Middleby (NASDAQ:MIDD) Receives Buy Rating from Canaccord Genuity Group

Middleby (NASDAQ:MIDD - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Canaccord Genuity Group in a research note issued on Friday,Benzinga reports. They presently have a $155.00 price objective on the industrial products company's stock. Canaccord Genuity Group's target price points to a potential upside of 15.05% from the stock's current price.

Several other research firms have also commented on MIDD. StockNews.com raised Middleby from a "hold" rating to a "buy" rating in a report on Monday, November 4th. Jefferies Financial Group restated a "hold" rating and set a $160.00 price objective (down from $170.00) on shares of Middleby in a research note on Thursday, December 12th. Finally, Canaccord Genuity Group reaffirmed a "buy" rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. One investment 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. Based on data from MarketBeat, Middleby has a consensus rating of "Hold" and an average price target of $154.67.

Middleby Stock Performance

MIDD traded up $2.00 during trading hours on Friday, hitting $134.72. 1,794,524 shares of the stock were exchanged, compared to its average volume of 514,762. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 18.58 and a beta of 1.60. The stock has a 50-day simple moving average of $138.85 and a 200-day simple moving average of $134.64. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. Middleby has a 12 month low of $118.41 and a 12 month high of $161.01.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same quarter in the previous year, the business posted $2.35 earnings per share. The company's quarterly revenue was down 3.9% compared to the same quarter last year. Analysts anticipate that Middleby will post 9.12 earnings per share for the current year.

Hedge Funds Weigh In On Middleby

Institutional investors and hedge funds have recently bought and sold shares of the stock. Verdence Capital Advisors LLC lifted its stake in shares of Middleby by 4.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company's stock worth $317,000 after acquiring an additional 88 shares during the period. Townsquare Capital LLC raised its holdings in Middleby by 1.4% during the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company's stock worth $871,000 after purchasing an additional 89 shares in the last quarter. Assetmark Inc. raised its holdings in Middleby by 5.2% during the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company's stock worth $260,000 after purchasing an additional 93 shares in the last quarter. Quarry LP lifted its position in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company's stock worth $28,000 after purchasing an additional 132 shares during the period. Finally, UMB Bank n.a. boosted its stake in Middleby by 93.2% during the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 136 shares in the last quarter. 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.