The Middleby Corporation (MIDD) Price Target Cut to $110.00
The Middleby Corporation (NASDAQ:MIDD) had its price objective decreased by investment analysts at Deutsche Bank AG from $120.00 to $110.00 in a research note issued to investors on Friday. The firm currently has a “hold” rating on the industrial products company’s stock. Deutsche Bank AG’s target price points to a potential downside of 3.25% from the company’s previous close.
MIDD has been the topic of a number of other research reports. BMO Capital Markets cut their target price on The Middleby Corporation from $150.00 to $145.00 and set an “outperform” rating on the stock in a research report on Thursday, November 9th. Macquarie raised The Middleby Corporation from a “neutral” rating to an “outperform” rating and set a $150.00 target price on the stock in a research report on Tuesday, August 15th. Citigroup Inc. reissued a “neutral” rating and issued a $130.00 target price on shares of The Middleby Corporation in a research report on Thursday, September 7th. Susquehanna Bancshares Inc started coverage on The Middleby Corporation in a research report on Wednesday, September 27th. They issued a “positive” rating and a $141.00 target price on the stock. Finally, Zacks Investment Research lowered The Middleby Corporation from a “hold” rating to a “sell” rating in a research report on Tuesday, September 19th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $137.22.
Shares of The Middleby Corporation (NASDAQ:MIDD) opened at $113.69 on Friday. The stock has a market capitalization of $6,356.75, a P/E ratio of 20.98 and a beta of 1.87. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.93 and a quick ratio of 1.04. The Middleby Corporation has a 12-month low of $107.53 and a 12-month high of $150.87.
The Middleby Corporation announced that its board has authorized a share repurchase program on Tuesday, November 14th that authorizes the company to buyback 2,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to reacquire shares of its stock through open market purchases. Shares buyback programs are typically a sign that the company’s management believes its shares are undervalued.
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In other news, Director Gordon Obrien sold 5,600 shares of the company’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $121.41, for a total transaction of $679,896.00. Following the sale, the director now owns 11,050 shares of the company’s stock, valued at $1,341,580.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John R. Miller III sold 8,500 shares of the company’s stock in a transaction on Monday, August 28th. The stock was 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 in the company, valued at approximately $1,896,000. The disclosure for this sale can be found here. 2.00% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of The Middleby Corporation by 1.2% during the second quarter. Vanguard Group Inc. now owns 4,541,273 shares of the industrial products company’s stock worth $551,811,000 after purchasing an additional 54,010 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of The Middleby Corporation by 19.9% during the second quarter. Goldman Sachs Group Inc. now owns 2,859,086 shares of the industrial products company’s stock worth $347,407,000 after purchasing an additional 474,506 shares in the last quarter. BlackRock Inc. grew its stake in shares of The Middleby Corporation by 2.7% during the second quarter. BlackRock Inc. now owns 2,701,818 shares of the industrial products company’s stock worth $328,297,000 after purchasing an additional 69,896 shares in the last quarter. Fiera Capital Corp grew its stake in shares of The Middleby Corporation by 19.3% during the second quarter. Fiera Capital Corp now owns 2,480,553 shares of the industrial products company’s stock worth $301,412,000 after purchasing an additional 401,561 shares in the last quarter. Finally, CI Global Investments Inc. grew its stake in shares of The Middleby Corporation by 42.4% during the third quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock worth $271,980,000 after purchasing an additional 631,770 shares in the last quarter. Hedge funds and other institutional investors own 95.03% 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.
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