Concentric Capital Strategies LP Buys Shares of 19,450 The Middleby Co. (NASDAQ:MIDD)

Concentric Capital Strategies LP purchased a new position in shares of The Middleby Co. (NASDAQ:MIDD) in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 19,450 shares of the industrial products company’s stock, valued at approximately $2,706,000.

A number of other institutional investors have also modified their holdings of the company. Verdence Capital Advisors LLC grew its stake in Middleby by 4.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company’s stock worth $317,000 after acquiring an additional 88 shares during the period. Townsquare Capital LLC boosted its holdings in shares of Middleby by 1.4% during the third quarter. Townsquare Capital LLC now owns 6,259 shares of the industrial products company’s stock worth $871,000 after purchasing an additional 89 shares during the last quarter. Blue Trust Inc. grew its position in shares of Middleby by 4.8% in the second quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company’s stock valued at $248,000 after purchasing an additional 93 shares during the period. Assetmark Inc. increased its stake in Middleby by 5.2% in the third quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company’s stock valued at $260,000 after purchasing an additional 93 shares during the last quarter. Finally, Mendota Financial Group LLC lifted its position in Middleby by 10.0% during the second quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock worth $141,000 after buying an additional 105 shares during the period. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Trading Down 0.9 %

NASDAQ MIDD opened at $142.06 on Tuesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The Middleby Co. has a one year low of $118.41 and a one year high of $161.01. The company’s 50 day moving average price is $138.04 and its 200 day moving average price is $133.54. The firm has a market capitalization of $7.64 billion, a price-to-earnings ratio of 19.59 and a beta of 1.60.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.15). Middleby had a net margin of 10.14% and a return on equity of 14.66%. The business had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. During the same quarter in the previous year, the firm posted $2.35 EPS. The business’s revenue was down 3.9% compared to the same quarter last year. On average, sell-side analysts predict that The Middleby Co. will post 9.12 EPS for the current year.

Wall Street Analysts Forecast Growth

Several analysts have commented on MIDD shares. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Canaccord Genuity Group lowered their target price on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price target on shares of Middleby in a research note on Saturday, September 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

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.