BidaskClub Upgrades Middleby (MIDD) to “Hold”

Middleby (NASDAQ:MIDD) was upgraded by equities researchers at BidaskClub from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Friday.

Other research analysts have also issued research reports about the company. BMO Capital Markets reiterated a “buy” rating and issued a $150.00 price target on shares of Middleby in a report on Wednesday, November 8th. Zacks Investment Research upgraded Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Deutsche Bank cut their price target on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a report on Friday, November 17th. Citigroup reiterated a “neutral” rating and issued a $130.00 price target on shares of Middleby in a report on Thursday, September 7th. Finally, Susquehanna Bancshares started coverage on Middleby in a report on Wednesday, September 27th. They issued a “positive” rating and a $141.00 price target on the stock. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Middleby currently has an average rating of “Hold” and an average target price of $137.22.

Middleby (MIDD) opened at $129.36 on Friday. The stock has a market capitalization of $7,230.00, a P/E ratio of 23.53 and a beta of 1.88. The company has a quick ratio of 1.02, a current ratio of 1.93 and a debt-to-equity ratio of 0.72. Middleby has a fifty-two week low of $107.53 and a fifty-two week high of $150.87.

Middleby declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 14th that permits the company to repurchase 2,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Institutional investors have recently modified their holdings of the company. Stifel Financial Corp raised its stake in shares of Middleby by 15.3% in the second quarter. Stifel Financial Corp now owns 8,402 shares of the industrial products company’s stock worth $1,017,000 after purchasing an additional 1,113 shares during the last quarter. Arcadia Investment Management Corp MI increased its position in shares of Middleby by 1.1% during the third quarter. Arcadia Investment Management Corp MI now owns 42,548 shares of the industrial products company’s stock valued at $5,453,000 after acquiring an additional 470 shares during the last quarter. Nicholas Company Inc. increased its position in shares of Middleby by 173.8% during the second quarter. Nicholas Company Inc. now owns 133,945 shares of the industrial products company’s stock valued at $16,275,000 after acquiring an additional 85,020 shares during the last quarter. Financial Counselors Inc. increased its position in shares of Middleby by 39.7% during the second quarter. Financial Counselors Inc. now owns 14,673 shares of the industrial products company’s stock valued at $1,783,000 after acquiring an additional 4,170 shares during the last quarter. Finally, Eagle Asset Management Inc. increased its position in shares of Middleby by 38.3% during the second quarter. Eagle Asset Management Inc. now owns 267,864 shares of the industrial products company’s stock valued at $32,548,000 after acquiring an additional 74,120 shares during the last quarter. 99.95% of the stock is owned by hedge funds and other institutional investors.

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Middleby Company Profile

The Middleby Corporation is engaged in the design, manufacture and sale of commercial foodservice, food processing equipment and residential kitchen equipment. The Company operates in three segments: the Commercial Foodservice Equipment Group, the Food Processing Equipment Group and the Residential Kitchen Equipment Group.

Analyst Recommendations for Middleby (NASDAQ:MIDD)

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