Middleby (NASDAQ:MIDD) Stock Price Expected to Rise, JPMorgan Chase & Co. Analyst Says

Middleby (NASDAQ:MIDD) had its price target hoisted by research analysts at JPMorgan Chase & Co. from $134.00 to $145.00 in a research report issued to clients and investors on Monday,Benzinga reports. The firm currently has an “underweight” rating on the industrial products company’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential downside of 15.07% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Canaccord Genuity Group increased their target price on Middleby from $155.00 to $192.00 and gave the company a “buy” rating in a report on Monday, January 27th. KeyCorp lifted their target price on shares of Middleby from $160.00 to $185.00 and gave the stock an “overweight” rating in a research note on Monday, January 27th. StockNews.com downgraded shares of Middleby from a “buy” rating to a “hold” rating in a research note on Monday, January 27th. Robert W. Baird increased their price objective on shares of Middleby from $157.00 to $227.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. Finally, Jefferies Financial Group restated a “hold” rating and set a $160.00 target price (down from $170.00) on shares of Middleby in a report on Thursday, December 12th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Middleby has a consensus rating of “Hold” and an average price target of $178.83.

Middleby Price Performance

NASDAQ MIDD traded down $0.42 during trading hours on Monday, reaching $170.72. The company’s stock had a trading volume of 381,146 shares, compared to its average volume of 886,067. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. Middleby has a 1-year low of $118.41 and a 1-year high of $177.90. The company’s 50-day moving average is $142.91 and its two-hundred day moving average is $138.94. The firm has a market capitalization of $9.18 billion, a price-to-earnings ratio of 23.55 and a beta of 1.63.

Middleby (NASDAQ:MIDD) last released its 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). The company had revenue of $942.81 million for the quarter, compared to analysts’ expectations of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period in the prior year, the firm earned $2.35 EPS. On average, equities analysts predict that Middleby will post 9.12 EPS for the current year.

Institutional Trading of Middleby

Several institutional investors have recently made changes to their positions in MIDD. Quarry LP raised its position in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares during the period. Covestor Ltd raised its holdings in Middleby by 306.5% in the 3rd quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after buying an additional 190 shares during the period. UMB Bank n.a. lifted its position in Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock valued at $39,000 after buying an additional 136 shares during the last quarter. Avior Wealth Management LLC boosted its stake in Middleby by 820.0% during the third quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after buying an additional 287 shares during the period. Finally, GAMMA Investing LLC increased its position in shares of Middleby by 91.8% during the third quarter. GAMMA Investing LLC now owns 489 shares of the industrial products company’s stock valued at $68,000 after acquiring an additional 234 shares during the last quarter. Hedge funds and other 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.