The Middleby Co. (NASDAQ:MIDD) Stock Position Raised by Geode Capital Management LLC

Geode Capital Management LLC lifted its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 1.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 936,596 shares of the industrial products company’s stock after purchasing an additional 8,926 shares during the period. Geode Capital Management LLC’s holdings in Middleby were worth $130,341,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Quarry LP lifted its position in shares of Middleby by 133.3% in the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 132 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Middleby by 306.5% in the third quarter. Covestor Ltd now owns 252 shares of the industrial products company’s stock valued at $35,000 after purchasing an additional 190 shares in the last quarter. UMB Bank n.a. boosted its position in shares of Middleby by 93.2% in the third quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after buying an additional 136 shares during the period. Strategic Financial Concepts LLC purchased a new position in shares of Middleby during the second quarter valued at $45,000. Finally, Avior Wealth Management LLC lifted its stake in Middleby by 820.0% in the 3rd quarter. Avior Wealth Management LLC now owns 322 shares of the industrial products company’s stock worth $45,000 after acquiring an additional 287 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Trading Down 0.7 %

Middleby stock opened at $135.96 on Wednesday. The Middleby Co. has a one year low of $118.41 and a one year high of $161.01. The company’s fifty day moving average price is $138.85 and its two-hundred day moving average price is $134.66. The company has a market capitalization of $7.31 billion, a price-to-earnings ratio of 18.75 and a beta of 1.60. The company has a debt-to-equity ratio of 0.66, a current ratio of 2.81 and a quick ratio of 1.70.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data 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). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same period in the previous year, the business posted $2.35 earnings per share. The firm’s revenue was down 3.9% on a year-over-year basis. On average, analysts forecast that The Middleby Co. will post 9.12 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on MIDD shares. Jefferies Financial Group reaffirmed a “hold” rating and set a $160.00 target price (down previously from $170.00) on shares of Middleby in a research note on Thursday, December 12th. Canaccord Genuity Group dropped their price objective 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. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $154.67.

Middleby Company 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.