Middleby (NASDAQ:MIDD) Shares Gap Down - Here's What Happened

The Middleby Co. (NASDAQ:MIDD - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $140.38, but opened at $129.93. Middleby shares last traded at $130.61, with a volume of 379,063 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. KeyCorp decreased their price target on Middleby from $175.00 to $160.00 and set an "overweight" rating for the company in a research note on Monday, July 15th. Canaccord Genuity Group reaffirmed a "buy" rating and set a $164.00 price target on shares of Middleby in a research note on Friday, September 13th. Robert W. Baird raised their price objective on Middleby from $155.00 to $169.00 and gave the stock an "outperform" rating in a research note on Friday, August 2nd. JPMorgan Chase & Co. raised their price objective on Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a research note on Friday, August 2nd. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $156.17.

Middleby Trading Down 7.6 %

The business's 50 day simple moving average is $137.39 and its 200 day simple moving average is $133.86. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.43. The stock has a market cap of $6.97 billion, a P/E ratio of 18.14 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its 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 net margin of 9.90% and a return on equity of 15.25%. The firm had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same quarter last year, the firm posted $2.35 EPS. The business's revenue was down 3.9% on a year-over-year basis. On average, analysts expect that The Middleby Co. will post 9.61 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Middleby

Several institutional investors and hedge funds have recently made changes to their positions in the company. Olstein Capital Management L.P. lifted its position in Middleby by 3.0% in the 3rd quarter. Olstein Capital Management L.P. now owns 68,500 shares of the industrial products company's stock valued at $9,530,000 after acquiring an additional 2,000 shares in the last quarter. New York State Common Retirement Fund lifted its position in Middleby by 275.2% in the 3rd quarter. New York State Common Retirement Fund now owns 185,885 shares of the industrial products company's stock valued at $25,862,000 after acquiring an additional 136,345 shares in the last quarter. Roubaix Capital LLC bought a new stake in Middleby during the 3rd quarter worth about $3,407,000. State of Alaska Department of Revenue lifted its position in Middleby by 7.3% during the 3rd quarter. State of Alaska Department of Revenue now owns 6,212 shares of the industrial products company's stock worth $864,000 after buying an additional 420 shares in the last quarter. Finally, GHP Investment Advisors Inc. lifted its position in Middleby by 25.3% during the 3rd quarter. GHP Investment Advisors Inc. now owns 20,166 shares of the industrial products company's stock worth $2,806,000 after buying an additional 4,067 shares in the last quarter. Institutional investors and hedge funds 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.