The Middleby Corporation (NASDAQ:MIDD) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of The Middleby Corporation (NASDAQ:MIDD) from a sell rating to a hold rating in a report released on Tuesday, October 17th.

According to Zacks, “Middleby reported better-than-expected earnings in second-quarter 2017. The company claimed that its ongoing initiatives to launch new products and improve production capability are likely to boost revenues in the quarters ahead. Moreover, newly acquired businesses are also expected to bolster the top line moving forward. Further, ongoing integration activities and greater cost discipline are likely to strengthen near-term profitability. Over the last 60 days, Zacks Consensus Estimate for the stock has moved north for both 2017 and 2018. However, Middleby’s shares have underperformed the industry in the last month. The company perceives that ongoing restructuring moves, lower European sales or major chain restaurant customers might depress results moving ahead. Even so, a stronger U.S. dollar might continue to weigh over aggregate revenues in the upcoming quarters.”

A number of other brokerages also recently issued reports on MIDD. Susquehanna Bancshares Inc initiated coverage on shares of The Middleby Corporation in a research report on Wednesday, September 27th. They set a positive rating and a $141.00 price objective on the stock. BidaskClub downgraded shares of The Middleby Corporation from a sell rating to a strong sell rating in a research report on Friday, August 11th. Robert W. Baird reduced their price objective on shares of The Middleby Corporation from $145.00 to $142.00 and set an outperform rating on the stock in a research report on Friday, August 11th. BMO Capital Markets reissued a buy rating and set a $150.00 price objective (down from $155.00) on shares of The Middleby Corporation in a research report on Friday, June 23rd. Finally, Citigroup Inc. reissued a neutral rating and set a $130.00 price objective on shares of The Middleby Corporation in a research report on Thursday, September 7th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the stock. The stock has an average rating of Hold and a consensus target price of $142.50.

The Middleby Corporation (NASDAQ MIDD) traded up $1.01 during trading hours on Tuesday, reaching $119.96. 710,422 shares of the company were exchanged, compared to its average volume of 477,769. The Middleby Corporation has a 52 week low of $112.12 and a 52 week high of $150.87. The company has a quick ratio of 1.04, a current ratio of 1.99 and a debt-to-equity ratio of 0.56. The company has a market cap of $6,910.00, a price-to-earnings ratio of 22.03 and a beta of 1.86.

The Middleby Corporation (NASDAQ:MIDD) last posted its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.38 by $0.01. The Middleby Corporation had a net margin of 13.38% and a return on equity of 23.05%. The company had revenue of $579.34 million during the quarter, compared to analyst estimates of $587.49 million. research analysts predict that The Middleby Corporation will post 5.53 EPS for the current fiscal year.

ILLEGAL ACTIVITY NOTICE: “The Middleby Corporation (NASDAQ:MIDD) Upgraded to “Hold” at Zacks Investment Research” was originally reported by BBNS and is the property of of BBNS. If you are reading this article on another website, it was copied illegally and republished in violation of U.S. and international copyright legislation. The original version of this article can be accessed at https://baseballnewssource.com/markets/the-middleby-corporation-midd-stock-rating-upgraded-by-zacks-investment-research/1722336.html.

In other The Middleby Corporation news, Director John R. Miller III sold 8,500 shares of the company’s stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $118.50, for a total transaction of $1,007,250.00. Following the transaction, the director now owns 16,000 shares in the company, valued at approximately $1,896,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Gordon Obrien sold 5,600 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $121.41, for a total transaction of $679,896.00. Following the transaction, the director now owns 11,050 shares in the company, valued at approximately $1,341,580.50. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of MIDD. IFP Advisors Inc lifted its stake in The Middleby Corporation by 10.5% during the 2nd quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock valued at $125,000 after acquiring an additional 98 shares during the period. LS Investment Advisors LLC lifted its stake in The Middleby Corporation by 4.7% during the 2nd quarter. LS Investment Advisors LLC now owns 1,072 shares of the industrial products company’s stock valued at $130,000 after acquiring an additional 48 shares during the period. Bronfman E.L. Rothschild L.P. lifted its stake in The Middleby Corporation by 9.2% during the 2nd quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock valued at $137,000 after acquiring an additional 95 shares during the period. Fiduciary Trust Co. bought a new position in The Middleby Corporation during the 2nd quarter valued at about $143,000. Finally, Cubist Systematic Strategies LLC bought a new position in The Middleby Corporation during the 2nd quarter valued at about $154,000. Institutional investors and hedge funds own 94.41% of the company’s stock.

The Middleby Corporation Company Profile

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.

Get a free copy of the Zacks research report on The Middleby Corporation (MIDD)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for The Middleby Corporation (NASDAQ:MIDD)

Receive News & Ratings for The Middleby Corporation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for The Middleby Corporation and related companies with our FREE daily email newsletter.

 


Latest News

Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
Seattle Mariners Start Offseason With a Bang: Three Trades Over Four Days
MLB Commissioner: New Rule for Pace-of-Play in 2018
MLB Commissioner: New Rule for Pace-of-Play in 2018
Alex Cobb Could Be Good Fit for Cubs
Alex Cobb Could Be Good Fit for Cubs
Joey Votto Is One of Baseball’s Best Hitters
Joey Votto Is One of Baseball’s Best Hitters
Hunter Pence May Become Part-Time Player
Hunter Pence May Become Part-Time Player
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts
Perfect 300 Bowled by Red Sox Right Fielder Mookie Betts


Leave a Reply

 
© 2006-2017 BBNS.