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

Middleby (NASDAQ:MIDD) had its target price decreased by equities researchers at Canaccord Genuity Group from $164.00 to $155.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the industrial products company’s stock. Canaccord Genuity Group’s price target suggests a potential upside of 19.51% from the company’s current price.

A number of other research firms have also weighed in on MIDD. JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Finally, KeyCorp lowered their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Stock Performance

Shares of MIDD stock opened at $129.70 on Friday. Middleby has a 12 month low of $109.59 and a 12 month high of $161.01. The stock has a market capitalization of $6.97 billion, a P/E ratio of 18.14 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. The firm’s 50 day moving average is $137.39 and its 200 day moving average is $133.86.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results 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 company had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same period in the previous year, the business earned $2.35 earnings per share. Middleby’s revenue was down 3.9% on a year-over-year basis. On average, sell-side analysts anticipate that Middleby will post 9.59 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC grew its stake in Middleby by 1,246.2% in 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 period. Quarry LP increased its stake in shares of Middleby by 133.3% in 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 in the last quarter. GAMMA Investing LLC boosted its stake in Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after acquiring an additional 126 shares in the last quarter. UMB Bank n.a. grew its holdings in Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after purchasing an additional 136 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Middleby during the second quarter valued at approximately $45,000. Institutional investors own 98.55% of the company’s stock.

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.