Middleby (MIDD) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a report released on Wednesday. The firm currently has $151.00 price objective on the industrial products company’s stock.

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.”

Other equities research analysts have also recently issued research reports about the stock. BidaskClub raised shares of 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 target price on shares of Middleby in a report on Wednesday, November 8th. Deutsche Bank lowered their target price on shares of Middleby from $120.00 to $110.00 and set a hold rating on the stock in a report on Friday, November 17th. Citigroup lowered their target price on shares of Middleby from $132.00 to $120.00 and set a neutral rating on the stock in a report on Friday, November 10th. Finally, Susquehanna Bancshares initiated coverage on shares of Middleby in a report on Wednesday, September 27th. They set a positive rating and a $141.00 target price on the stock. Four analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of Buy and an average price target of $138.22.

Middleby (MIDD) opened at $137.75 on Wednesday. Middleby has a 12 month low of $107.53 and a 12 month 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 company has a market capitalization of $7,497.92, a P/E ratio of 24.74 and a beta of 1.88.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Tuesday, November 7th. The industrial products company reported $1.36 EPS for the quarter, missing the consensus estimate of $1.41 by ($0.05). Middleby had a net margin of 13.22% and a return on equity of 23.28%. equities analysts expect that Middleby will post 5.39 EPS for the current year.

Middleby declared that its board has authorized a stock repurchase program on Tuesday, November 14th that permits the company to repurchase 2,500,000 outstanding shares. This repurchase authorization permits the industrial products company to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

In other news, Treasurer Martin M. Lindsay sold 10,000 shares of the company’s stock in a transaction on Friday, December 15th. The shares were sold at an average price of $129.50, for a total value of $1,295,000.00. Following the transaction, the treasurer now owns 61,726 shares of the company’s stock, valued at $7,993,517. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 2.00% of the company’s stock.

Institutional investors have recently added to or reduced their stakes in the company. Stifel Financial Corp increased its holdings in shares of Middleby by 15.3% in the second quarter. Stifel Financial Corp now owns 8,402 shares of the industrial products company’s stock worth $1,017,000 after purchasing an additional 1,113 shares during the period. Arcadia Investment Management Corp MI increased its holdings in shares of Middleby by 1.1% in the third quarter. Arcadia Investment Management Corp MI now owns 42,548 shares of the industrial products company’s stock worth $5,453,000 after purchasing an additional 470 shares during the period. Northern Trust Corp increased its stake in Middleby by 0.3% in the second quarter. Northern Trust Corp now owns 334,014 shares of the industrial products company’s stock valued at $40,586,000 after acquiring an additional 863 shares during the last quarter. Tudor Investment Corp ET AL bought a new position in Middleby in the second quarter valued at $329,000. Finally, Pacer Advisors Inc. increased its stake in Middleby by 15.4% in the third quarter. Pacer Advisors Inc. now owns 10,654 shares of the industrial products company’s stock valued at $1,366,000 after acquiring an additional 1,419 shares during the last quarter. 99.09% of the stock is currently owned by hedge funds and other institutional investors.

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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.

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