Middleby Corp (NASDAQ:MIDD)’s stock price hit a new 52-week low during mid-day trading on Monday after Citigroup lowered their price target on the stock from $115.00 to $54.00. Citigroup currently has a neutral rating on the stock. Middleby traded as low as $43.40 and last traded at $44.59, with a volume of 13220 shares trading hands. The stock had previously closed at $47.07.
A number of other equities analysts also recently weighed in on the stock. ValuEngine raised shares of Middleby from a “sell” rating to a “hold” rating in a report on Tuesday, December 3rd. BidaskClub lowered shares of Middleby from a “sell” rating to a “strong sell” rating in a research report on Tuesday, March 17th. Finally, Zacks Investment Research upgraded shares of Middleby from a “sell” rating to a “hold” rating and set a $119.00 target price on the stock in a research note on Friday, February 28th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $124.20.
In other Middleby news, Director Robert A. Nerbonne bought 465 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was purchased at an average price of $108.94 per share, for a total transaction of $50,657.10. Following the completion of the transaction, the director now directly owns 1,282 shares of the company’s stock, valued at $139,661.08. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Nassem Ziyad bought 1,000 shares of the business’s stock in a transaction on Friday, March 13th. The shares were acquired at an average price of $73.30 per share, with a total value of $73,300.00. Following the transaction, the director now directly owns 7,161 shares of the company’s stock, valued at $524,901.30. The disclosure for this purchase can be found here. Over the last 90 days, insiders acquired 9,365 shares of company stock worth $735,029. Corporate insiders own 1.98% of the company’s stock.
Several hedge funds have recently made changes to their positions in MIDD. Huntington National Bank raised its holdings in Middleby by 91.5% during the 4th quarter. Huntington National Bank now owns 224 shares of the industrial products company’s stock valued at $25,000 after acquiring an additional 107 shares during the period. Verus Capital Partners LLC purchased a new stake in shares of Middleby during the fourth quarter worth $31,000. Point72 Hong Kong Ltd purchased a new stake in shares of Middleby during the fourth quarter worth $64,000. Penserra Capital Management LLC lifted its position in shares of Middleby by 111.9% during the fourth quarter. Penserra Capital Management LLC now owns 784 shares of the industrial products company’s stock worth $86,000 after acquiring an additional 414 shares in the last quarter. Finally, Rockefeller Capital Management L.P. lifted its position in shares of Middleby by 416.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 904 shares of the industrial products company’s stock worth $99,000 after acquiring an additional 729 shares in the last quarter. Institutional investors own 95.19% of the company’s stock.
The stock has a market cap of $2.64 billion, a PE ratio of 7.74 and a beta of 1.37. The firm has a 50-day simple moving average of $96.14 and a 200-day simple moving average of $109.75. The company has a quick ratio of 1.05, a current ratio of 2.04 and a debt-to-equity ratio of 0.96.
Middleby (NASDAQ:MIDD) last posted its earnings results on Wednesday, February 26th. The industrial products company reported $2.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.29. The firm had revenue of $787.63 million for the quarter, compared to the consensus estimate of $759.84 million. Middleby had a return on equity of 20.64% and a net margin of 11.90%. The business’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.79 earnings per share. On average, research analysts expect that Middleby Corp will post 7.28 earnings per share for the current year.
Middleby Company Profile (NASDAQ:MIDD)
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 foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
