Fintel reports that on June 28, 2024, Raymond James initiated coverage of Middleby (NasdaqGS:MIDD) with a Market Perform recommendation.
Analyst Price Forecast Suggests 40.31% Upside
As of June 12, 2024, the average one-year price target for Middleby is 172.04. The forecasts range from a low of 160.59 to a high of $190.05. The average price target represents an increase of 40.31% from its latest reported closing price of 122.61.
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The projected annual revenue for Middleby is 4,271MM, an increase of 7.96%. The projected annual non-GAAP EPS is 10.74.
What is the Fund Sentiment?
There are 819 funds or institutions reporting positions in Middleby. This is an increase of 25 owner(s) or 3.15% in the last quarter. Average portfolio weight of all funds dedicated to MIDD is 0.25%, an increase of 0.80%. Total shares owned by institutions increased in the last three months by 0.09% to 63,107K shares. 
The put/call ratio of MIDD is 2.92, indicating a bearish outlook.
What are Other Shareholders Doing?
Select Equity Group holds 5,513K shares representing 10.25% ownership of the company. In its prior filing, the firm reported owning 4,954K shares , representing an increase of 10.15%. The firm increased its portfolio allocation in MIDD by 20.80% over the last quarter.
Wellington Management Group Llp holds 4,074K shares representing 7.58% ownership of the company. In its prior filing, the firm reported owning 3,967K shares , representing an increase of 2.62%. The firm decreased its portfolio allocation in MIDD by 84.85% over the last quarter.
Jpmorgan Chase holds 2,996K shares representing 5.57% ownership of the company. In its prior filing, the firm reported owning 3,181K shares , representing a decrease of 6.18%. The firm decreased its portfolio allocation in MIDD by 89.91% over the last quarter.
Victory Capital Management holds 2,772K shares representing 5.16% ownership of the company. In its prior filing, the firm reported owning 2,763K shares , representing an increase of 0.34%. The firm decreased its portfolio allocation in MIDD by 13.52% over the last quarter.
EdgePoint Investment Group holds 1,999K shares representing 3.72% ownership of the company. In its prior filing, the firm reported owning 1,978K shares , representing an increase of 1.03%. The firm increased its portfolio allocation in MIDD by 4.31% over the last quarter.
Middleby Background Information
(This description is provided by the company.)
The Middleby Corporation is a global leader in the foodservice equipment industry. The company develops, manufactures, markets and services a broad line of equipment used in the commercial foodservice, food processing, and residential kitchen equipment industries. The company's leading equipment brands serving the commercial foodservice industry include Anets®, APW Wyott®, Bakers Pride®, Beech®, BKI®, Blodgett®, Blodgett Combi®, Blodgett Range®, Bloomfield®, Britannia®, Carter-Hoffmann®, Celfrost®, Concordia®, CookTek®, Crown®, CTX®, Desmon®, Deutsche Beverage®, Doyon®, Eswood®, EVO®, Firex®, Follett®, frifri®, Giga®, Globe®, Goldstein®, Holman®, Houno®, IMC®, Induc®, Ink Kegs®, Inline Filling Systems®, Jade®, JoeTap®, Josper®, L2F®, Lang®, Lincat®, MagiKitch'n®, Market Forge®, Marsal®, Meheen®, Middleby Marshall®, MPC®, Nieco®, Nu-Vu®, PerfectFry®, Pitco®, QualServ®, RAM®, Southbend®, Ss Brewtech®, Star®, Starline®, Sveba Dahlen®, Synesso®, Tank®, Taylor®, Thor®, Toastmaster®, TurboChef®, Ultrafryer®, Varimixer®, Wells® Wild Goose® and Wunder-Bar®.
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