Deutsche Bank AG Trims The Middleby Corporation (MIDD) Target Price to $110.00

The Middleby Corporation (NASDAQ:MIDD) had its price target decreased by Deutsche Bank AG from $120.00 to $110.00 in a research report sent to investors on Friday morning. Deutsche Bank AG currently has a hold rating on the industrial products company’s stock.

Several other research analysts have also recently commented on the stock. Citigroup Inc. reaffirmed a neutral rating and set a $130.00 target price on shares of The Middleby Corporation in a report on Thursday, September 7th. BidaskClub raised shares of The Middleby Corporation from a strong sell rating to a sell rating in a report on Tuesday, July 25th. Macquarie raised shares of The Middleby Corporation from a neutral rating to an outperform rating and set a $150.00 target price on the stock in a report on Tuesday, August 15th. Zacks Investment Research cut shares of The Middleby Corporation from a hold rating to a sell rating in a report on Tuesday, September 19th. Finally, Susquehanna Bancshares Inc started coverage on shares of The Middleby Corporation in a report on Wednesday, September 27th. They set a positive rating and a $141.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $137.22.

The Middleby Corporation (MIDD) opened at $113.69 on Friday. The Middleby Corporation has a fifty-two week low of $107.53 and a fifty-two week high of $150.87. The company has a market cap of $6,356.73, a P/E ratio of 20.98 and a beta of 1.87. The company has a current ratio of 1.93, a quick ratio of 1.02 and a debt-to-equity ratio of 0.72.

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The Middleby Corporation announced that its board has initiated a stock buyback program on Tuesday, November 14th that permits the company to buyback 2,500,000 outstanding shares. This buyback authorization permits the industrial products company to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

In related news, Director Gordon Obrien sold 5,600 shares of the stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $121.41, for a total transaction of $679,896.00. Following the sale, the director now owns 11,050 shares in the company, valued at approximately $1,341,580.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John R. Miller III sold 8,500 shares of the stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $118.50, for a total transaction of $1,007,250.00. Following the sale, the director now owns 16,000 shares in the company, valued at approximately $1,896,000. The disclosure for this sale can be found here. Company insiders own 2.00% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of MIDD. Koch Industries Inc. boosted its position in shares of The Middleby Corporation by 58,978.1% during the 2nd quarter. Koch Industries Inc. now owns 884,399 shares of the industrial products company’s stock worth $877,000 after acquiring an additional 882,902 shares in the last quarter. Janus Henderson Group PLC boosted its position in The Middleby Corporation by 144.9% in the second quarter. Janus Henderson Group PLC now owns 1,352,865 shares of the industrial products company’s stock valued at $164,386,000 after buying an additional 800,527 shares in the last quarter. CI Global Investments Inc. boosted its position in The Middleby Corporation by 42.4% in the third quarter. CI Global Investments Inc. now owns 2,122,025 shares of the industrial products company’s stock valued at $271,980,000 after buying an additional 631,770 shares in the last quarter. Wells Fargo & Company MN boosted its position in The Middleby Corporation by 170.9% in the third quarter. Wells Fargo & Company MN now owns 957,172 shares of the industrial products company’s stock valued at $122,680,000 after buying an additional 603,869 shares in the last quarter. Finally, William Blair Investment Management LLC boosted its position in The Middleby Corporation by 40.4% in the second quarter. William Blair Investment Management LLC now owns 1,809,903 shares of the industrial products company’s stock valued at $219,921,000 after buying an additional 520,906 shares in the last quarter. Institutional investors and hedge funds own 97.97% of the company’s stock.

The Middleby Corporation Company Profile

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.

Analyst Recommendations for The Middleby Corporation (NASDAQ:MIDD)

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