Middleby (MIDD) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Middleby (NASDAQ:MIDD) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. Zacks Investment Research currently has $139.00 target price on the industrial products company’s stock.
According to Zacks, “Over the past three months, Middleby’s shares have outperformed the industry. The company reported better-than-expected second-quarter 2018 results. Stronger demand from chain restaurant customers, strength in Viking business, new product launches and ongoing consolidation efforts are expected to boost up the company’s revenues in the quarters ahead. On the other hand, lower corporate taxes and improved top line performance would likely improve profitability in the near-term quarters. The company also believes that its strategic business acquisitions and new capital expenditure programs will prove beneficial going forward. Over the last 60 days, Zacks Consensus Estimate for the stock has moved up from both 2018 and 2019.”
A number of other brokerages have also weighed in on MIDD. ValuEngine upgraded shares of Middleby from a strong sell rating to a sell rating in a research report on Wednesday, August 8th. TheStreet raised shares of Middleby from a c+ rating to a b- rating in a research note on Wednesday, September 5th. BidaskClub raised shares of Middleby from a buy rating to a strong-buy rating in a research note on Thursday, September 27th. Robert W. Baird raised their price target 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. Finally, Buckingham Research raised shares of Middleby from a neutral rating to a buy rating and raised their price target for the company from $115.00 to $174.00 in a research note on Monday, September 24th. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $135.57.
Middleby (NASDAQ:MIDD) last issued its earnings results on Wednesday, August 8th. The industrial products company reported $1.51 earnings per share for the quarter, missing analysts’ consensus estimates of $1.55 by ($0.04). Middleby had a net margin of 12.07% and a return on equity of 22.52%. The company had revenue of $668.13 million during the quarter, compared to analyst estimates of $645.88 million. During the same quarter in the prior year, the business earned $1.35 EPS. The business’s quarterly revenue was up 15.3% on a year-over-year basis. Equities analysts anticipate that Middleby will post 6.13 EPS for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in MIDD. Trellus Management Company LLC bought a new position in Middleby during the second quarter worth $627,000. Fiera Capital Corp raised its stake in Middleby by 1.9% during the second quarter. Fiera Capital Corp now owns 2,848,263 shares of the industrial products company’s stock worth $297,415,000 after buying an additional 52,753 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its stake in Middleby by 4.7% during the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 174,794 shares of the industrial products company’s stock worth $18,252,000 after buying an additional 7,896 shares during the last quarter. Schwab Charles Investment Management Inc. raised its stake in Middleby by 9.1% during the second quarter. Schwab Charles Investment Management Inc. now owns 259,315 shares of the industrial products company’s stock worth $27,078,000 after buying an additional 21,602 shares during the last quarter. Finally, IFM Investors Pty Ltd bought a new position in Middleby during the second quarter worth $229,000.
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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