Middleby (MIDD) Downgraded by BidaskClub to Hold

Middleby (NASDAQ:MIDD) was downgraded by BidaskClub from a “buy” rating to a “hold” rating in a research report issued on Friday.

MIDD has been the topic of a number of other reports. Deutsche Bank cut their target price on Middleby from $120.00 to $110.00 and set a “hold” rating on the stock in a research report on Friday, November 17th. BMO Capital Markets reiterated a “buy” rating and set a $150.00 price target on shares of Middleby in a report on Wednesday, November 8th. Zacks Investment Research upgraded Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, October 17th. Citigroup reiterated a “neutral” rating and set a $130.00 price target on shares of Middleby in a report on Thursday, September 7th. Finally, Susquehanna Bancshares started coverage on Middleby in a report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the stock. Middleby has an average rating of “Hold” and a consensus target price of $137.22.

Shares of Middleby (NASDAQ:MIDD) traded up $0.62 during trading on Friday, hitting $136.29. The stock had a trading volume of 317,600 shares, compared to its average volume of 550,490. The firm has a market capitalization of $7,620.00, a price-to-earnings ratio of 25.62 and a beta of 1.88. The company has a quick ratio of 1.02, a current ratio of 1.93 and a debt-to-equity ratio of 0.72. Middleby has a 12 month low of $107.53 and a 12 month high of $150.87.

Middleby declared that its Board of Directors has authorized a share repurchase plan on Tuesday, November 14th that allows the company to buyback 2,500,000 outstanding shares. This buyback authorization allows the industrial products company to buy shares of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

In other news, Treasurer Martin M. Lindsay sold 10,000 shares of Middleby stock in a transaction on Friday, December 15th. The stock was sold at an average price of $129.50, for a total transaction of $1,295,000.00. Following the transaction, the treasurer now owns 61,726 shares in the company, valued at $7,993,517. The sale 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.

Hedge funds and other institutional investors have recently modified their holdings of the business. Bronfman E.L. Rothschild L.P. grew its stake in Middleby by 9.2% in the second quarter. Bronfman E.L. Rothschild L.P. now owns 1,124 shares of the industrial products company’s stock valued at $137,000 after purchasing an additional 95 shares in the last quarter. Fiduciary Trust Co. purchased a new position in Middleby in the second quarter valued at about $143,000. Cubist Systematic Strategies LLC purchased a new position in Middleby in the second quarter valued at about $154,000. Zions Bancorporation purchased a new position in Middleby in the third quarter valued at about $198,000. Finally, Fulton Bank N.A. purchased a new position in Middleby in the third quarter valued at about $209,000. Hedge funds and other institutional investors own 99.08% of the company’s stock.

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About Middleby

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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