Nuveen LLC Makes New $29.73 Million Investment in The Middleby Corporation $MIDD

Key Points

• Nuveen LLC purchased 195,635 shares of The Middleby Corporation, valued at approximately $29.73 million, increasing institutional ownership to 98.55%.
• Director Edward P. Garden acquired 137,000 shares at an average cost of $148.03 per share, raising his total ownership in Middleby significantly.
• Analysts have adjusted their ratings on Middleby, with Zacks Research upgrading it to a "strong sell," while the average price target is now $159.00.

Nuveen LLC bought a new stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 195,635 shares of the industrial products company's stock, valued at approximately $29,733,000. Nuveen LLC owned about 0.36% of Middleby as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD grew its holdings in shares of Middleby by 1.9% in 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 purchasing an additional 35,449 shares during the period. Turtle Creek Asset Management Inc. grew its holdings in shares of Middleby by 2.9% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company's stock valued at $252,798,000 after purchasing an additional 53,276 shares during the period. Earnest Partners LLC grew 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 valued at $177,706,000 after purchasing an additional 47,443 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Middleby by 13.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company's stock valued at $169,000,000 after purchasing an additional 150,709 shares during the period. Finally, Ariel Investments LLC grew its holdings in shares of Middleby by 6.4% in the fourth quarter. Ariel Investments LLC now owns 1,198,179 shares of the industrial products company's stock valued at $162,293,000 after purchasing 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 5.1%

Middleby stock traded up $6.62 during trading on Friday, reaching $136.75. The stock had a trading volume of 196,905 shares, compared to its average volume of 910,068. The Middleby Corporation has a 52-week low of $118.09 and a 52-week high of $182.73. The business has a 50 day moving average price of $141.43 and a 200 day moving average price of $146.34. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64. The stock has a market cap of $6.93 billion, a PE ratio of 17.38 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.15. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The company had revenue of $977.86 million during the quarter, compared to the consensus estimate of $979.59 million. During the same quarter in the previous year, the firm earned $2.39 earnings per share. The firm's quarterly revenue was down 1.4% on a year-over-year basis. On average, analysts predict that The Middleby Corporation will post 9.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MIDD. Barclays dropped their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a report on Monday, July 21st. Zacks Research raised shares of Middleby to a "strong sell" rating in a research note on Monday, August 11th. Wall Street Zen lowered shares of Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. lowered their price objective on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lowered their price objective on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, Middleby has a consensus rating of "Hold" and an average price target of $159.00.

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.