Bank of America Corp DE Sells 9,309 Shares of The Middleby Corporation $MIDD

Key Points

• Bank of America reduced its Middleby stake by 1.1%, selling 9,309 shares and retaining 852,666 shares valued at approximately $113 million, or 1.89% of the company.
• Middleby reported quarterly EPS of $2.16, beating estimates of $1.94, while revenue rose 15% year over year to $839.9 million. Institutional investors collectively own 98.55% of the company.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $169.50, although several firms recently lowered targets or downgraded the stock; shares opened at $134.50.

Bank of America Corp DE reduced its stake in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 1.1% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 852,666 shares of the industrial products company's stock after selling 9,309 shares during the period. Bank of America Corp DE owned approximately 1.89% of Middleby worth $113,046,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Torren Management LLC acquired a new position in Middleby during the fourth quarter valued at approximately $25,000. Clearstead Advisors LLC lifted its holdings in Middleby by 201.8% during the 4th quarter. Clearstead Advisors LLC now owns 166 shares of the industrial products company's stock valued at $25,000 after purchasing an additional 111 shares during the last quarter. Danske Bank A S acquired a new stake in Middleby during the 3rd quarter valued at $27,000. Larson Financial Group LLC boosted its position in Middleby by 1,292.9% during the fourth quarter. Larson Financial Group LLC now owns 195 shares of the industrial products company's stock worth $29,000 after purchasing an additional 181 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its holdings in shares of Middleby by 135.6% in the third quarter. Caitong International Asset Management Co. Ltd now owns 245 shares of the industrial products company's stock valued at $33,000 after purchasing an additional 141 shares during the last quarter. Institutional investors own 98.55% of the company's stock.

Middleby Stock Up 0.9%

Shares of NASDAQ:MIDD opened at $134.50 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.96. The Middleby Corporation has a 52-week low of $110.82 and a 52-week high of $180.13. The business's 50 day simple moving average is $150.35 and its two-hundred day simple moving average is $149.05. The firm has a market cap of $6.08 billion, a P/E ratio of -15.86 and a beta of 1.32.

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

Analysts Set New Price Targets

MIDD has been the topic of several research analyst reports. Canaccord Genuity Group set a $165.00 price objective on shares of Middleby in a research report on Wednesday. Robert W. Baird downgraded shares of Middleby from a "strong-buy" rating to a "hold" rating in a report on Wednesday, July 8th. Oppenheimer assumed coverage on shares of Middleby in a research note on Wednesday, June 17th. They issued an "outperform" rating and a $205.00 price target on the stock. Jefferies Financial Group lowered their price target on shares of Middleby from $200.00 to $160.00 and set a "buy" rating on the stock in a report on Wednesday, July 8th. Finally, JPMorgan Chase & Co. reduced their price objective on Middleby from $185.00 to $151.00 and set a "neutral" rating for the company in a report on Monday, July 13th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Middleby presently has an average rating of "Moderate Buy" and an average price target 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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