5,399 Shares in The Middleby Co. (NASDAQ:MIDD) Acquired by Algert Global LLC

Algert Global LLC purchased a new stake in The Middleby Co. (NASDAQ:MIDD) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 5,399 shares of the industrial products company’s stock, valued at approximately $662,000.

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

Middleby Stock Up 0.5 %

MIDD opened at $134.48 on Friday. 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 Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01. The stock has a market capitalization of $7.23 billion, a P/E ratio of 18.73 and a beta of 1.58. The business has a 50 day simple moving average of $137.75 and a 200-day simple moving average of $136.12.

Middleby (NASDAQ:MIDD) last issued its earnings results on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.31 by $0.08. The company had revenue of $991.55 million for 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 business’s revenue was down 4.7% on a year-over-year basis. During the same period in the previous year, the firm earned $2.47 EPS. On average, equities analysts anticipate that The Middleby Co. will post 9.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. KeyCorp lowered their price objective 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. JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Robert W. Baird raised their price target on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Finally, Raymond James started coverage on Middleby in a research report on Friday, June 28th. They issued a “market perform” rating on the stock. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Middleby presently has an average rating of “Moderate Buy” and a consensus price target of $156.50.

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.