Quarry LP Raises Holdings in The Middleby Co. (NASDAQ:MIDD)

Quarry LP lifted its position in shares of The Middleby Co. (NASDAQ:MIDD) by 133.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 231 shares of the industrial products company’s stock after buying an additional 132 shares during the quarter. Quarry LP’s holdings in Middleby were worth $28,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in MIDD. Pacer Advisors Inc. raised its stake in Middleby by 11,853.1% in the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after buying an additional 959,272 shares in the last quarter. Select Equity Group L.P. lifted its stake in shares of Middleby by 15.4% during the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock worth $779,835,000 after purchasing an additional 846,884 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Middleby by 533.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after purchasing an additional 406,958 shares in the last quarter. Principal Financial Group Inc. grew its stake in Middleby by 177.6% in the first quarter. Principal Financial Group Inc. now owns 546,320 shares of the industrial products company’s stock valued at $87,843,000 after purchasing an additional 349,546 shares during the last quarter. Finally, Epoch Investment Partners Inc. raised its holdings in Middleby by 421.5% in the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock worth $57,356,000 after purchasing an additional 288,314 shares in the last quarter. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Analyst Ratings Changes

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

Middleby Trading Down 1.5 %

Shares of NASDAQ:MIDD opened at $132.47 on Tuesday. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69. The Middleby Co. has a 52-week low of $109.59 and a 52-week high of $161.01. The stock has a market cap of $7.12 billion, a price-to-earnings ratio of 18.45 and a beta of 1.58. The business has a 50-day moving average price of $137.75 and a 200-day moving average price of $135.73.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.31 by $0.08. The business had revenue of $991.55 million during the quarter, compared to analysts’ expectations of $994.05 million. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The business’s quarterly revenue was down 4.7% compared to the same quarter last year. During the same period in the previous year, the business posted $2.47 EPS. Equities analysts predict that The Middleby Co. will post 9.63 EPS for the current 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.