Legacy Capital Partners Inc. boosted its holdings in shares of Middleby Corp (NASDAQ:MIDD) by 23.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 16,473 shares of the industrial products company’s stock after purchasing an additional 3,125 shares during the quarter. Legacy Capital Partners Inc.’s holdings in Middleby were worth $2,235,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of MIDD. Icon Wealth Partners LLC purchased a new position in Middleby in the first quarter valued at $33,000. Quadrant Capital Group LLC lifted its holdings in shares of Middleby by 1,724.0% in the 1st quarter. Quadrant Capital Group LLC now owns 456 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 431 shares during the last quarter. Parkside Financial Bank & Trust lifted its holdings in shares of Middleby by 22.9% in the 1st quarter. Parkside Financial Bank & Trust now owns 611 shares of the industrial products company’s stock valued at $79,000 after purchasing an additional 114 shares during the last quarter. Crewe Advisors LLC lifted its holdings in shares of Middleby by 2,985.7% in the 1st quarter. Crewe Advisors LLC now owns 648 shares of the industrial products company’s stock valued at $84,000 after purchasing an additional 627 shares during the last quarter. Finally, First Manhattan Co. increased its position in Middleby by 31.0% in the 1st quarter. First Manhattan Co. now owns 676 shares of the industrial products company’s stock valued at $87,000 after acquiring an additional 160 shares during the period. Institutional investors own 99.83% of the company’s stock.
In other news, Director Robert A. Nerbonne purchased 450 shares of Middleby stock in a transaction on Friday, August 9th. The shares were purchased at an average cost of $113.85 per share, for a total transaction of $51,232.50. Following the completion of the transaction, the director now directly owns 1,282 shares in the company, valued at $145,955.70. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert A. Nerbonne purchased 455 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average cost of $111.21 per share, with a total value of $50,600.55. Following the completion of the purchase, the director now owns 1,282 shares of the company’s stock, valued at $142,571.22. The disclosure for this purchase can be found here. Company insiders own 1.98% of the company’s stock.
Shares of Middleby stock opened at $110.06 on Friday. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.10 and a quick ratio of 0.95. Middleby Corp has a 1-year low of $96.65 and a 1-year high of $142.98. The business has a 50-day moving average of $131.45 and a 200-day moving average of $130.62. The company has a market capitalization of $6.25 billion, a PE ratio of 17.47 and a beta of 1.60.
Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Wednesday, August 7th. The industrial products company reported $1.70 EPS for the quarter, missing the consensus estimate of $1.77 by ($0.07). Middleby had a return on equity of 21.17% and a net margin of 11.27%. The company had revenue of $761.00 million for the quarter, compared to the consensus estimate of $774.13 million. During the same period in the previous year, the business posted $1.63 EPS. The business’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, equities analysts expect that Middleby Corp will post 6.58 earnings per share for the current fiscal year.
Several equities analysts have issued reports on MIDD shares. Zacks Investment Research upgraded Middleby from a “sell” rating to a “hold” rating and set a $118.00 target price on the stock in a research report on Wednesday. Citigroup lowered their price target on Middleby from $138.00 to $125.00 and set a “neutral” rating for the company in a report on Wednesday. Buckingham Research set a $153.00 price target on Middleby and gave the company a “buy” rating in a report on Wednesday, August 7th. ValuEngine downgraded Middleby from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, BidaskClub downgraded Middleby from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $140.43.
The Middleby Corporation designs, manufactures, markets, distributes, and services foodservice, food processing, and residential kitchen equipment in the United States, Canada, Asia, Europe, the Middle East, and Latin America. Its Commercial Foodservice Equipment Group segment offers foodservice equipment for quick and full-service restaurants, convenience stores, retail outlets, hotels, and other institutions.
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