Canaccord Genuity Group Lowers Middleby (NASDAQ:MIDD) Price Target to $155.00

Middleby (NASDAQ:MIDD - Free Report) had its price target reduced by Canaccord Genuity Group from $164.00 to $155.00 in a report issued on Friday morning, Benzinga reports. Canaccord Genuity Group currently has a buy rating on the industrial products company's stock.

Several other equities research analysts also recently issued reports on the stock. KeyCorp lowered their price objective on shares of Middleby from $175.00 to $160.00 and set an "overweight" rating on the stock in a research note on Monday, July 15th. Robert W. Baird boosted their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an "outperform" rating in a report on Friday, August 2nd. JPMorgan Chase & Co. upped their price objective on shares of Middleby from $118.00 to $120.00 and gave the company an "underweight" rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reissued a "buy" rating and set a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, Middleby currently has a consensus rating of "Moderate Buy" and a consensus target price of $154.67.

Middleby Stock Performance

MIDD traded up $0.46 during trading on Friday, hitting $130.16. The stock had a trading volume of 1,366,312 shares, compared to its average volume of 499,707. The firm has a market cap of $7.00 billion, a PE ratio of 18.20 and a beta of 1.58. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. Middleby has a 12 month low of $111.75 and a 12 month high of $161.01. The company has a 50 day simple moving average of $136.96 and a 200-day simple moving average of $133.74.

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). Middleby had a return on equity of 15.25% and a net margin of 9.90%. 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 firm posted $2.35 earnings per share. The company's revenue for the quarter was down 3.9% on a year-over-year basis. Analysts expect that Middleby will post 9.59 EPS for the current year.

Hedge Funds Weigh In On Middleby

A number of hedge funds have recently modified their holdings of MIDD. Allspring Global Investments Holdings LLC grew its holdings in shares of Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company's stock worth $28,000 after purchasing an additional 162 shares during the last quarter. State of Michigan Retirement System lifted its holdings in Middleby by 2.3% during the first quarter. State of Michigan Retirement System now owns 13,120 shares of the industrial products company's stock worth $2,110,000 after acquiring an additional 300 shares in the last quarter. Norden Group LLC bought a new position in shares of Middleby during the 1st quarter valued at about $362,000. Fidelis Capital Partners LLC bought a new position in Middleby in the first quarter valued at approximately $63,000. Finally, Central Pacific Bank Trust Division acquired a new position in Middleby in the 1st quarter worth $299,000. 98.55% of the stock is owned by institutional investors and hedge funds.

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.