Middleby (MIDD) Upgraded to Buy at Zacks Investment Research

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Middleby (NASDAQ:MIDD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, Zacks.com reports. The firm currently has a $154.00 target price on the industrial products company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.32% from the company’s previous close.

According to Zacks, “Year to date, Middleby's shares have outperformed the industry. In the quarters ahead, solid demand from chain restaurant customers, strength in Viking business and ongoing consolidation efforts are expected to boost Middleby's revenues. In addition, the company expects that new product innovations will aid in improving its top-line performance, moving ahead. It also believes that its strategic business acquisitions will prove beneficial. Notably, the company's acquisition of Standex International Corporation's Cooking Solutions Group will extend and fortify the company's existing product portfolio of cooking products. Also, buyout of Powerhouse Dynamics will be beneficial too.”

A number of other analysts also recently commented on the stock. BidaskClub downgraded shares of Middleby from a “strong-buy” rating to a “buy” rating in a report on Wednesday, April 10th. Jefferies Financial Group began coverage on shares of Middleby in a report on Wednesday, April 3rd. They set a “hold” rating and a $135.00 price objective on the stock. CL King raised shares of Middleby from a “buy” rating to a “strong-buy” rating and set a $160.00 price objective on the stock in a report on Wednesday, April 3rd. BMO Capital Markets boosted their price objective on shares of Middleby to $150.00 and gave the stock a “positive” rating in a report on Friday, March 8th. Finally, TheStreet raised shares of Middleby from a “c+” rating to a “b” rating in a report on Friday, January 25th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Middleby currently has a consensus rating of “Buy” and a consensus price target of $147.43.

Shares of NASDAQ:MIDD opened at $137.11 on Tuesday. The stock has a market capitalization of $7.68 billion, a PE ratio of 22.48 and a beta of 1.79. 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 fifty-two week low of $96.65 and a fifty-two week high of $138.88.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.38 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.01. The firm had revenue of $686.80 million for the quarter, compared to the consensus estimate of $683.01 million. Middleby had a net margin of 11.65% and a return on equity of 22.18%. The firm’s revenue was up 17.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.20 earnings per share. On average, equities analysts predict that Middleby will post 6.96 earnings per share for the current fiscal year.

In other Middleby news, Director John R. Miller III sold 2,000 shares of Middleby stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $126.37, for a total transaction of $252,740.00. Following the completion of the transaction, the director now owns 16,000 shares in the company, valued at $2,021,920. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Chapin Sarah Palisi sold 300 shares of Middleby stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $124.18, for a total transaction of $37,254.00. Following the transaction, the director now owns 5,100 shares of the company’s stock, valued at approximately $633,318. The disclosure for this sale can be found here. 1.98% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Enlightenment Research LLC acquired a new position in Middleby during the fourth quarter worth about $41,000. Dubuque Bank & Trust Co. raised its position in shares of Middleby by 161.3% in the fourth quarter. Dubuque Bank & Trust Co. now owns 499 shares of the industrial products company’s stock valued at $51,000 after buying an additional 308 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of Middleby in the fourth quarter valued at approximately $54,000. Quadrant Capital Group LLC raised its position in shares of Middleby by 1,724.0% in the first quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock valued at $58,000 after buying an additional 431 shares during the last quarter. Finally, Parkside Financial Bank & Trust raised its position in shares of Middleby by 22.9% in the first quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock valued at $79,000 after buying an additional 114 shares during the last quarter.

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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