Quarry LP Grows Stock Position in The Middleby Co. (NASDAQ:MIDD)

Quarry LP increased its position in shares of The Middleby Co. (NASDAQ:MIDD) by 133.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 231 shares of the industrial products company’s stock after purchasing an additional 132 shares during the quarter. Quarry LP’s holdings in Middleby were worth $28,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in MIDD. Rise Advisors LLC acquired a new stake in shares of Middleby in the first quarter valued at about $25,000. Allspring Global Investments Holdings LLC lifted its stake in Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after purchasing an additional 162 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the last quarter. Strategic Financial Concepts LLC purchased a new stake in shares of Middleby in the second quarter valued at approximately $45,000. Finally, Crewe Advisors LLC increased its holdings in shares of Middleby by 620.0% in the first quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 310 shares during the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on MIDD. JPMorgan Chase & Co. boosted their price objective on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. 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. Raymond James initiated coverage on shares of Middleby in a research report on Friday, June 28th. They set a “market perform” rating for the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Friday, September 13th. Finally, KeyCorp cut their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Middleby Stock Performance

Shares of MIDD stock opened at $132.47 on Tuesday. 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 firm has a market cap of $7.12 billion, a P/E ratio of 18.45 and a beta of 1.58. The firm’s 50 day moving average price is $137.75 and its 200-day moving average price is $135.73. The Middleby Co. has a one year low of $109.59 and a one year high of $161.01.

Middleby (NASDAQ:MIDD) last released its quarterly 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. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The company had revenue of $991.55 million for the quarter, compared to analysts’ expectations of $994.05 million. During the same period in the prior year, the firm earned $2.47 earnings per share. The firm’s revenue was down 4.7% compared to the same quarter last year. As a group, equities research analysts predict that The Middleby Co. will post 9.63 EPS for the current year.

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.