Assetmark Inc. Boosts Stake in The Middleby Co. (NASDAQ:MIDD)

Assetmark Inc. boosted its position in shares of The Middleby Co. (NASDAQ:MIDD) by 5.2% during the third quarter, Holdings Channel.com reports. The firm owned 1,868 shares of the industrial products company’s stock after buying an additional 93 shares during the quarter. Assetmark Inc.’s holdings in Middleby were worth $260,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MIDD. Allspring Global Investments Holdings LLC boosted its stake 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 valued at $28,000 after purchasing an additional 162 shares during the period. Quarry LP increased its stake in Middleby by 133.3% in the second quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 132 shares during the period. GAMMA Investing LLC grew its stake in shares of Middleby by 97.7% in the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock valued at $31,000 after purchasing an additional 126 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Middleby by 93.2% in the 3rd quarter. UMB Bank n.a. now owns 282 shares of the industrial products company’s stock worth $39,000 after acquiring an additional 136 shares during the period. Finally, Strategic Financial Concepts LLC purchased a new position in shares of Middleby during the 2nd quarter worth approximately $45,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Price Performance

Shares of Middleby stock opened at $136.00 on Friday. The stock has a market capitalization of $7.32 billion, a price-to-earnings ratio of 18.76 and a beta of 1.58. The firm has a fifty day simple moving average of $136.95 and a 200-day simple moving average of $133.41. The Middleby Co. has a 1-year low of $118.41 and a 1-year high of $161.01. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The business had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.35 EPS. On average, sell-side analysts expect that The Middleby Co. will post 9.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on MIDD shares. Canaccord Genuity Group restated a “buy” rating and issued a $164.00 price target on shares of Middleby in a report on Saturday, September 14th. JPMorgan Chase & Co. boosted 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. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group dropped their target price on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a report on Friday, November 1st. Finally, Robert W. Baird boosted their price target on Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research note on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $154.67.

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.