Retirement Systems of Alabama Sells 1,046 Shares of The Middleby Co. (NASDAQ:MIDD)

Retirement Systems of Alabama trimmed its position in shares of The Middleby Co. (NASDAQ:MIDD) by 1.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 65,317 shares of the industrial products company’s stock after selling 1,046 shares during the quarter. Retirement Systems of Alabama owned approximately 0.12% of Middleby worth $9,088,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of MIDD. Envestnet Portfolio Solutions Inc. bought a new stake in Middleby during the 2nd quarter worth approximately $225,000. Blue Trust Inc. boosted its stake in Middleby by 4.8% in the second quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company’s stock worth $248,000 after purchasing an additional 93 shares in the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Middleby by 2.6% during the second quarter. Nisa Investment Advisors LLC now owns 6,367 shares of the industrial products company’s stock worth $781,000 after purchasing an additional 161 shares during the last quarter. Fifth Third Wealth Advisors LLC acquired a new stake in shares of Middleby in the second quarter valued at $583,000. Finally, Lecap Asset Management Ltd. acquired a new position in Middleby during the 2nd quarter worth about $1,564,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Analyst Ratings Changes

MIDD has been the subject of several research reports. Canaccord Genuity Group lowered their price objective on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Jefferies Financial Group reaffirmed a “hold” rating and set a $160.00 price objective (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Middleby presently has an average rating of “Hold” and a consensus price target of $154.67.

Middleby Trading Down 1.3 %

Shares of NASDAQ MIDD opened at $136.98 on Tuesday. The company’s 50 day simple moving average is $138.77 and its 200 day simple moving average is $134.61. 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 Middleby Co. has a fifty-two week low of $118.41 and a fifty-two week high of $161.01. The firm has a market capitalization of $7.37 billion, a P/E ratio of 18.89 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The company had revenue of $942.81 million during 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% compared to the same quarter last year. During the same period last year, the company earned $2.35 EPS. On average, analysts predict that The Middleby Co. will post 9.12 EPS for the current year.

About Middleby

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.