Balefire LLC Has $490,000 Position in The Middleby Corporation $MIDD

Key Points

• Balefire LLC reduced its Middleby stake by 80.3% in the second quarter, selling 11,572 shares and retaining 2,846 shares valued at approximately $490,000. Institutional investors collectively own 98.55% of the company.
• Middleby reported quarterly EPS of $2.16, exceeding the $1.94 analyst consensus, while revenue reached $839.91 million—up 15% year over year and above expectations.
• Analyst sentiment remains generally positive, with a consensus “Moderate Buy” rating and a $169.50 target price, although individual targets range from $151 to $205 and the stock recently traded at $134.50.

Balefire LLC cut its stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 80.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,846 shares of the industrial products company's stock after selling 11,572 shares during the quarter. Balefire LLC's holdings in Middleby were worth $490,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of MIDD. Torren Management LLC acquired a new position in Middleby in the 4th quarter valued at $25,000. Clearstead Advisors LLC lifted its holdings in Middleby by 201.8% in the fourth quarter. Clearstead Advisors LLC now owns 166 shares of the industrial products company's stock valued at $25,000 after buying an additional 111 shares during the period. Larson Financial Group LLC boosted its holdings in shares of Middleby by 1,292.9% during the 4th quarter. Larson Financial Group LLC now owns 195 shares of the industrial products company's stock worth $29,000 after buying an additional 181 shares in the last quarter. Danske Bank A S bought a new stake in Middleby in the 3rd quarter valued at about $27,000. Finally, Los Angeles Capital Management LLC acquired a new stake in Middleby in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 98.55% of the company's stock.

Middleby Trading Up 0.9%

NASDAQ MIDD opened at $134.50 on Friday. The firm has a market capitalization of $6.08 billion, a PE ratio of -15.86 and a beta of 1.32. The company has a quick ratio of 1.10, a current ratio of 1.96 and a debt-to-equity ratio of 0.77. The Middleby Corporation has a twelve month low of $110.82 and a twelve month high of $180.13. The stock's 50 day moving average is $150.35 and its 200 day moving average is $149.05.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Thursday, May 7th. The industrial products company reported $2.16 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.22. The firm had revenue of $839.91 million for the quarter, compared to the consensus estimate of $777.19 million. Middleby had a positive return on equity of 15.94% and a negative net margin of 11.46%.The company's quarterly revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the company posted $2.08 earnings per share. Research analysts forecast that The Middleby Corporation will post 9.54 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently weighed in on MIDD shares. JPMorgan Chase & Co. reduced their target price on shares of Middleby from $185.00 to $151.00 and set a "neutral" rating for the company in a research report on Monday, July 13th. Canaccord Genuity Group set a $165.00 price target on Middleby in a research report on Wednesday. Barclays set a $155.00 price target on shares of Middleby and gave the stock an "overweight" rating in a report on Monday, July 20th. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Middleby in a research note on Wednesday, July 29th. Finally, Oppenheimer assumed coverage on shares of Middleby in a report on Wednesday, June 17th. They set an "outperform" rating and a $205.00 target price on the stock. Six investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $169.50.

About Middleby

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby's products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company's portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

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