Daiwa Securities Group Inc. Sells 4,690 Shares of The Middleby Co. (NASDAQ:MIDD)

Daiwa Securities Group Inc. reduced its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 59.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,156 shares of the industrial products company’s stock after selling 4,690 shares during the period. Daiwa Securities Group Inc.’s holdings in Middleby were worth $387,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Texas Permanent School Fund Corp raised its position in shares of Middleby by 0.6% in the 2nd quarter. Texas Permanent School Fund Corp now owns 47,191 shares of the industrial products company’s stock worth $5,786,000 after acquiring an additional 278 shares in the last quarter. Strategic Financial Concepts LLC acquired a new stake in shares of Middleby in the 2nd quarter valued at about $45,000. Arizona State Retirement System grew its stake in shares of Middleby by 1.9% in the 2nd quarter. Arizona State Retirement System now owns 15,006 shares of the industrial products company’s stock valued at $1,840,000 after buying an additional 275 shares during the period. TD Asset Management Inc grew its stake in shares of Middleby by 46.8% in the 2nd quarter. TD Asset Management Inc now owns 178,064 shares of the industrial products company’s stock valued at $21,832,000 after buying an additional 56,785 shares during the period. Finally, Simon Quick Advisors LLC grew its stake in shares of Middleby by 105.3% in the 2nd quarter. Simon Quick Advisors LLC now owns 6,328 shares of the industrial products company’s stock valued at $776,000 after buying an additional 3,246 shares during the period. 98.55% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. KeyCorp dropped their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price target on shares of Middleby in a report on Friday. Raymond James began coverage on shares of Middleby in a report on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. lifted their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. Finally, Robert W. Baird upped their price target on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $156.50.

Middleby Stock Up 2.2 %

MIDD opened at $135.76 on Tuesday. The company has a market cap of $7.30 billion, a P/E ratio of 18.91 and a beta of 1.58. The Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01. The business’s 50-day moving average price is $134.45 and its 200-day moving average price is $137.26. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. The company had revenue of $991.55 million during the quarter, compared to analyst estimates of $994.05 million. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The firm’s revenue was down 4.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.47 EPS. On average, equities analysts expect that The Middleby Co. will post 9.66 EPS for the current year.

About Middleby

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.