Middleby (MIDD) Upgraded to Buy by Zacks Investment Research

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Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a report published on Tuesday morning. They currently have $139.00 target price on the industrial products company’s stock.

According to Zacks, “Over the past three months, Middleby’s shares have outperformed the industry. The company reported better-than-expected second-quarter 2018 results. Stronger demand from chain restaurant customers, strength in Viking business, new product launches and ongoing consolidation efforts are expected to boost up the company’s revenues in the quarters ahead. On the other hand, lower corporate taxes and improved top line performance would likely improve profitability in the near-term quarters. The company also believes that its strategic business acquisitions and new capital expenditure programs will prove beneficial going forward. Over the last 60 days, Zacks Consensus Estimate for the stock has moved up from both 2018 and 2019.”

A number of other research analysts have also recently issued reports on the stock. Robert W. Baird lifted their price objective on shares of Middleby from $116.00 to $130.00 and gave the company a hold rating in a report on Thursday, August 9th. Wellington Shields upgraded shares of Middleby from a hold rating to a gradually accumulate rating in a report on Thursday, August 9th. Buckingham Research upgraded shares of Middleby from a neutral rating to a buy rating and lifted their price objective for the company from $115.00 to $174.00 in a report on Monday, September 24th. TheStreet upgraded shares of Middleby from a c+ rating to a b- rating in a report on Wednesday, September 5th. Finally, ValuEngine upgraded shares of Middleby from a sell rating to a hold rating in a report on Tuesday, September 4th. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus price target of $135.57.

MIDD opened at $115.25 on Tuesday. Middleby has a 1-year low of $98.06 and a 1-year high of $138.89. The company has a quick ratio of 1.06, a current ratio of 1.94 and a debt-to-equity ratio of 1.37. The firm has a market capitalization of $7.21 billion, a price-to-earnings ratio of 18.71 and a beta of 1.84.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Wednesday, August 8th. The industrial products company reported $1.51 earnings per share for the quarter, missing the consensus estimate of $1.55 by ($0.04). Middleby had a net margin of 12.07% and a return on equity of 22.52%. The company had revenue of $668.13 million during the quarter, compared to the consensus estimate of $645.88 million. During the same period last year, the firm posted $1.35 earnings per share. The company’s revenue for the quarter was up 15.3% on a year-over-year basis. On average, equities analysts predict that Middleby will post 6.13 earnings per share for the current year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Trellus Management Company LLC acquired a new position in shares of Middleby during the second quarter valued at about $627,000. Fiera Capital Corp boosted its holdings in Middleby by 1.9% during the second quarter. Fiera Capital Corp now owns 2,848,263 shares of the industrial products company’s stock worth $297,415,000 after purchasing an additional 52,753 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in Middleby by 4.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 174,794 shares of the industrial products company’s stock worth $18,252,000 after purchasing an additional 7,896 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its holdings in Middleby by 9.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 259,315 shares of the industrial products company’s stock worth $27,078,000 after purchasing an additional 21,602 shares during the last quarter. Finally, IFM Investors Pty Ltd purchased a new position in Middleby during the second quarter worth about $229,000.

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 cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.

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