Intech Investment Management LLC Invests $867,000 in The Middleby Co. (NASDAQ:MIDD)

Intech Investment Management LLC bought a new stake in The Middleby Co. (NASDAQ:MIDD) during the second quarter, Holdings Channel reports. The fund bought 7,071 shares of the industrial products company’s stock, valued at approximately $867,000.

A number of other institutional investors have also recently added to or reduced their stakes in MIDD. Norges Bank acquired a new position in shares of Middleby in the 4th quarter valued at about $16,199,000. Corient Private Wealth LLC raised its holdings in Middleby by 4.8% in the fourth quarter. Corient Private Wealth LLC now owns 7,824 shares of the industrial products company’s stock valued at $1,151,000 after buying an additional 361 shares during the period. Trexquant Investment LP acquired a new position in Middleby during the fourth quarter valued at approximately $1,178,000. Assetmark Inc. grew its stake in Middleby by 1,158.3% during the fourth quarter. Assetmark Inc. now owns 453 shares of the industrial products company’s stock worth $67,000 after buying an additional 417 shares during the period. Finally, Treasurer of the State of North Carolina increased its position in shares of Middleby by 1.0% in the fourth quarter. Treasurer of the State of North Carolina now owns 23,592 shares of the industrial products company’s stock worth $3,472,000 after acquiring an additional 230 shares in the last quarter. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price target on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Robert W. Baird raised their target price on 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 price target on shares of Middleby in a report on Friday, September 13th. Finally, KeyCorp dropped their price objective 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. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, Middleby presently has an average rating of “Moderate Buy” and an average price target of $156.50.

Middleby Stock Down 3.1 %

Shares of NASDAQ:MIDD opened at $140.33 on Thursday. The Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69. The firm has a market cap of $7.55 billion, a PE ratio of 19.54 and a beta of 1.58. The company has a fifty day simple moving average of $136.52 and a 200 day simple moving average of $136.79.

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