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

Middleby (NASDAQ:MIDD) had its target price reduced by equities researchers at Canaccord Genuity Group from $200.00 to $186.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s target price would indicate a potential upside of 33.18% from the stock’s previous close.

Several other research firms also recently weighed in on MIDD. Barclays boosted their price target on shares of Middleby from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 26th. JPMorgan Chase & Co. boosted their target price on Middleby from $145.00 to $150.00 and gave the company an “underweight” rating in a research note on Wednesday, February 26th. StockNews.com lowered Middleby from a “buy” rating to a “hold” rating in a research report on Thursday, April 10th. Robert W. Baird lowered their price objective on Middleby from $188.00 to $162.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, KeyCorp cut their target price on shares of Middleby from $185.00 to $175.00 and set an “overweight” rating on the stock in a report on Tuesday, April 8th. One equities research 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 MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $168.14.

Middleby Trading Up 0.1 %

Shares of MIDD stock opened at $139.66 on Thursday. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The firm has a market cap of $7.49 billion, a P/E ratio of 19.26 and a beta of 1.65. The business has a 50-day moving average price of $142.00 and a two-hundred day moving average price of $145.35. Middleby has a 12-month low of $118.41 and a 12-month high of $182.73.

Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.14. The business had revenue of $906.63 million during the quarter, compared to analyst estimates of $941.46 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. Middleby’s revenue for the quarter was down 2.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.89 earnings per share. Equities analysts anticipate that Middleby will post 9.11 EPS for the current fiscal year.

Insider Activity at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the firm’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the sale, the director now directly owns 6,111 shares in the company, valued at $999,209.61. This trade represents a 7.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 6.18% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. TCTC Holdings LLC grew its stake in Middleby by 116.7% in the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company’s stock worth $26,000 after purchasing an additional 91 shares during the period. Versant Capital Management Inc grew its position in shares of Middleby by 760.0% in the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company’s stock worth $39,000 after buying an additional 228 shares during the period. UMB Bank n.a. lifted its position in Middleby by 41.1% during the 4th quarter. UMB Bank n.a. now owns 398 shares of the industrial products company’s stock valued at $54,000 after acquiring an additional 116 shares during the period. Aster Capital Management DIFC Ltd bought a new stake in Middleby during the fourth quarter worth about $71,000. Finally, Principal Securities Inc. grew its holdings in Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company’s stock worth $77,000 after purchasing an additional 78 shares during the period. Hedge funds and other institutional investors own 98.55% of the company’s stock.

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.