MQS Management LLC Makes New $250,000 Investment in The Middleby Co. (NASDAQ:MIDD)

MQS Management LLC purchased a new stake in shares of The Middleby Co. (NASDAQ:MIDD) during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 2,035 shares of the industrial products company’s stock, valued at approximately $250,000.

Other large investors have also made changes to their positions in the company. Rise Advisors LLC purchased a new position in Middleby in the 1st quarter worth approximately $25,000. Allspring Global Investments Holdings LLC lifted its holdings 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 buying an additional 162 shares in the last quarter. GAMMA Investing LLC boosted 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 acquiring an additional 126 shares during the last quarter. Crewe Advisors LLC grew its stake in Middleby by 620.0% during the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after acquiring an additional 310 shares in the last quarter. Finally, Fidelis Capital Partners LLC bought a new stake in Middleby in the 1st quarter valued at $63,000. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MIDD. Robert W. Baird raised their price objective on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. JPMorgan Chase & Co. raised 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. Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price target on shares of Middleby in a research note on Saturday, September 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Friday, September 13th. Finally, KeyCorp decreased their target price 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Middleby Price Performance

MIDD stock opened at $141.31 on Friday. The stock has a market cap of $7.60 billion, a PE ratio of 19.68 and a beta of 1.58. The Middleby Co. has a 12 month low of $109.59 and a 12 month high of $161.01. The company has a 50-day moving average price of $135.56 and a 200 day moving average price of $137.22. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69.

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, beating the consensus estimate of $2.31 by $0.08. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The business had revenue of $991.55 million during the quarter, compared to analyst estimates of $994.05 million. During the same quarter in the previous year, the business earned $2.47 earnings per share. The company’s revenue for the quarter was down 4.7% compared to the same quarter last year. Equities research analysts anticipate that The Middleby Co. will post 9.66 earnings per share for the current year.

Middleby Company 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.