Middleby (NASDAQ:MIDD) Upgraded by Zacks Investment Research to “Buy”

Middleby (NASDAQ:MIDD) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday, January 17th. The brokerage presently has a $151.00 price target on the industrial products company’s stock. Zacks Investment Research‘s price target points to a potential upside of 13.22% from the company’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.”

Other analysts have also recently issued reports about the company. Citigroup reduced their price target on Middleby from $132.00 to $120.00 and set a “neutral” rating for the company in a report on Friday, November 10th. BidaskClub downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. BMO Capital Markets reissued a “buy” rating and set a $150.00 price target on shares of Middleby in a research report on Wednesday, November 8th. Deutsche Bank dropped their price target on Middleby from $120.00 to $110.00 and set a “hold” rating for the company in a research report on Friday, November 17th. Finally, Susquehanna Bancshares assumed coverage on Middleby in a research report on Wednesday, September 27th. They set a “positive” rating and a $141.00 price target for the company. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Middleby presently has a consensus rating of “Buy” and an average target price of $141.56.

Middleby (MIDD) traded up $2.31 on Wednesday, hitting $133.37. The stock had a trading volume of 235,838 shares, compared to its average volume of 456,574. The stock has a market cap of $7,327.94, a P/E ratio of 25.12 and a beta of 1.78. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72. Middleby has a fifty-two week low of $107.53 and a fifty-two week high of $150.87.

Middleby declared that its Board of Directors has approved a share buyback program on Tuesday, November 14th that authorizes the company to buyback 2,500,000 outstanding shares. This buyback authorization authorizes the industrial products company to buy shares of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

In other Middleby news, Treasurer Martin M. Lindsay sold 10,000 shares of the business’s stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Middleby by 1.2% in the second quarter. Vanguard Group Inc. now owns 4,541,273 shares of the industrial products company’s stock valued at $551,811,000 after buying an additional 54,010 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in 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 valued at $347,407,000 after buying an additional 474,506 shares during the last quarter. BlackRock Inc. increased its holdings in Middleby by 0.3% in the fourth quarter. BlackRock Inc. now owns 2,709,132 shares of the industrial products company’s stock valued at $365,596,000 after buying an additional 7,976 shares during the last quarter. CI Global Investments Inc. grew its holdings in shares of Middleby by 21.4% during the fourth quarter. CI Global Investments Inc. now owns 2,575,842 shares of the industrial products company’s stock valued at $347,610,000 after purchasing an additional 453,817 shares during the last quarter. Finally, American Century Companies Inc. grew its holdings in shares of 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 purchasing an additional 13,490 shares during the last quarter.

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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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