Studio Investment Management LLC Raises Stock Position in The Middleby Co. (NASDAQ:MIDD)

Studio Investment Management LLC boosted its position in The Middleby Co. (NASDAQ:MIDD) by 5.2% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 3,531 shares of the industrial products company’s stock after purchasing an additional 175 shares during the quarter. Studio Investment Management LLC’s holdings in Middleby were worth $491,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of MIDD. Verdence Capital Advisors LLC grew its position in Middleby by 4.0% during the third quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock worth $317,000 after buying an additional 88 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Middleby by 4.8% during 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. Assetmark Inc. increased its position in shares of Middleby by 5.2% in the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock worth $260,000 after purchasing an additional 93 shares during the last quarter. Mendota Financial Group LLC raised its stake in Middleby by 10.0% in the second quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock valued at $141,000 after purchasing an additional 105 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 126 shares during the last quarter. 98.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

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

Middleby Trading Up 2.2 %

Shares of MIDD stock opened at $138.66 on Friday. 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 business has a 50-day moving average of $137.53 and a 200 day moving average of $133.40. The stock has a market capitalization of $7.46 billion, a PE ratio of 19.13 and a beta of 1.58. The Middleby Co. has a 1-year low of $118.41 and a 1-year high of $161.01.

Middleby (NASDAQ:MIDD) last issued its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm had revenue of $942.81 million during the quarter, compared to the consensus estimate of $996.60 million. During the same quarter in the prior year, the business posted $2.35 EPS. The firm’s revenue for the quarter was down 3.9% on a year-over-year basis. As a group, sell-side analysts anticipate that The Middleby Co. will post 9.2 earnings per share for the current 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.