Middleby (MIDD) Lifted to “Buy” at ValuEngine

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ValuEngine upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a research report released on Wednesday, ValuEngine reports.

Several other analysts have also issued reports on MIDD. Zacks Investment Research raised Middleby from a hold rating to a buy rating and set a $154.00 target price for the company in a research note on Tuesday, May 7th. BidaskClub lowered Middleby from a strong-buy rating to a buy rating in a research note on Friday, March 22nd. Jefferies Financial Group assumed coverage on Middleby in a research note on Wednesday, April 3rd. They issued a hold rating and a $135.00 target price for the company. Robert W. Baird raised Middleby from a neutral rating to an outperform rating and set a $142.00 target price for the company in a research note on Tuesday, January 22nd. Finally, CL King upgraded Middleby from a buy rating to a strong-buy rating and set a $160.00 price objective for the company in a research report on Wednesday, April 3rd. Three research analysts have rated the stock with a hold rating, five have issued a buy rating and two have assigned a strong buy rating to the company. The company presently has an average rating of Buy and an average price target of $147.43.

Shares of NASDAQ MIDD opened at $136.51 on Wednesday. Middleby has a 12 month low of $96.65 and a 12 month high of $140.15. The company has a quick ratio of 0.95, a current ratio of 1.98 and a debt-to-equity ratio of 1.09. The stock has a market cap of $7.60 billion, a PE ratio of 22.38 and a beta of 1.79.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Wednesday, May 8th. The industrial products company reported $1.38 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.37 by $0.01. Middleby had a return on equity of 21.91% and a net margin of 11.35%. The company had revenue of $686.80 million during the quarter, compared to analyst estimates of $683.01 million. During the same quarter in the previous year, the firm earned $1.20 earnings per share. Middleby’s revenue was up 17.4% on a year-over-year basis. Sell-side analysts anticipate that Middleby will post 6.92 EPS for the current year.

In other Middleby news, Director Chapin Sarah Palisi sold 300 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $124.18, for a total value of $37,254.00. Following the completion of the sale, the director now owns 5,100 shares in the company, valued at $633,318. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John R. Miller III sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $126.37, for a total value of $252,740.00. Following the completion of the sale, the director now owns 16,000 shares of the company’s stock, valued at approximately $2,021,920. The disclosure for this sale can be found here. Insiders sold 2,400 shares of company stock valued at $303,494 in the last quarter. Corporate insiders own 1.98% of the company’s stock.

Several institutional investors have recently made changes to their positions in MIDD. CI Investments Inc. bought a new position in shares of Middleby during the fourth quarter valued at approximately $121,121,000. Wells Fargo & Company MN raised its holdings in shares of Middleby by 136.5% during the first quarter. Wells Fargo & Company MN now owns 858,495 shares of the industrial products company’s stock valued at $111,630,000 after acquiring an additional 495,516 shares in the last quarter. Norges Bank bought a new position in shares of Middleby during the fourth quarter valued at approximately $46,540,000. Columbus Circle Investors bought a new position in shares of Middleby during the first quarter valued at approximately $37,823,000. Finally, Epoch Investment Partners Inc. raised its holdings in shares of Middleby by 164.9% during the fourth quarter. Epoch Investment Partners Inc. now owns 266,188 shares of the industrial products company’s stock valued at $27,345,000 after acquiring an additional 165,693 shares in the last quarter.

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 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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