Middleby (MIDD) Upgraded to Buy by Seaport Global Securities
Seaport Global Securities upgraded shares of Middleby (NASDAQ:MIDD) from a neutral rating to a buy rating in a report published on Wednesday, The Fly reports. Seaport Global Securities also issued estimates for Middleby’s FY2018 earnings at $6.01 EPS, Q1 2019 earnings at $1.40 EPS and FY2019 earnings at $6.95 EPS.
Several other equities research analysts have also commented on the stock. BidaskClub lowered shares of Middleby from a buy rating to a hold rating in a research note on Thursday, October 18th. Buckingham Research upgraded shares of Middleby from a neutral rating to a buy rating and lifted their price objective for the company from $115.00 to $174.00 in a research note on Monday, September 24th. Robert W. Baird lifted their price objective on shares of Middleby from $116.00 to $130.00 and gave the company a hold rating in a research note on Thursday, August 9th. Wellington Shields upgraded shares of Middleby from a hold rating to a gradually accumulate rating in a research note on Thursday, August 9th. Finally, Zacks Investment Research upgraded shares of Middleby from a hold rating to a buy rating and set a $139.00 price objective on the stock in a research note on Tuesday, October 9th. Five research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $135.57.
NASDAQ:MIDD traded up $1.98 during midday trading on Wednesday, hitting $117.86. 21,208 shares of the company were exchanged, compared to its average volume of 597,413. Middleby has a fifty-two week low of $98.06 and a fifty-two week high of $138.89. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.88 and a quick ratio of 0.99. The firm has a market capitalization of $6.37 billion, a P/E ratio of 19.16 and a beta of 1.83.
Hedge funds and other institutional investors have recently bought and sold shares of the business. Integrated Investment Consultants LLC acquired a new position in Middleby in the second quarter valued at $118,000. Cubist Systematic Strategies LLC increased its stake in Middleby by 305.0% in the second quarter. Cubist Systematic Strategies LLC now owns 1,377 shares of the industrial products company’s stock valued at $144,000 after purchasing an additional 1,037 shares during the period. Zions Bancorporation acquired a new position in Middleby in the third quarter valued at $159,000. FDx Advisors Inc. acquired a new position in Middleby in the third quarter valued at $204,000. Finally, Fosun International Ltd acquired a new position in Middleby in the third quarter valued at $208,000.
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers cooking and warming equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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