The Middleby Corp. (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Middleby has been steadily improving its business on the back of product portfolio solidification and greater operational efficacy. The company intends to finance several capital deployment programs with free cash generated from operating activities. Moreover, the Middleby’s latest acquisitions are also estimated to improve its revenue and earnings growth trajectory in the near term. Owing to these bullish factors, Zacks Consensus Estimate for the stock has been revised upwards for both 2016 and 2017, over the last 60 days. However, unfavorable input price fluctuations, stiff industry rivalry, a stronger U.S. dollar and weak energy resource prices might limit growth.”
MIDD has been the topic of a number of other research reports. Wellington Shields upgraded The Middleby Corp. from a “hold” rating to an “accumulate” rating in a report on Friday, September 9th. Deutsche Bank AG started coverage on The Middleby Corp. in a report on Tuesday, September 6th. They issued a “hold” rating and a $123.00 target price on the stock. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Buy” and an average price target of $126.80.
The Middleby Corp. (NASDAQ:MIDD) opened at 118.32 on Wednesday. The firm has a market cap of $6.81 billion, a price-to-earnings ratio of 29.80 and a beta of 1.45. The firm’s 50-day moving average price is $124.04 and its 200-day moving average price is $118.46. The Middleby Corp. has a 1-year low of $79.11 and a 1-year high of $140.98.
The Middleby Corp. (NASDAQ:MIDD) last issued its earnings results on Wednesday, August 10th. The company reported $1.28 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.11 by $0.17. The Middleby Corp. had a return on equity of 20.50% and a net margin of 10.89%. On average, equities research analysts anticipate that The Middleby Corp. will post $4.80 earnings per share for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP raised its stake in shares of The Middleby Corp. by 79.0% in the first quarter. Wellington Management Group LLP now owns 4,797,791 shares of the company’s stock worth $512,260,000 after buying an additional 2,117,133 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in shares of The Middleby Corp. by 171.0% in the second quarter. Artisan Partners Limited Partnership now owns 1,222,994 shares of the company’s stock worth $140,950,000 after buying an additional 771,730 shares during the last quarter. Emerald Acquisition Ltd. acquired a new stake in shares of The Middleby Corp. during the second quarter worth about $63,243,000. JPMorgan Chase & Co. raised its stake in shares of The Middleby Corp. by 40.8% in the second quarter. JPMorgan Chase & Co. now owns 1,595,112 shares of the company’s stock worth $183,837,000 after buying an additional 462,257 shares during the last quarter. Finally, Fiera Capital Corp raised its stake in shares of The Middleby Corp. by 37.7% in the second quarter. Fiera Capital Corp now owns 1,634,564 shares of the company’s stock worth $188,384,000 after buying an additional 447,822 shares during the last quarter. 95.09% of the stock is currently owned by institutional investors.
The Middleby Corp. Company Profile
The Middleby Corporation (Middleby) 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.