The Middleby Corp. (MIDD) Downgraded by Zacks Investment Research to Hold
The Middleby Corp. (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Wednesday.
According to Zacks, “Middleby has been steadily improving its business on the back of product portfolio solidification and greater operational efficacy. The company intends to finance several capital deployment programs with free cash generated from operating activities. Moreover, the Middleby’s latest acquisitions are also estimated to improve its revenue and earnings growth trajectory in the near term. Owing to these bullish factors, Zacks Consensus Estimate for the stock has been revised upwards for both 2016 and 2017, over the last 60 days. However, unfavorable input price fluctuations, stiff industry rivalry, a stronger U.S. dollar and weak energy resource prices might limit growth.”
MIDD has been the topic of a number of other reports. Deutsche Bank AG began coverage on shares of The Middleby Corp. in a research report on Tuesday, September 6th. They set a “hold” rating and a $123.00 price target on the stock. Wellington Shields upgraded shares of The Middleby Corp. from a “hold” rating to an “accumulate” rating in a report on Friday, September 9th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $126.80.
Shares of The Middleby Corp. (NASDAQ:MIDD) traded up 0.76% during mid-day trading on Wednesday, hitting $117.81. 65,477 shares of the stock were exchanged. The Middleby Corp. has a 52 week low of $79.11 and a 52 week high of $140.98. The stock’s 50-day moving average is $124.81 and its 200-day moving average is $118.47. The stock has a market capitalization of $6.78 billion, a price-to-earnings ratio of 29.68 and a beta of 1.45.
The Middleby Corp. (NASDAQ:MIDD) last released its quarterly earnings results on Wednesday, August 10th. The company reported $1.28 earnings per share for the quarter, beating analysts’ consensus estimates of $1.11 by $0.17. The Middleby Corp. had a net margin of 10.89% and a return on equity of 20.50%. Analysts forecast that The Middleby Corp. will post $4.80 earnings per share for the current fiscal year.
Several institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its position in The Middleby Corp. by 305.6% in the third quarter. BNP Paribas Arbitrage SA now owns 941 shares of the company’s stock valued at $116,000 after buying an additional 709 shares during the last quarter. Nomura Holdings Inc. acquired a new position in The Middleby Corp. during the second quarter valued at $275,000. Royal Bank of Canada increased its position in The Middleby Corp. by 1.8% in the second quarter. Royal Bank of Canada now owns 135,100 shares of the company’s stock valued at $15,570,000 after buying an additional 2,420 shares during the last quarter. IFP Advisors Inc increased its position in The Middleby Corp. by 0.6% in the second quarter. IFP Advisors Inc now owns 876 shares of the company’s stock valued at $101,000 after buying an additional 5 shares during the last quarter. Finally, Sterling Capital Management LLC increased its position in The Middleby Corp. by 186.0% in the second quarter. Sterling Capital Management LLC now owns 18,396 shares of the company’s stock valued at $2,120,000 after buying an additional 11,963 shares during the last quarter. Hedge funds and other institutional investors own 95.09% of the company’s stock.
The Middleby Corp. Company Profile
The Middleby Corporation (Middleby) 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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