The Middleby Co. (NASDAQ:MIDD) has earned an average recommendation of “Buy” from the eleven research firms that are currently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a hold rating and eight have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $195.38.
MIDD has been the subject of a number of recent research reports. Citigroup upgraded The Middleby from a “neutral” rating to a “buy” rating in a report on Monday. BMO Capital Markets increased their price objective on The Middleby from $225.00 to $250.00 and gave the company an “outperform” rating in a report on Monday, May 10th. JPMorgan Chase & Co. increased their price objective on The Middleby from $155.00 to $169.00 and gave the company a “neutral” rating in a report on Thursday, April 22nd. Robert W. Baird increased their price objective on The Middleby from $195.00 to $214.00 and gave the company an “outperform” rating in a report on Thursday, May 6th. Finally, Barclays assumed coverage on The Middleby in a report on Thursday. They issued an “overweight” rating and a $195.00 price objective for the company.
Institutional investors have recently modified their holdings of the business. Pendal Group Limited bought a new position in shares of The Middleby during the 1st quarter worth about $365,000. Principal Financial Group Inc. lifted its position in The Middleby by 46.8% in the 1st quarter. Principal Financial Group Inc. now owns 241,681 shares of the industrial products company’s stock valued at $40,058,000 after acquiring an additional 77,022 shares in the last quarter. Beacon Investment Advisory Services Inc. bought a new position in The Middleby in the 1st quarter valued at about $242,000. Oppenheimer Asset Management Inc. lifted its position in The Middleby by 2.0% in the 1st quarter. Oppenheimer Asset Management Inc. now owns 14,131 shares of the industrial products company’s stock valued at $2,342,000 after acquiring an additional 278 shares in the last quarter. Finally, Millennium Management LLC lifted its position in The Middleby by 13.8% in the 1st quarter. Millennium Management LLC now owns 203,152 shares of the industrial products company’s stock valued at $33,672,000 after acquiring an additional 24,623 shares in the last quarter. Hedge funds and other institutional investors own 93.26% of the company’s stock.
The Middleby (NASDAQ:MIDD) last released its earnings results on Thursday, May 6th. The industrial products company reported $1.79 earnings per share for the quarter, topping the consensus estimate of $1.63 by $0.16. The Middleby had a return on equity of 14.70% and a net margin of 8.59%. The firm had revenue of $758.06 million during the quarter, compared to analysts’ expectations of $714.50 million. During the same period in the prior year, the company earned $1.46 earnings per share. The company’s quarterly revenue was up 11.9% on a year-over-year basis. On average, equities research analysts predict that The Middleby will post 7.71 earnings per share for the current fiscal year.
About The Middleby
The Middleby Corporation designs, manufactures, markets, distributes, and services a range of foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, rethermalizers; steam cooking, food warming, catering, induction cooking, countertop cooking, and kitchen ventilation equipment; heated cabinets, charbroilers, ventless cooking systems, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, freezers; and soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment, fry dispensers, bottle filling and canning equipment, and IoT solutions.
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