Distillate Capital Partners LLC Purchases Shares of 106,697 The Middleby Co. (NASDAQ:MIDD)

Distillate Capital Partners LLC acquired a new position in shares of The Middleby Co. (NASDAQ:MIDD) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 106,697 shares of the industrial products company’s stock, valued at approximately $13,082,000. Distillate Capital Partners LLC owned 0.20% of Middleby at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Rise Advisors LLC acquired a new stake in Middleby during the 1st quarter worth about $25,000. Allspring Global Investments Holdings LLC raised its stake in shares of Middleby by 1,246.2% in 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 last quarter. GAMMA Investing LLC lifted its holdings in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the period. Strategic Financial Concepts LLC purchased a new stake in Middleby in the second quarter valued at approximately $45,000. Finally, Crewe Advisors LLC increased its holdings in Middleby by 620.0% in the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after buying an additional 310 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on MIDD. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 price target on shares of Middleby in a report on Saturday, September 14th. KeyCorp decreased their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a research report on Friday, September 13th. Finally, Raymond James assumed coverage on Middleby in a research note on Friday, June 28th. They issued a “market perform” rating for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Middleby currently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Middleby Price Performance

MIDD stock opened at $142.25 on Tuesday. The Middleby Co. has a 1 year low of $109.59 and a 1 year high of $161.01. The firm has a market capitalization of $7.65 billion, a PE ratio of 19.81 and a beta of 1.58. 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 business has a 50 day simple moving average of $136.18 and a 200-day simple moving average of $136.83.

Middleby (NASDAQ:MIDD) last announced its quarterly 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 during the quarter, compared to the consensus estimate of $994.05 million. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The business’s revenue was down 4.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.47 EPS. Equities research analysts anticipate that The Middleby Co. will post 9.66 earnings per share 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.