Middleby (NASDAQ:MIDD) Downgraded to Hold at ValuEngine

Middleby (NASDAQ:MIDD) was downgraded by research analysts at ValuEngine from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday, ValuEngine reports.

Several other brokerages have also recently commented on MIDD. Jefferies Financial Group started coverage on shares of Middleby in a research report on Wednesday, April 3rd. They set a “hold” rating and a $135.00 price target on the stock. BidaskClub cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Thursday. Zacks Investment Research cut shares of Middleby from a “buy” rating to a “hold” rating in a research report on Monday, May 13th. Finally, CL King raised shares of Middleby from a “buy” rating to a “strong-buy” rating and set a $160.00 price target on the stock in a research report on Wednesday, April 3rd. Five investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $147.43.

Shares of Middleby stock traded down $2.54 during trading hours on Thursday, hitting $129.13. 267,666 shares of the company’s stock traded hands, compared to its average volume of 332,171. The stock has a 50 day moving average of $135.24. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.95 and a current ratio of 1.98. The stock has a market cap of $7.48 billion, a P/E ratio of 21.17 and a beta of 1.60. Middleby has a twelve month low of $96.65 and a twelve month high of $142.98.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $1.38 EPS for the quarter, topping the consensus estimate of $1.37 by $0.01. Middleby had a net margin of 11.35% and a return on equity of 21.91%. The business had revenue of $686.80 million for the quarter, compared to analysts’ expectations of $683.01 million. During the same quarter last year, the company posted $1.20 earnings per share. The company’s quarterly revenue was up 17.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Middleby will post 6.92 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the business. Icon Wealth Partners LLC bought a new position in Middleby in the first quarter worth about $33,000. Quadrant Capital Group LLC lifted its holdings in Middleby by 1,724.0% in the first quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock worth $58,000 after acquiring an additional 431 shares during the last quarter. Steward Partners Investment Advisory LLC bought a new position in Middleby in the second quarter worth about $66,000. Parkside Financial Bank & Trust lifted its holdings in Middleby by 22.9% in the first quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock worth $79,000 after acquiring an additional 114 shares during the last quarter. Finally, Crewe Advisors LLC lifted its holdings in Middleby by 2,985.7% in the first quarter. Crewe Advisors LLC now owns 648 shares of the industrial products company’s stock worth $84,000 after acquiring an additional 627 shares during the last quarter. 99.57% of the stock is currently owned by hedge funds and other institutional investors.

Middleby Company Profile

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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Analyst Recommendations for Middleby (NASDAQ:MIDD)

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