GAMMA Investing LLC Purchases 234 Shares of The Middleby Co. (NASDAQ:MIDD)

GAMMA Investing LLC increased its position in The Middleby Co. (NASDAQ:MIDD) by 91.8% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 489 shares of the industrial products company’s stock after purchasing an additional 234 shares during the quarter. GAMMA Investing LLC’s holdings in Middleby were worth $68,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in MIDD. Rise Advisors LLC purchased a new position in Middleby during the first quarter valued at $25,000. Allspring Global Investments Holdings LLC lifted its position in Middleby by 1,246.2% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 162 shares during the period. Quarry LP lifted its position in Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after acquiring an additional 132 shares during the period. Strategic Financial Concepts LLC bought a new stake in Middleby during the second quarter worth about $45,000. Finally, Crewe Advisors LLC grew its holdings in Middleby by 620.0% in the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock worth $58,000 after purchasing an additional 310 shares during the period. 98.55% of the stock is currently owned by institutional investors.

Middleby Stock Performance

Shares of NASDAQ MIDD opened at $137.83 on Wednesday. The firm’s 50-day moving average price is $137.24 and its 200-day moving average price is $134.75. The Middleby Co. has a 52-week low of $109.59 and a 52-week high of $161.01. The company has a market cap of $7.41 billion, a PE ratio of 19.20 and a beta of 1.58. The company has a quick ratio of 1.43, a current ratio of 2.50 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, August 1st. The industrial products company reported $2.39 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 firm’s revenue was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.47 EPS. As a group, analysts anticipate that The Middleby Co. will post 9.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Raymond James assumed coverage on shares of Middleby in a report on Friday, June 28th. They set a “market perform” rating for the company. Robert W. Baird boosted their target price on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. raised their price target on Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. 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 note on Monday, July 15th. Finally, Canaccord Genuity Group restated a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Friday, September 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $156.71.

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.