The Middleby Corporation (NASDAQ:MIDD) Receives $163.83 Average Target Price from Brokerages

Shares of The Middleby Corporation (NASDAQ:MIDD) have received an average rating of “Moderate Buy” from the eight ratings firms that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating on the company. The average twelve-month target price among brokerages that have covered the stock in the last year is $163.8333.

MIDD has been the topic of a number of recent research reports. Zacks Research lowered Middleby from a “strong-buy” rating to a “hold” rating in a research note on Monday, January 26th. Wall Street Zen upgraded Middleby from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Canaccord Genuity Group increased their price objective on Middleby from $171.00 to $175.00 and gave the company a “buy” rating in a research note on Friday, December 5th. JPMorgan Chase & Co. boosted their target price on shares of Middleby from $125.00 to $140.00 and gave the company a “neutral” rating in a research note on Wednesday, January 14th. Finally, Barclays set a $168.00 price target on shares of Middleby and gave the stock an “overweight” rating in a research note on Tuesday, November 11th.

Middleby Stock Performance

NASDAQ:MIDD opened at $163.93 on Thursday. The company has a current ratio of 2.07, a quick ratio of 1.10 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $8.26 billion, a P/E ratio of -37.26 and a beta of 1.40. The firm has a 50-day moving average price of $151.65 and a two-hundred day moving average price of $137.54. Middleby has a twelve month low of $110.82 and a twelve month high of $182.73.

Insider Buying and Selling

In other Middleby news, Director Robert A. Nerbonne purchased 780 shares of Middleby stock in a transaction on Tuesday, December 9th. The shares were bought at an average price of $128.52 per share, with a total value of $100,245.60. Following the purchase, the director directly owned 21,471 shares in the company, valued at $2,759,452.92. This trade represents a 3.77% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 6.18% of the company’s stock.

Hedge Funds Weigh In On Middleby

Large investors have recently added to or reduced their stakes in the business. Invesco Ltd. boosted its stake in Middleby by 1,046.4% in the 3rd quarter. Invesco Ltd. now owns 1,018,536 shares of the industrial products company’s stock worth $135,394,000 after buying an additional 929,688 shares during the last quarter. SG Capital Management LLC purchased a new position in shares of Middleby during the 3rd quarter worth about $55,260,000. Cooke & Bieler LP acquired a new stake in shares of Middleby in the fourth quarter worth approximately $48,113,000. Marshall Wace LLP grew its holdings in Middleby by 260.0% in the third quarter. Marshall Wace LLP now owns 419,936 shares of the industrial products company’s stock valued at $55,822,000 after purchasing an additional 303,293 shares during the period. Finally, Brandywine Global Investment Management LLC increased its position in Middleby by 804.5% during the fourth quarter. Brandywine Global Investment Management LLC now owns 337,939 shares of the industrial products company’s stock worth $50,241,000 after purchasing an additional 300,577 shares during the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

About Middleby

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby’s products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company’s portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.