The Middleby Corp. (MIDD) Downgraded to “Hold” at Zacks Investment Research
The Middleby Corp. (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors 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.”
Other equities analysts have also issued research reports about the stock. Wellington Shields raised shares of The Middleby Corp. from a “hold” rating to an “accumulate” rating in a research report on Friday, September 9th. Deutsche Bank AG assumed coverage on shares of The Middleby Corp. in a research report on Tuesday, September 6th. They set a “hold” rating and a $123.00 price target for the company. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $126.80.
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The Middleby Corp. (NASDAQ:MIDD) traded up 0.85% during midday trading on Wednesday, hitting $117.91. 145,108 shares of the stock traded hands. The Middleby Corp. has a one year low of $79.11 and a one year high of $140.98. The company has a market cap of $6.78 billion, a PE ratio of 29.70 and a beta of 1.45. The company’s 50-day moving average is $124.81 and its 200-day moving average is $118.47.
The Middleby Corp. (NASDAQ:MIDD) last announced its quarterly earnings data on Wednesday, August 10th. The company reported $1.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.11 by $0.17. The Middleby Corp. had a net margin of 10.89% and a return on equity of 20.50%. Equities research analysts expect that The Middleby Corp. will post $4.80 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in MIDD. IFP Advisors Inc raised its stake in The Middleby Corp. by 0.6% in the second quarter. IFP Advisors Inc now owns 876 shares of the company’s stock valued at $101,000 after buying an additional 5 shares during the last quarter. BNP Paribas Arbitrage SA raised its stake in The Middleby Corp. by 305.6% in the third quarter. BNP Paribas Arbitrage SA now owns 941 shares of the company’s stock valued at $116,000 after buying an additional 709 shares during the last quarter. Johnson Financial Group Inc. raised its stake in The Middleby Corp. by 62.0% in the second quarter. Johnson Financial Group Inc. now owns 1,377 shares of the company’s stock valued at $159,000 after buying an additional 527 shares during the last quarter. WFG Advisors LP raised its stake in The Middleby Corp. by 18.1% in the second quarter. WFG Advisors LP now owns 1,754 shares of the company’s stock valued at $202,000 after buying an additional 269 shares during the last quarter. Finally, CIBC Asset Management Inc acquired a new stake in The Middleby Corp. during the second quarter valued at about $215,000. 95.09% of the stock is 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.
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