The Middleby Corporation (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday, July 19th.
According to Zacks, “For the last one month, Middleby's shares underperformed the Zacks categorized Machinery-General Industrial industry. The company noted that adverse foreign exchange impact dragged down its top-line results by $13.3 million in first-quarter 2017. A stronger U.S. dollar or other headwinds such as stiff industry rivalry and sudden input price inflation might weigh over the company's near-term results. However, sturdy demand from chain restaurant customers is anticipated to strengthen the company's Commercial Foodservice Equipment business in the quarters ahead. Also, Middleby is poised to grow on the back of greater operational efficacy, diligent acquisitions and strategic restructuring moves. Over the last 7 days, Zacks Consensus Estimate for the stock has remained unchanged for both 2017 and 2018.”
MIDD has been the subject of several other research reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $155.00 price objective (down previously from $160.00) on shares of The Middleby Corporation in a report on Wednesday, May 17th. BidaskClub lowered shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a report on Friday, June 23rd. Seaport Global Securities began coverage on shares of The Middleby Corporation in a report on Thursday, June 29th. They set a “neutral” rating and a $128.00 price objective for the company. Finally, Wellington Shields raised shares of The Middleby Corporation from a “hold” rating to a “gradually accumulate” rating in a report on Tuesday, July 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $141.71.
Shares of The Middleby Corporation (MIDD) traded up 1.74% during mid-day trading on Wednesday, reaching $122.53. The company had a trading volume of 1,019,378 shares. The company has a market capitalization of $7.02 billion, a PE ratio of 22.95 and a beta of 1.82. The Middleby Corporation has a 52-week low of $108.45 and a 52-week high of $150.87. The company’s 50-day moving average price is $125.63 and its 200-day moving average price is $132.64.
The Middleby Corporation (NASDAQ:MIDD) last posted its quarterly earnings data on Wednesday, August 9th. The industrial products company reported $1.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.38 by $0.01. The company had revenue of $579.34 million during the quarter, compared to analyst estimates of $587.49 million. The Middleby Corporation had a net margin of 13.38% and a return on equity of 23.56%. On average, analysts forecast that The Middleby Corporation will post $5.67 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the company. YorkBridge Wealth Partners LLC boosted its position in shares of The Middleby Corporation by 14.1% in the first quarter. YorkBridge Wealth Partners LLC now owns 728 shares of the industrial products company’s stock worth $102,000 after buying an additional 90 shares in the last quarter. Van ECK Associates Corp boosted its position in shares of The Middleby Corporation by 7.7% in the first quarter. Van ECK Associates Corp now owns 780 shares of the industrial products company’s stock worth $106,000 after buying an additional 56 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of The Middleby Corporation during the first quarter worth $125,000. Bronfman E.L. Rothschild L.P. boosted its position in shares of The Middleby Corporation by 0.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,029 shares of the industrial products company’s stock worth $140,000 after buying an additional 9 shares in the last quarter. Finally, IFP Advisors Inc boosted its position in shares of The Middleby Corporation by 10.5% in the second quarter. IFP Advisors Inc now owns 1,031 shares of the industrial products company’s stock worth $125,000 after buying an additional 98 shares in the last quarter. 95.63% of the stock is currently owned by institutional investors.
The Middleby Corporation 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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