Seven Six Capital Management LLC Buys New Stake in The Middleby Co. (NASDAQ:MIDD)

Seven Six Capital Management LLC purchased a new stake in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 27,690 shares of the industrial products company's stock, valued at approximately $3,751,000. Middleby accounts for approximately 3.3% of Seven Six Capital Management LLC's investment portfolio, making the stock its 13th largest position. Seven Six Capital Management LLC owned 0.05% of Middleby as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MIDD. Vanguard Group Inc. boosted its stake in shares of Middleby by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 5,260,935 shares of the industrial products company's stock worth $712,594,000 after purchasing an additional 21,771 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Middleby by 1.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 1,895,553 shares of the industrial products company's stock valued at $256,753,000 after buying an additional 35,449 shares during the last quarter. Earnest Partners LLC raised its holdings in shares of Middleby by 3.8% in the fourth quarter. Earnest Partners LLC now owns 1,311,966 shares of the industrial products company's stock worth $177,706,000 after buying an additional 47,443 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Middleby by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company's stock worth $169,000,000 after acquiring an additional 150,709 shares during the last quarter. Finally, Ariel Investments LLC boosted its holdings in Middleby by 6.4% during the 4th quarter. Ariel Investments LLC now owns 1,198,179 shares of the industrial products company's stock valued at $162,293,000 after acquiring an additional 72,031 shares during the period. Hedge funds and other institutional investors own 98.55% of the company's stock.

Middleby Stock Up 1.0%

MIDD traded up $1.51 on Thursday, hitting $146.52. The company had a trading volume of 251,390 shares, compared to its average volume of 713,346. The stock has a market capitalization of $7.86 billion, a price-to-earnings ratio of 20.20 and a beta of 1.65. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a fifty day moving average price of $141.04 and a 200-day moving average price of $146.07. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 EPS for the quarter, beating analysts' consensus estimates of $1.94 by $0.14. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company had revenue of $906.63 million during the quarter, compared to analysts' expectations of $941.46 million. During the same quarter in the prior year, the company posted $1.89 earnings per share. Middleby's revenue for the quarter was down 2.2% compared to the same quarter last year. Analysts predict that The Middleby Co. will post 9.11 EPS for the current fiscal year.

Insider Activity at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of the firm's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the transaction, the director now owns 6,111 shares in the company, valued at $999,209.61. This trade represents a 7.56% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Edward P. Garden purchased 203,058 shares of the stock in a transaction on Friday, May 9th. The shares were purchased at an average cost of $139.13 per share, with a total value of $28,251,459.54. Following the transaction, the director now owns 2,838,924 shares in the company, valued at $394,979,496.12. This trade represents a 7.70% increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 503,968 shares of company stock valued at $73,215,160 in the last ninety days. Corporate insiders own 6.18% of the company's stock.

Wall Street Analysts Forecast Growth

MIDD has been the subject of a number of recent analyst reports. Canaccord Genuity Group lowered their target price on shares of Middleby from $200.00 to $186.00 and set a "buy" rating for the company in a research note on Thursday, May 8th. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. JPMorgan Chase & Co. raised their price target on Middleby from $145.00 to $150.00 and gave the company an "underweight" rating in a research note on Wednesday, February 26th. Barclays upped their price objective on shares of Middleby from $160.00 to $180.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 26th. Finally, KeyCorp cut their target price on shares of Middleby from $185.00 to $175.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $168.14.

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.