JPMorgan Chase & Co. Downgrades Middleby (NASDAQ:MIDD) to Underweight

JPMorgan Chase & Co. cut shares of Middleby (NASDAQ:MIDD) from a neutral rating to an underweight rating in a report issued on Wednesday, MarketBeat.com reports. JPMorgan Chase & Co. currently has $118.00 price target on the industrial products company’s stock, down from their prior price target of $145.00.

Other equities analysts have also recently issued research reports about the stock. Canaccord Genuity Group dropped their price target on shares of Middleby from $166.00 to $159.00 and set a buy rating on the stock in a research note on Thursday, May 9th. William Blair upgraded shares of Middleby to a hold rating in a report on Wednesday, May 8th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $153.43.

Middleby Price Performance

Shares of MIDD opened at $124.73 on Wednesday. Middleby has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The firm’s 50-day simple moving average is $144.26 and its two-hundred day simple moving average is $141.91. The stock has a market cap of $6.71 billion, a PE ratio of 17.37 and a beta of 1.58. The company has a debt-to-equity ratio of 0.72, a quick ratio of 1.28 and a current ratio of 2.40.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Wednesday, May 8th. The industrial products company reported $1.89 earnings per share for the quarter, missing the consensus estimate of $2.05 by ($0.16). The company had revenue of $926.90 million during the quarter, compared to analysts’ expectations of $979.05 million. Middleby had a return on equity of 15.88% and a net margin of 9.82%. The business’s quarterly revenue was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.19 EPS. Analysts anticipate that Middleby will post 9.98 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Chapin Sarah Palisi sold 235 shares of Middleby stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the sale, the director now owns 7,211 shares of the company’s stock, valued at $989,204.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, Director Chapin Sarah Palisi sold 235 shares of the stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the transaction, the director now owns 7,211 shares in the company, valued at approximately $989,204.98. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Cathy L. Mccarthy sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $153.12, for a total transaction of $153,120.00. Following the sale, the director now owns 7,971 shares of the company’s stock, valued at $1,220,519.52. The disclosure for this sale can be found here. Insiders own 1.16% of the company’s stock.

Hedge Funds Weigh In On Middleby

A number of institutional investors have recently bought and sold shares of the stock. Rise Advisors LLC purchased a new stake in Middleby in the first quarter worth about $25,000. Allspring Global Investments Holdings LLC increased its holdings in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 162 shares in the last quarter. Signaturefd LLC raised its stake in Middleby by 230.1% during the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after acquiring an additional 168 shares during the period. Clear Street Markets LLC purchased a new position in Middleby during the third quarter valued at approximately $50,000. Finally, Crewe Advisors LLC boosted its position in shares of Middleby by 620.0% in the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 310 shares during the period. 98.55% of the stock is owned by institutional investors.

About Middleby

The Middleby Corporation designs, markets, manufactures, distributes, and services foodservice, food processing, and residential kitchen equipment worldwide. Its Commercial Foodservice Equipment Group segment offers conveyor, combi, convection, baking, proofing, deck, speed cooking, and hydrovection ovens; ranges, fryers, and rethermalizers; steam cooking, food warming, catering, induction cooking, and countertop cooking equipment; heated cabinets, charbroilers, ventless cooking systems, kitchen ventilation, toasters, griddles, charcoal grills, professional mixers, stainless steel fabrication, custom millwork, professional refrigerators, blast chillers, cold rooms, ice machines, and freezers; soft serve ice cream, coffee and beverage dispensing, home and professional craft brewing equipment; and fry dispensers, bottle filling and canning equipment, IoT solutions, and controls development and manufacturing.