Zacks Investment Research lowered shares of Middleby (NASDAQ:MIDD) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Middleby perceives that increased demand from chain restaurant customers, robust pipeline of projects and rise in order rates would drive its near-term revenues. Moving ahead, acquisitions are likely to continue boosting revenues and profitability of the company. Additionally, ongoing distribution changes, new tax law and improved top-line performance are anticipated to increase the company’s earnings in the quarters ahead. However, in the last month, shares of the company have underperformed the industry. Headwinds like stiff industry rivalry or sudden price inflation of a major input might dent Middleby’s near-term growth scopes. Lower profits secured from acquired businesses also remains a cause of concern.”
MIDD has been the topic of several other reports. BidaskClub raised Middleby from a hold rating to a buy rating in a research report on Saturday, December 30th. BMO Capital Markets reaffirmed a buy rating and issued a $160.00 target price (up from $145.00) on shares of Middleby in a research report on Wednesday, March 7th. They noted that the move was a valuation call. Citigroup increased their target price on Middleby from $120.00 to $150.00 and gave the stock a neutral rating in a research report on Tuesday, January 30th. Wellington Shields lowered Middleby from an accumulate rating to a hold rating in a research report on Thursday, March 1st. Finally, Susquehanna Bancshares set a $149.00 target price on Middleby and gave the stock a buy rating in a research report on Thursday, March 1st. One analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the stock. Middleby has a consensus rating of Hold and a consensus target price of $138.25.
Middleby (NASDAQ:MIDD) last issued its earnings results on Tuesday, February 27th. The industrial products company reported $1.48 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $1.48. Middleby had a return on equity of 22.98% and a net margin of 12.77%. The firm had revenue of $632.86 million for the quarter, compared to analyst estimates of $646.83 million. equities analysts anticipate that Middleby will post 6.49 EPS for the current fiscal year.
In other Middleby news, Director Nassem Ziyad purchased 2,000 shares of the stock in a transaction dated Thursday, March 8th. The shares were bought at an average cost of $118.50 per share, with a total value of $237,000.00. Following the completion of the acquisition, the director now owns 2,000 shares of the company’s stock, valued at $237,000. The purchase was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Truewealth LLC acquired a new position in shares of Middleby during the fourth quarter valued at $102,000. American International Group Inc. acquired a new position in shares of Middleby during the fourth quarter valued at $176,000. Crossmark Global Holdings Inc. acquired a new position in shares of Middleby during the fourth quarter valued at $202,000. Zions Bancorporation acquired a new position in Middleby during the third quarter worth about $198,000. Finally, Beacon Investment Advisory Services Inc. acquired a new position in Middleby during the third quarter worth about $231,000.
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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.
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