The Middleby Corporation (MIDD) Lowered to Sell at Zacks Investment Research
The Middleby Corporation (NASDAQ:MIDD) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, July 11th.
According to Zacks, “Over 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. Notably, Middleby believes that a stronger U.S. dollar might continue to dent its top-line performance in the quarters ahead. Moreover, we perceive that other headwinds such as dismal pricing conditions in the energy market, stiff industry rivalry and sudden input price inflation might weigh over Middleby's near-term results. Over the last 30 days, the Zacks Consensus Estimate for the stock also moved south for both 2017 and 2018.”
A number of other equities research analysts have also weighed in on the stock. Seaport Global Securities started coverage on shares of The Middleby Corporation in a research note on Thursday, June 29th. They set a “neutral” rating and a $128.00 target price on the stock. BMO Capital Markets reissued a “buy” rating and set a $150.00 price objective (down previously from $155.00) on shares of The Middleby Corporation in a research note on Friday, June 23rd. Finally, BidaskClub lowered shares of The Middleby Corporation from a “sell” rating to a “strong sell” rating in a research note on Friday, June 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $141.67.
The Middleby Corporation (NASDAQ:MIDD) traded up 1.25% during midday trading on Tuesday, hitting $129.95. 322,400 shares of the company were exchanged. The stock has a 50 day moving average of $125.96 and a 200 day moving average of $132.97. The firm has a market capitalization of $7.48 billion, a PE ratio of 24.71 and a beta of 1.82. The Middleby Corporation has a 1-year low of $108.45 and a 1-year high of $150.87.
The Middleby Corporation (NASDAQ:MIDD) last announced its earnings results on Tuesday, May 9th. The industrial products company reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.12. The firm had revenue of $530.30 million for the quarter, compared to analyst estimates of $542.50 million. The Middleby Corporation had a net margin of 13.16% and a return on equity of 23.45%. On average, equities analysts predict that The Middleby Corporation will post $5.67 earnings per share for the current fiscal year.
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Large investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its position in shares of The Middleby Corporation by 1.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 212,654 shares of the industrial products company’s stock valued at $27,392,000 after buying an additional 2,435 shares in the last quarter. Guggenheim Capital LLC increased its position in shares of The Middleby Corporation by 11.9% in the fourth quarter. Guggenheim Capital LLC now owns 4,006 shares of the industrial products company’s stock valued at $516,000 after buying an additional 426 shares in the last quarter. Norges Bank purchased a new position in shares of The Middleby Corporation during the fourth quarter valued at about $35,924,000. RMB Capital Management LLC increased its position in shares of The Middleby Corporation by 6.1% in the fourth quarter. RMB Capital Management LLC now owns 119,988 shares of the industrial products company’s stock valued at $15,456,000 after buying an additional 6,857 shares in the last quarter. Finally, UBS Asset Management Americas Inc. increased its position in shares of The Middleby Corporation by 719.9% in the fourth quarter. UBS Asset Management Americas Inc. now owns 350,362 shares of the industrial products company’s stock valued at $45,130,000 after buying an additional 307,631 shares in the last quarter. 95.63% of the stock is currently owned by institutional investors and hedge funds.
About The Middleby Corporation
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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