Middleby (NASDAQ:MIDD) Price Target Raised to $185.00

Middleby (NASDAQ:MIDD - Free Report) had its price target lifted by KeyCorp from $160.00 to $185.00 in a research note released on Monday,Benzinga reports. They currently have an overweight rating on the industrial products company's stock.

Several other equities analysts have also recently issued reports on MIDD. Canaccord Genuity Group boosted their price objective on Middleby from $155.00 to $192.00 and gave the company a "buy" rating in a report on Monday. Jefferies Financial Group restated a "hold" rating and issued a $160.00 price objective (down previously from $170.00) on shares of Middleby in a research report on Thursday, December 12th. Finally, StockNews.com raised shares of Middleby from a "hold" rating to a "buy" rating in a report on Monday, November 4th. 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 data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $165.00.

Middleby Stock Performance

Shares of Middleby stock traded up $2.03 on Monday, reaching $171.75. 2,595,663 shares of the stock were exchanged, compared to its average volume of 892,991. Middleby has a twelve month low of $118.41 and a twelve month high of $177.90. The business has a 50 day moving average price of $139.56 and a two-hundred day moving average price of $137.45. 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 firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 23.69 and a beta of 1.61.

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

Hedge Funds Weigh In On Middleby

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Assenagon Asset Management S.A. boosted its holdings in shares of Middleby by 4,494.8% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,266,327 shares of the industrial products company's stock worth $171,524,000 after purchasing an additional 1,238,767 shares during the last quarter. Pacer Advisors Inc. grew its holdings in Middleby by 17.7% during the 3rd quarter. Pacer Advisors Inc. now owns 1,138,999 shares of the industrial products company's stock worth $158,469,000 after acquiring an additional 171,634 shares in the last quarter. Geode Capital Management LLC increased its holdings in Middleby by 1.0% in the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company's stock valued at $130,341,000 after buying an additional 8,926 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Middleby by 0.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 344,391 shares of the industrial products company's stock worth $47,915,000 after acquiring an additional 2,676 shares in the last quarter. Finally, Oldfield Partners LLP lifted its position in shares of Middleby by 1.5% during the 3rd quarter. Oldfield Partners LLP now owns 332,473 shares of the industrial products company's stock worth $46,257,000 after buying an additional 4,837 shares during the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

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.