Zacks Investment Research Downgrades The Middleby Corporation (MIDD) to Sell
The Middleby Corporation (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “Over the last one month, Middleby's shares underperformed the Zacks categorized Machinery-General Industrial industry. The company noted that adverse foreign exchange impact dragged down its top-line results by $13.3 million in first-quarter 2017. Notably, Middleby believes that a stronger U.S. dollar might continue to dent its top-line performance in the quarters ahead. Moreover, we perceive that other headwinds such as dismal pricing conditions in the energy market, stiff industry rivalry and sudden input price inflation might weigh over Middleby's near-term results. Over the last 30 days, the Zacks Consensus Estimate for the stock also moved south for both 2017 and 2018.”
A number of other equities analysts also recently commented on MIDD. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down from $160.00) on shares of The Middleby Corporation in a report on Wednesday, May 17th. BidaskClub downgraded shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Finally, Seaport Global Securities started coverage on shares of The Middleby Corporation in a report on Thursday, June 29th. They set a “neutral” rating and a $128.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $140.50.
Shares of The Middleby Corporation (NASDAQ MIDD) traded up 2.03% during midday trading on Tuesday, hitting $121.65. 567,036 shares of the company were exchanged. The stock’s 50-day moving average is $128.91 and its 200-day moving average is $133.91. The stock has a market cap of $7.00 billion, a PE ratio of 23.13 and a beta of 1.82. The Middleby Corporation has a one year low of $108.45 and a one year high of $150.87.
The Middleby Corporation (NASDAQ:MIDD) last issued its quarterly earnings results on Tuesday, May 9th. The industrial products company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $530.30 million during the quarter, compared to the consensus estimate of $542.50 million. The Middleby Corporation had a net margin of 13.16% and a return on equity of 23.45%. Equities research analysts anticipate that The Middleby Corporation will post $5.70 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in The Middleby Corporation by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 212,654 shares of the industrial products company’s stock worth $27,392,000 after buying an additional 2,435 shares during the last quarter. Guggenheim Capital LLC increased its position in The Middleby Corporation by 11.9% in the fourth quarter. Guggenheim Capital LLC now owns 4,006 shares of the industrial products company’s stock worth $516,000 after buying an additional 426 shares during the last quarter. Norges Bank acquired a new position in The Middleby Corporation during the fourth quarter worth approximately $35,924,000. RMB Capital Management LLC increased its position in The Middleby Corporation by 6.1% in the fourth quarter. RMB Capital Management LLC now owns 119,988 shares of the industrial products company’s stock worth $15,456,000 after buying an additional 6,857 shares during the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in The Middleby Corporation by 719.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 350,362 shares of the industrial products company’s stock worth $45,130,000 after buying an additional 307,631 shares during the last quarter. 95.55% of the stock is owned by institutional investors.
About The Middleby Corporation
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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