Middleby Corp (MIDD) Rating Increased to Hold at Zacks Investment Research
Middleby Corp (NASDAQ:MIDD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
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 equities analysts have also recently weighed in on MIDD. BidaskClub cut shares of Middleby Corp from a “sell” rating to a “strong sell” rating in a research note on Friday, August 11th. BMO Capital Markets reaffirmed a “buy” rating and set a $150.00 price target on shares of Middleby Corp in a research note on Friday, August 11th. Robert W. Baird lowered their price target on shares of Middleby Corp from $145.00 to $142.00 and set an “outperform” rating on the stock in a research note on Friday, August 11th. Susquehanna Bancshares Inc began coverage on shares of Middleby Corp in a research note on Wednesday, September 27th. They set a “positive” rating and a $141.00 price target on the stock. Finally, Seaport Global Securities began coverage on shares of Middleby Corp in a research note on Thursday, June 29th. They set a “neutral” rating and a $128.00 price target on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and five have given a buy rating to the company’s stock. Middleby Corp has a consensus rating of “Hold” and an average price target of $142.50.
Shares of Middleby Corp (NASDAQ MIDD) traded down 0.84% during mid-day trading on Tuesday, hitting $117.61. 187,919 shares of the stock traded hands. The firm has a market cap of $6.78 billion, a price-to-earnings ratio of 22.03 and a beta of 1.82. Middleby Corp has a 12-month low of $108.45 and a 12-month high of $150.87. The firm’s 50 day moving average price is $123.21 and its 200 day moving average price is $127.41.
Middleby Corp (NASDAQ:MIDD) last posted its quarterly earnings results on Wednesday, August 9th. The industrial products company reported $1.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.38 by $0.01. Middleby Corp had a net margin of 13.39% and a return on equity of 22.62%. The business had revenue of $579.34 million for the quarter, compared to analysts’ expectations of $587.49 million. On average, equities research analysts predict that Middleby Corp will post $5.58 EPS for the current fiscal year.
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In related news, Director John R. Miller III sold 8,500 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $118.50, for a total value of $1,007,250.00. Following the sale, the director now directly owns 16,000 shares of the company’s stock, valued at approximately $1,896,000. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Gordon Obrien sold 5,600 shares of the 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 completion of the sale, the director now directly owns 11,050 shares in the company, valued at $1,341,580.50. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MIDD. BlackRock Inc. grew its stake in Middleby Corp by 4,935.7% in the 1st quarter. BlackRock Inc. now owns 2,631,922 shares of the industrial products company’s stock valued at $359,127,000 after acquiring an additional 2,579,657 shares during the last quarter. Koch Industries Inc. grew its stake in Middleby Corp by 58,978.1% in the 2nd quarter. Koch Industries Inc. now owns 884,399 shares of the industrial products company’s stock valued at $877,000 after acquiring an additional 882,902 shares during the last quarter. Janus Henderson Group PLC grew its stake in Middleby Corp by 144.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,352,865 shares of the industrial products company’s stock valued at $164,386,000 after acquiring an additional 800,527 shares during the last quarter. William Blair Investment Management LLC grew its stake in Middleby Corp by 40.4% in the 2nd quarter. William Blair Investment Management LLC now owns 1,809,903 shares of the industrial products company’s stock valued at $219,921,000 after acquiring an additional 520,906 shares during the last quarter. Finally, FMR LLC grew its stake in Middleby Corp by 509.6% in the 2nd quarter. FMR LLC now owns 582,538 shares of the industrial products company’s stock valued at $70,784,000 after acquiring an additional 486,978 shares during the last quarter. 95.21% of the stock is currently owned by hedge funds and other institutional investors.
Middleby Corp 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.
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