Zacks Investment Research Downgrades The Middleby Corporation (MIDD) to Hold

Zacks Investment Research downgraded shares of The Middleby Corporation (NASDAQ:MIDD) from a buy rating to a hold rating in a report published on Friday, May 12th.

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 started coverage on The Middleby Corporation in a research report on Monday, February 13th. They set an overweight rating and a $157.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock presently has an average rating of Hold and a consensus target price of $144.00.

Shares of The Middleby Corporation (NASDAQ:MIDD) traded down 0.56% during trading on Friday, hitting $131.17. The stock had a trading volume of 285,463 shares. The stock has a 50-day moving average price of $132.71 and a 200 day moving average price of $134.95. The Middleby Corporation has a 12 month low of $108.45 and a 12 month high of $150.87. The company has a market cap of $7.55 billion, a P/E ratio of 24.94 and a beta of 1.74.

The Middleby Corporation (NASDAQ:MIDD) last posted its quarterly earnings results on Tuesday, May 9th. The industrial products company reported $1.26 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.12. The Middleby Corporation had a return on equity of 23.45% and a net margin of 13.16%. The company had revenue of $530.30 million for the quarter, compared to analysts’ expectations of $542.50 million. Equities analysts expect that The Middleby Corporation will post $5.72 EPS for the current fiscal year.

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A number of institutional investors have recently modified their holdings of MIDD. YorkBridge Wealth Partners LLC boosted its position in shares of The Middleby Corporation by 14.1% in the first quarter. YorkBridge Wealth Partners LLC now owns 728 shares of the industrial products company’s stock valued at $102,000 after buying an additional 90 shares during the period. Van ECK Associates Corp boosted its position in shares of The Middleby Corporation by 7.7% in the first quarter. Van ECK Associates Corp now owns 780 shares of the industrial products company’s stock valued at $106,000 after buying an additional 56 shares during the period. Parallel Advisors LLC bought a new position in shares of The Middleby Corporation during the fourth quarter valued at about $109,000. Advisory Services Network LLC acquired a new stake in shares of The Middleby Corporation during the first quarter worth $125,000. Finally, Bronfman E.L. Rothschild L.P. raised its stake in shares of The Middleby Corporation 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 in the last quarter. Hedge funds and other institutional investors own 95.55% of the company’s stock.

About The Middleby Corporation

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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