Director Chapin Sarah Palisi sold 300 shares of the business’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $124.18, for a total value of $37,254.00. Following the sale, the director now owns 5,100 shares in the company, valued at $633,318. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.90% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of MIDD. CI Investments Inc. purchased a new position in Middleby during the fourth quarter worth $121,121,000. Norges Bank purchased a new position in Middleby during the fourth quarter worth $46,540,000. Capital Research Global Investors boosted its stake in Middleby by 6.8% during the third quarter. Capital Research Global Investors now owns 3,719,552 shares of the industrial products company’s stock worth $481,124,000 after buying an additional 235,328 shares during the period. Epoch Investment Partners Inc. boosted its stake in Middleby by 164.9% during the fourth quarter. Epoch Investment Partners Inc. now owns 266,188 shares of the industrial products company’s stock worth $27,345,000 after buying an additional 165,693 shares during the period. Finally, Arrowgrass Capital Partners US LP purchased a new position in Middleby during the fourth quarter worth $12,841,000.

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 cooking and warming 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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