Middleby (MIDD) Upgraded at BidaskClub
BidaskClub upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a report issued on Saturday morning.
Several other equities research analysts also recently weighed in on MIDD. Citigroup reduced their price target on Middleby from $132.00 to $120.00 and set a neutral rating on the stock in a report on Friday, November 10th. Zacks Investment Research downgraded Middleby from a hold rating to a sell rating in a report on Tuesday, December 19th. Susquehanna Bancshares began coverage on Middleby in a report on Wednesday, September 27th. They issued a positive rating and a $141.00 price target on the stock. BMO Capital Markets reduced their price target on Middleby from $150.00 to $145.00 and set an outperform rating on the stock in a report on Thursday, November 9th. Finally, Deutsche Bank reduced their price target on Middleby from $120.00 to $110.00 and set a hold rating on the stock in a report on Friday, November 17th. One analyst has rated the stock with a sell rating, four have issued a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $137.22.
Shares of Middleby (NASDAQ:MIDD) opened at $134.95 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.93 and a debt-to-equity ratio of 0.72. Middleby has a fifty-two week low of $107.53 and a fifty-two week high of $150.87. The firm has a market capitalization of $7,545.44, a P/E ratio of 25.41 and a beta of 1.88.
Middleby declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 14th that permits the company to repurchase 2,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $129.50, for a total value of $1,295,000.00. Following the transaction, the treasurer now owns 61,726 shares of the company’s stock, valued at $7,993,517. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 2.00% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in the stock. Atlantic Trust Group LLC bought a new stake in Middleby during the 3rd quarter valued at $33,120,000. Parametric Portfolio Associates LLC boosted its position in Middleby by 15.8% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 395,499 shares of the industrial products company’s stock valued at $50,691,000 after acquiring an additional 53,977 shares in the last quarter. Hartline Investment Corp boosted its position in Middleby by 4.9% during the 3rd quarter. Hartline Investment Corp now owns 54,355 shares of the industrial products company’s stock valued at $6,967,000 after acquiring an additional 2,530 shares in the last quarter. DF Dent & Co. Inc. boosted its position in Middleby by 19.0% during the 3rd quarter. DF Dent & Co. Inc. now owns 20,571 shares of the industrial products company’s stock valued at $2,637,000 after acquiring an additional 3,286 shares in the last quarter. Finally, California Public Employees Retirement System boosted its position in Middleby by 2.3% during the 3rd quarter. California Public Employees Retirement System now owns 121,008 shares of the industrial products company’s stock valued at $15,510,000 after acquiring an additional 2,708 shares in the last quarter. 99.08% of the stock is currently owned by institutional investors.
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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