CNB Bank Sells 227 Shares of The Middleby Co. (NASDAQ:MIDD)

CNB Bank decreased its holdings in The Middleby Co. (NASDAQ:MIDD) by 44.5% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 283 shares of the industrial products company’s stock after selling 227 shares during the quarter. CNB Bank’s holdings in Middleby were worth $39,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Retirement Systems of Alabama lifted its holdings in Middleby by 10.1% in the first quarter. Retirement Systems of Alabama now owns 73,925 shares of the industrial products company’s stock valued at $11,886,000 after buying an additional 6,789 shares during the period. Epoch Investment Partners Inc. raised its holdings in shares of Middleby by 421.5% during the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock valued at $57,356,000 after purchasing an additional 288,314 shares during the period. Tidal Investments LLC raised its holdings in shares of Middleby by 278.9% during the first quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock valued at $1,457,000 after purchasing an additional 6,669 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of Middleby by 18.4% during the first quarter. State Board of Administration of Florida Retirement System now owns 56,484 shares of the industrial products company’s stock valued at $8,281,000 after purchasing an additional 8,768 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Middleby by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock valued at $822,165,000 after purchasing an additional 15,798 shares during the period. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Trading Up 0.1 %

Shares of MIDD stock opened at $139.70 on Monday. The Middleby Co. has a 52-week low of $109.59 and a 52-week high of $161.01. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.43 and a current ratio of 2.50. The company has a 50-day simple moving average of $137.39 and a two-hundred day simple moving average of $134.54. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 19.46 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data 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. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The business had revenue of $991.55 million during the quarter, compared to the consensus estimate of $994.05 million. During the same period in the prior year, the firm posted $2.47 EPS. The firm’s quarterly revenue was down 4.7% compared to the same quarter last year. Research analysts anticipate that The Middleby Co. will post 9.63 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MIDD shares. Raymond James started coverage on shares of Middleby in a report on Friday, June 28th. They set a “market perform” rating on the stock. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a report on Friday, August 2nd. Finally, KeyCorp lowered their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Middleby presently has a consensus rating of “Moderate Buy” and an average price target of $156.17.

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.