Advantage Alpha Capital Partners LP Sells 24,647 Shares of The Middleby Co. (NASDAQ:MIDD)

Advantage Alpha Capital Partners LP decreased its stake in The Middleby Co. (NASDAQ:MIDD) by 35.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 45,760 shares of the industrial products company’s stock after selling 24,647 shares during the period. Middleby comprises 1.4% of Advantage Alpha Capital Partners LP’s holdings, making the stock its 17th largest position. Advantage Alpha Capital Partners LP’s holdings in Middleby were worth $6,367,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC increased its position in shares of Middleby by 278.9% in the 1st quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock valued at $1,457,000 after buying an additional 6,669 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new stake in shares of Middleby in the second quarter worth about $500,000. Addenda Capital Inc. raised its position in shares of Middleby by 8.5% during the second quarter. Addenda Capital Inc. now owns 57,645 shares of the industrial products company’s stock worth $7,068,000 after purchasing an additional 4,512 shares during the period. Sarasin & Partners LLP lifted its holdings in shares of Middleby by 1.6% during the 2nd quarter. Sarasin & Partners LLP now owns 925,915 shares of the industrial products company’s stock valued at $113,526,000 after purchasing an additional 14,413 shares in the last quarter. Finally, Westwood Holdings Group Inc. grew its position in shares of Middleby by 11.7% in the 2nd quarter. Westwood Holdings Group Inc. now owns 96,482 shares of the industrial products company’s stock valued at $11,830,000 after purchasing an additional 10,115 shares during the period. Institutional investors own 98.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MIDD shares. Canaccord Genuity Group cut their price target on shares of Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. JPMorgan Chase & Co. boosted their price target on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Finally, Robert W. Baird increased their price objective on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $154.67.

Middleby Trading Up 3.4 %

Middleby stock opened at $146.97 on Tuesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70. The firm has a 50-day moving average of $137.94 and a 200-day moving average of $133.39. The company has a market cap of $7.91 billion, a price-to-earnings ratio of 20.27 and a beta of 1.58. The Middleby Co. has a one year low of $118.41 and a one year high of $161.01.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.15). The company had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business’s revenue for the quarter was down 3.9% on a year-over-year basis. During the same period last year, the company posted $2.35 earnings per share. On average, equities analysts expect that The Middleby Co. will post 9.12 earnings per share for the current fiscal year.

Middleby Profile

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.