Middleby Corp (MIDD) Lowered to “Hold” at Zacks Investment Research

Zacks Investment Research cut shares of Middleby Corp (NASDAQ:MIDD) from a buy rating to a hold rating in a research report released on Friday morning.

According to Zacks, “For the last three months, Middleby's shares look overvalued and underperformed the Zacks categorized Machinery-General Industrial industry. The company reported mixed first-quarter 2017 results. Quarterly adjusted earnings of $1.26 per share surpassed the Zacks Consensus Estimate of $1.13. However, revenues missed the estimate by 2.3%. In the quarters ahead, the company is poised to grow on the back of robust sales, greater operational efficacy, diligent acquisitions and strategic restructuring moves. However, headwinds such as input price inflation, a stronger U.S. dollar or stiff industry rivalry remain major causes for concern.”

Separately, KeyCorp initiated coverage on shares of Middleby Corp in a research note on Monday, February 13th. They set an overweight rating and a $157.00 price target on the stock. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $144.00.

Shares of Middleby Corp (NASDAQ:MIDD) opened at 128.69 on Friday. Middleby Corp has a 1-year low of $108.45 and a 1-year high of $150.87. The firm has a market cap of $7.35 billion, a price-to-earnings ratio of 24.47 and a beta of 1.56. The stock has a 50 day moving average of $136.10 and a 200-day moving average of $134.13.

Middleby Corp (NASDAQ:MIDD) last announced its quarterly earnings data on Tuesday, May 9th. The industrial products company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.12. The company had revenue of $530.30 million for the quarter, compared to analysts’ expectations of $542.50 million. Middleby Corp had a net margin of 11.50% and a return on equity of 21.83%. Equities analysts anticipate that Middleby Corp will post $5.73 EPS for the current fiscal year.

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In related news, Director Robert B. Lamb sold 2,199 shares of the stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $139.42, for a total transaction of $306,584.58. Following the completion of the sale, the director now owns 12,879 shares of the company’s stock, valued at approximately $1,795,590.18. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Treasurer Martin M. Lindsay sold 5,000 shares of the stock in a transaction that occurred on Monday, March 6th. The stock was sold at an average price of $139.41, for a total transaction of $697,050.00. Following the sale, the treasurer now directly owns 76,682 shares of the company’s stock, valued at approximately $10,690,237.62. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 17,199 shares of company stock worth $2,397,235. Insiders own 2.00% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the company. YorkBridge Wealth Partners LLC increased its stake in Middleby Corp by 14.1% in the first quarter. YorkBridge Wealth Partners LLC now owns 728 shares of the industrial products company’s stock worth $102,000 after buying an additional 90 shares during the period. Van ECK Associates Corp increased its stake in Middleby Corp by 7.7% in the first quarter. Van ECK Associates Corp now owns 780 shares of the industrial products company’s stock worth $106,000 after buying an additional 56 shares during the period. Parallel Advisors LLC acquired a new stake in Middleby Corp during the fourth quarter worth about $109,000. Advisory Services Network LLC acquired a new stake in Middleby Corp during the first quarter worth about $125,000. Finally, Bronfman E.L. Rothschild L.P. increased its stake in Middleby Corp by 0.9% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 1,029 shares of the industrial products company’s stock worth $140,000 after buying an additional 9 shares during the period. 94.69% of the stock is owned by hedge funds and other institutional investors.

About Middleby Corp

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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