Assenagon Asset Management S.A. Sells 14,324 Shares of The Middleby Corporation $MIDD

Key Points

• Assenagon Asset Management significantly reduced its stake in The Middleby Corporation by 81.5%, selling 14,324 shares and leaving it with 3,260 shares valued at $469,000.
• Various institutional investors have adjusted their positions in Middleby during the recent quarters, with notable increases by Wealth Enhancement Advisory Services and Versant Capital Management.
• Analysts have mixed views on Middleby, with ratings ranging from "buy" to "strong sell", and an average target price set at $160.71.

Assenagon Asset Management S.A. cut its stake in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 81.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,260 shares of the industrial products company's stock after selling 14,324 shares during the quarter. Assenagon Asset Management S.A.'s holdings in Middleby were worth $469,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of MIDD. Two Sigma Investments LP bought a new position in shares of Middleby during the fourth quarter valued at $1,621,000. Two Sigma Advisers LP bought a new stake in Middleby in the 4th quarter worth about $298,000. Wealth Enhancement Advisory Services LLC boosted its position in Middleby by 39.3% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,149 shares of the industrial products company's stock worth $562,000 after purchasing an additional 1,171 shares during the last quarter. First Hawaiian Bank boosted its position in Middleby by 6.7% in the first quarter. First Hawaiian Bank now owns 5,960 shares of the industrial products company's stock worth $906,000 after purchasing an additional 375 shares during the last quarter. Finally, Versant Capital Management Inc boosted its position in Middleby by 760.0% in the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock worth $39,000 after purchasing an additional 228 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on MIDD shares. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. JPMorgan Chase & Co. dropped their target price on Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Zacks Research raised Middleby to a "strong sell" rating in a research report on Monday, August 11th. Wolfe Research set a $163.00 target price on Middleby and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Finally, Canaccord Genuity Group lifted their price objective on Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $160.71.

Middleby Stock Up 1.0%

MIDD stock opened at $133.01 on Monday. The Middleby Corporation has a twelve month low of $118.09 and a twelve month high of $182.73. 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 $6.74 billion, a P/E ratio of 16.92 and a beta of 1.54. The business's 50-day moving average price is $136.85 and its 200-day moving average price is $141.12.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $979.59 million. During the same period in the previous year, the firm earned $2.39 EPS. The firm's revenue was down 1.4% compared to the same quarter last year. On average, equities research analysts forecast that The Middleby Corporation will post 9.11 EPS for the current year.

About Middleby

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.

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