Middleby (NASDAQ:MIDD) Downgraded by StockNews.com to Hold

StockNews.com lowered shares of Middleby (NASDAQ:MIDD - Free Report) from a buy rating to a hold rating in a report issued on Wednesday morning.

MIDD has been the topic of several other research reports. JPMorgan Chase & Co. upped their price target on shares of Middleby from $145.00 to $150.00 and gave the stock an "underweight" rating in a report on Wednesday, February 26th. Jefferies Financial Group reaffirmed a "hold" rating and issued a $160.00 price target (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Canaccord Genuity Group lifted their price target on Middleby from $192.00 to $200.00 and gave the company a "buy" rating in a research report on Wednesday, February 26th. Barclays upped their price objective on shares of Middleby from $160.00 to $180.00 and gave the stock an "overweight" rating in a research report on Wednesday, February 26th. Finally, KeyCorp lifted their target price on shares of Middleby from $160.00 to $185.00 and gave the company an "overweight" rating in a research report on Monday, January 27th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Middleby currently has an average rating of "Hold" and an average price target of $180.86.

Middleby Price Performance

MIDD traded down $6.71 during trading on Wednesday, reaching $135.46. 1,346,599 shares of the company were exchanged, compared to its average volume of 626,658. Middleby has a 12-month low of $118.41 and a 12-month high of $182.73. The company's 50-day moving average is $161.13 and its two-hundred day moving average is $146.59. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The company has a market cap of $7.27 billion, a price-to-earnings ratio of 18.68 and a beta of 1.44.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings data on Tuesday, February 25th. The industrial products company reported $2.88 EPS for the quarter, beating analysts' consensus estimates of $2.50 by $0.38. The company had revenue of $1.01 billion during the quarter, compared to analyst estimates of $996.69 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby's revenue was up .4% compared to the same quarter last year. During the same period last year, the business earned $2.65 earnings per share. Research analysts forecast that Middleby will post 9.11 earnings per share for the current fiscal year.

Insider Buying and Selling at Middleby

In other Middleby news, Director Chapin Sarah Palisi sold 500 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the sale, the director now directly owns 6,111 shares of the company's stock, valued at $999,209.61. The trade was a 7.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 1.16% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Lorne Steinberg Wealth Management Inc. grew its position in Middleby by 0.3% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company's stock worth $3,323,000 after acquiring an additional 70 shares during the last quarter. Principal Securities Inc. grew its holdings in shares of Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company's stock worth $77,000 after purchasing an additional 78 shares during the last quarter. CIBC Asset Management Inc increased its stake in shares of Middleby by 5.2% in the fourth quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company's stock worth $224,000 after buying an additional 81 shares during the period. Pictet Asset Management Holding SA raised its holdings in Middleby by 1.1% during the 4th quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company's stock valued at $971,000 after buying an additional 81 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in Middleby by 2.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,472 shares of the industrial products company's stock valued at $470,000 after buying an additional 95 shares during the period. 98.55% of the stock is owned by institutional investors.

Middleby Company Profile

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.