The Middleby Co. (NASDAQ:MIDD) Shares Acquired by Lummis Asset Management LP

Lummis Asset Management LP lifted its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 2.2% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,979 shares of the industrial products company’s stock after buying an additional 195 shares during the period. Middleby makes up approximately 1.5% of Lummis Asset Management LP’s holdings, making the stock its 21st largest position. Lummis Asset Management LP’s holdings in Middleby were worth $1,249,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Epoch Investment Partners Inc. lifted its position in Middleby by 421.5% in the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock valued at $57,356,000 after purchasing an additional 288,314 shares during the period. Tidal Investments LLC lifted its position in Middleby by 278.9% in the first quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock valued at $1,457,000 after purchasing an additional 6,669 shares during the period. State Board of Administration of Florida Retirement System lifted its position in Middleby by 18.4% in the first quarter. State Board of Administration of Florida Retirement System now owns 56,484 shares of the industrial products company’s stock valued at $8,281,000 after purchasing an additional 8,768 shares during the period. Vanguard Group Inc. lifted its position in Middleby by 0.3% in the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock valued at $822,165,000 after purchasing an additional 15,798 shares during the period. Finally, Cornercap Investment Counsel Inc. acquired a new stake in Middleby in the second quarter valued at about $500,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on MIDD. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group reduced their price target 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. JPMorgan Chase & Co. lifted their price target on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research report on Friday, August 2nd. Robert W. Baird lifted their price target on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Finally, Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $154.67.

Middleby Price Performance

Shares of MIDD traded up $0.03 during mid-day trading on Thursday, reaching $138.08. 6,711 shares of the company’s stock were exchanged, compared to its average volume of 502,152. The company has a quick ratio of 1.70, a current ratio of 2.81 and a debt-to-equity ratio of 0.66. The company has a 50-day simple moving average of $136.84 and a two-hundred day simple moving average of $133.48. The Middleby Co. has a 52-week low of $118.41 and a 52-week high of $161.01. The company has a market cap of $7.43 billion, a price-to-earnings ratio of 19.04 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last released its 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 firm had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.35 earnings per share. On average, sell-side analysts predict that The Middleby Co. will post 9.2 EPS for the current fiscal year.

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.