The Middleby Co. (NASDAQ:MIDD) Shares Sold by State of New Jersey Common Pension Fund D

State of New Jersey Common Pension Fund D reduced its holdings in The Middleby Co. (NASDAQ:MIDD) by 32.4% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 16,794 shares of the industrial products company’s stock after selling 8,039 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Middleby were worth $2,059,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC purchased a new position in shares of Middleby during the 1st quarter worth about $25,000. Allspring Global Investments Holdings LLC raised its stake in Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Middleby by 97.7% in the 2nd 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. Crewe Advisors LLC grew its stake in shares of Middleby by 620.0% during the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after buying an additional 310 shares during the period. Finally, Fidelis Capital Partners LLC acquired a new stake in shares of Middleby during the 1st quarter worth $63,000. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on MIDD shares. Raymond James assumed coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating for the company. JPMorgan Chase & Co. increased their target price on shares of Middleby from $118.00 to $120.00 and gave the stock 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. KeyCorp dropped their price objective on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a report on Friday, September 13th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $156.50.

Middleby Stock Performance

Middleby stock opened at $141.31 on Friday. The Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.43. The company has a market capitalization of $7.60 billion, a price-to-earnings ratio of 19.77 and a beta of 1.58. The firm’s fifty day moving average price is $135.56 and its 200 day moving average price is $137.22.

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