The Middleby Corporation $MIDD Stake Boosted by Amundi

Key Points

• Amundi increased its stake in The Middleby Corporation by 34.9%, owning 501,718 shares valued at approximately $71.3 million after acquiring an additional 129,864 shares in the first quarter.
• The company's latest earnings report showed an EPS of $2.35, surpassing estimates but reflecting a 1.4% year-over-year revenue decline.
• Analysts have varied ratings on Middleby with target price adjustments ranging from $125 to $175, indicating differing outlooks on the stock’s future performance.

Amundi grew its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 34.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 501,718 shares of the industrial products company's stock after acquiring an additional 129,864 shares during the quarter. Amundi owned about 0.94% of Middleby worth $71,329,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Burgundy Asset Management Ltd. boosted its holdings in shares of Middleby by 5.0% during the first quarter. Burgundy Asset Management Ltd. now owns 1,604 shares of the industrial products company's stock valued at $244,000 after acquiring an additional 77 shares during the period. TCTC Holdings LLC raised its stake in shares of Middleby by 116.7% during the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 91 shares in the last quarter. Xponance Inc. raised its stake in shares of Middleby by 1.6% during the first quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock valued at $946,000 after purchasing an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in shares of Middleby by 0.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock valued at $1,675,000 after purchasing an additional 100 shares in the last quarter. Finally, Janney Montgomery Scott LLC raised its stake in shares of Middleby by 2.9% during the first quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock valued at $542,000 after purchasing an additional 101 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Barclays cut their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Zacks Research upgraded shares of Middleby to a "strong sell" rating in a research note on Monday, August 11th. Wolfe Research set a $163.00 price objective on shares of Middleby and gave the company an "outperform" rating in a research note on Thursday, September 4th. JPMorgan Chase & Co. cut their price objective on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Finally, Canaccord Genuity Group lifted their target price on Middleby from $162.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Six 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 stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $161.13.

Middleby Price Performance

NASDAQ:MIDD traded down $4.19 during mid-day trading on Friday, reaching $134.59. 522,046 shares of the stock were exchanged, compared to its average volume of 759,699. The business has a fifty day moving average price of $139.42 and a 200 day moving average price of $143.07. The firm has a market capitalization of $6.82 billion, a PE ratio of 17.12 and a beta of 1.54. The Middleby Corporation has a 1-year low of $118.09 and a 1-year high of $182.73. The company has a current ratio of 2.57, a quick ratio of 1.56 and a debt-to-equity ratio of 0.64.

Middleby (NASDAQ:MIDD - Get Free Report) last released its 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. The firm had revenue of $977.86 million for the quarter, compared to analyst estimates of $979.59 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%.Middleby's revenue was down 1.4% compared to the same quarter last year. During the same period in the previous year, the company earned $2.39 earnings per share. Research analysts expect that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

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.