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 acquired a new position in The Middleby Corporation (NASDAQ:MIDD - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 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.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Townsquare Capital LLC grew its holdings in Middleby by 10.4% during the first quarter. Townsquare Capital LLC now owns 7,237 shares of the industrial products company's stock worth $1,100,000 after acquiring an additional 684 shares during the period. Headlands Technologies LLC acquired a new stake in Middleby during the first quarter worth about $592,000. Charles Schwab Investment Management Inc. grew its holdings in Middleby by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 352,837 shares of the industrial products company's stock valued at $53,624,000 after purchasing an additional 4,614 shares during the period. Jefferies Financial Group Inc. acquired a new stake in Middleby in the first quarter valued at approximately $440,000. Finally, Natixis Advisors LLC grew its holdings in Middleby by 17.3% in the first quarter. Natixis Advisors LLC now owns 104,352 shares of the industrial products company's stock valued at $15,859,000 after purchasing an additional 15,411 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Trading Down 0.0%

Shares of MIDD stock traded down $0.0450 on Thursday, hitting $130.3550. The stock had a trading volume of 374,908 shares, compared to its average volume of 912,432. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. The firm has a market capitalization of $6.61 billion, a P/E ratio of 16.57 and a beta of 1.58. The Middleby Corporation has a 1 year low of $118.09 and a 1 year high of $182.73. The company's 50 day moving average price is $141.70 and its 200-day moving average price is $146.61.

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 for the quarter, topping the consensus estimate of $2.20 by $0.15. Middleby had a return on equity of 14.14% and a net margin of 11.06%.The company had revenue of $977.86 million for the quarter, compared to the consensus estimate of $979.59 million. During the same quarter in the prior year, the business earned $2.39 EPS. Middleby's revenue was down 1.4% on a year-over-year basis. Analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current year.

Wall Street Analysts Forecast Growth

MIDD has been the topic of several research analyst reports. Barclays dropped their price objective on Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Robert W. Baird lowered their price target on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Wall Street Zen lowered Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. reduced their price objective on Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group reduced their price objective on Middleby from $186.00 to $162.00 and set a "buy" rating on the stock in a research report on Thursday, August 7th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, Middleby presently 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.