Middleby (NASDAQ:MIDD) Shares Pass Above 200-Day Moving Average - Here's What Happened

The Middleby Co. (NASDAQ:MIDD - Get Free Report) crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $135.54 and traded as high as $136.15. Middleby shares last traded at $134.56, with a volume of 457,442 shares traded.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Jefferies Financial Group reaffirmed a "hold" rating and issued a $160.00 target price (down from $170.00) on shares of Middleby in a research report on Thursday, December 12th. StockNews.com upgraded shares of Middleby from a "hold" rating to a "buy" rating in a research note on Monday, November 4th. Canaccord Genuity Group restated a "buy" rating and set a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $155.00 target price on shares of Middleby in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $154.67.

Middleby Stock Performance

The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The firm has a market capitalization of $7.22 billion, a PE ratio of 18.51 and a beta of 1.61. The firm has a fifty day moving average price of $138.24 and a 200 day moving average price of $135.60.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings data on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.15). The firm had revenue of $942.81 million for the quarter, compared to analysts' expectations of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby's quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the prior year, the company posted $2.35 earnings per share. Research analysts anticipate that The Middleby Co. will post 9.13 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verdence Capital Advisors LLC lifted its holdings in shares of Middleby by 4.0% in the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company's stock valued at $317,000 after purchasing an additional 88 shares in the last quarter. Townsquare Capital LLC lifted its stake in Middleby by 1.4% in the 3rd quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company's stock worth $871,000 after acquiring an additional 89 shares in the last quarter. Assetmark Inc. boosted its position in Middleby by 5.2% during the 3rd quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company's stock worth $260,000 after acquiring an additional 93 shares during the period. Quarry LP boosted its position in Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company's stock worth $28,000 after acquiring an additional 132 shares during the period. Finally, GAMMA Investing LLC grew its stake in Middleby by 27.2% during the 4th quarter. GAMMA Investing LLC now owns 622 shares of the industrial products company's stock valued at $84,000 after acquiring an additional 133 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other 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.