Middleby (NASDAQ:MIDD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $151.00 price objective on the industrial products company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 12.88% from the stock’s current price.
According to Zacks, “Over the last three months, Middleby’s shares have outperformed the industry. The company believes its production expansion moves and efforts taken to upgrade the existing manufacturing facilities will bolster revenues in the quarters ahead. Moreover, the recent acquisitions are also anticipated to drive revenues and profitability. Also, the new investments made by Middleby to strengthen its existing product portfolio are also likely to benefit near-term results. The company’s robust marketing and distribution network also will likely aid in strengthening its top-line growth trajectory.”
A number of other equities research analysts have also recently commented on the company. BidaskClub upgraded Middleby from a “hold” rating to a “buy” rating in a research note on Saturday, December 30th. BMO Capital Markets reiterated a “buy” rating and issued a $150.00 price target on shares of Middleby in a research note on Wednesday, November 8th. Deutsche Bank decreased their price target on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research note on Friday, November 17th. Citigroup decreased their price target on Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a research note on Friday, November 10th. Finally, Susquehanna Bancshares assumed coverage on Middleby in a research note on Wednesday, September 27th. They issued a “positive” rating and a $141.00 price target for the company. Four investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $138.22.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $1.36 earnings per share for the quarter, missing analysts’ consensus estimates of $1.41 by ($0.05). Middleby had a net margin of 13.22% and a return on equity of 23.28%. sell-side analysts predict that Middleby will post 5.41 EPS for the current fiscal year.
Middleby declared that its Board of Directors has initiated a stock repurchase program on Tuesday, November 14th that permits the company to repurchase 2,500,000 shares. This repurchase authorization permits the industrial products company to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the firm’s stock in a transaction dated 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 transaction, the treasurer now directly owns 61,726 shares in the company, valued at $7,993,517. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.00% of the company’s stock.
Several large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its stake in shares of Middleby by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,541,273 shares of the industrial products company’s stock worth $551,811,000 after purchasing an additional 54,010 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Middleby by 19.9% in the second quarter. Goldman Sachs Group Inc. now owns 2,859,086 shares of the industrial products company’s stock worth $347,407,000 after purchasing an additional 474,506 shares during the last quarter. BlackRock Inc. raised its stake in shares of Middleby by 2.7% in the second quarter. BlackRock Inc. now owns 2,701,818 shares of the industrial products company’s stock worth $328,297,000 after purchasing an additional 69,896 shares during the last quarter. CI Global Investments Inc. raised its position in Middleby by 42.4% during the third quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after acquiring an additional 631,770 shares in the last quarter. Finally, American Century Companies Inc. raised its position in Middleby by 1.0% during the third quarter. American Century Companies Inc. now owns 1,409,299 shares of the industrial products company’s stock valued at $180,630,000 after acquiring an additional 13,490 shares in the last quarter. Hedge funds and other institutional investors own 99.09% of the company’s stock.
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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