Middleby Corp (MIDD) Receives Consensus Recommendation of “Hold” from Brokerages

Middleby Corp (NASDAQ:MIDD) has earned an average recommendation of “Hold” from the eleven ratings firms that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The average 12 month target price among analysts that have covered the stock in the last year is $136.63.

Several research analysts have recently commented on the company. Deutsche Bank cut their price objective on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a report on Friday, November 17th. BidaskClub raised Middleby from a “hold” rating to a “buy” rating in a report on Saturday, December 30th. BMO Capital Markets reissued a “buy” rating and set a $150.00 price objective on shares of Middleby in a report on Wednesday, November 8th. Zacks Investment Research raised Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Finally, Citigroup reissued a “neutral” rating and set a $130.00 price objective on shares of Middleby in a report on Thursday, September 7th.

Shares of Middleby (NASDAQ:MIDD) traded down $0.39 during midday trading on Friday, hitting $135.67. The stock had a trading volume of 317,700 shares, compared to its average volume of 425,933. Middleby has a 52 week low of $107.53 and a 52 week high of $150.87. The company has a quick ratio of 1.02, a current ratio of 1.93 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $7,607.51, a price-to-earnings ratio of 25.55 and a beta of 1.88.

Middleby announced that its board has authorized a share buyback program on Tuesday, November 14th that permits the company to repurchase 2,500,000 shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

In related news, Treasurer Martin M. Lindsay sold 10,000 shares of the business’s 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 completion of the sale, the treasurer now owns 61,726 shares in the company, valued at approximately $7,993,517. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in MIDD. Koch Industries Inc. lifted its position in Middleby by 58,978.1% in the 2nd quarter. Koch Industries Inc. now owns 884,399 shares of the industrial products company’s stock worth $877,000 after buying an additional 882,902 shares during the last quarter. Janus Henderson Group PLC lifted its position in Middleby by 144.9% in the 2nd quarter. Janus Henderson Group PLC now owns 1,352,865 shares of the industrial products company’s stock worth $164,386,000 after buying an additional 800,527 shares during the last quarter. CI Global Investments Inc. lifted its position in Middleby by 42.4% in the 3rd quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock worth $271,980,000 after buying an additional 631,770 shares during the last quarter. Wells Fargo & Company MN lifted its position in Middleby by 170.9% in the 3rd quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock worth $122,680,000 after buying an additional 603,869 shares during the last quarter. Finally, FMR LLC lifted its position in Middleby by 509.6% in the 2nd quarter. FMR LLC now owns 582,538 shares of the industrial products company’s stock worth $70,784,000 after buying an additional 486,978 shares during the last quarter. Institutional investors own 99.08% of the company’s stock.

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Middleby 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.

Analyst Recommendations for Middleby (NASDAQ:MIDD)

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