Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a sell rating to a hold rating in a report released on Monday, January 8th. Zacks Investment Research currently has $154.00 price objective on the industrial products company’s stock.
According to Zacks, “Over the last month, Middleby's shares underperformed the industry. The company reported mixed results for third-quarter 2017. Quarterly earnings missed the Zacks Consensus Estimate by 3.5%, but revenues surpassed the same by 0.9%. The company expects that higher revenues generated from the latest business acquisitions, new product portfolio solidification investments and business expansion in new emerging markets will strengthen results in the quarters ahead. However, lower sales of the AGA Group business might continue to hurt performance of the company's Residential Kitchen Equipment segment. Moreover, cost associated with ongoing acquisition integration initiatives and restructuring moves might dent profitability. Heightening industry rivalry is also another cause of concern. Over the last 30 days, Zacks Consensus Estimate for the stock has remained unchanged for 2018.”
A number of other equities analysts have also recently commented on the stock. Citigroup dropped their price target on shares of Middleby from $132.00 to $120.00 and set a neutral rating for the company in a research note on Friday, November 10th. BidaskClub cut shares of Middleby from a buy rating to a hold rating in a research note on Friday, January 5th. BMO Capital Markets reaffirmed a buy rating and set a $150.00 price target on shares of Middleby in a research note on Wednesday, November 8th. Deutsche Bank dropped their price target on shares of Middleby from $120.00 to $110.00 and set a hold rating for the company in a research note on Friday, November 17th. Finally, Susquehanna Bancshares started coverage on shares of Middleby in a research note on Wednesday, September 27th. They set a positive rating and a $141.00 price target for the company. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $138.22.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.05). Middleby had a return on equity of 23.28% and a net margin of 13.22%. equities research analysts forecast that Middleby will post 5.41 earnings per share for the current year.
Middleby announced that its Board of Directors has authorized a share repurchase plan on Tuesday, November 14th that authorizes the company to buyback 2,500,000 shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the completion of the sale, the treasurer now owns 61,726 shares in the company, valued at approximately $7,993,517. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.00% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the stock. Fiduciary Trust Co. bought a new stake in Middleby during the 2nd quarter valued at about $143,000. Cubist Systematic Strategies LLC bought a new stake in Middleby during the 2nd quarter valued at about $154,000. Zions Bancorporation bought a new stake in Middleby during the 3rd quarter valued at about $198,000. Fulton Bank N.A. bought a new stake in Middleby during the 3rd quarter valued at about $209,000. Finally, Ironwood Investment Management LLC bought a new stake in Middleby during the 3rd quarter valued at about $229,000. Institutional investors own 99.09% of the company’s stock.
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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.
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