Boston Partners Decreases Stake in The Middleby Corporation $MIDD

Key Points

• Boston Partners reduced its stake in The Middleby Corporation (NASDAQ:MIDD) by 0.5% during the 1st quarter, now holding 419,755 shares worth approximately $63.72 million.
• Insider activity shows Director Edward P. Garden purchased 137,000 shares at $148.03 per share, increasing his ownership by 4.36%.
• Middleby reported a quarterly EPS of $2.35, exceeding consensus estimates, but its revenue was down 1.4% year-over-year.

Boston Partners lowered its stake in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 0.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 419,755 shares of the industrial products company's stock after selling 1,916 shares during the quarter. Boston Partners owned about 0.78% of Middleby worth $63,720,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of MIDD. TCTC Holdings LLC boosted its position in Middleby by 116.7% in the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after buying an additional 91 shares during the last quarter. Xponance Inc. boosted its position in Middleby by 1.6% in the first quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock valued at $946,000 after buying an additional 99 shares during the last quarter. Oregon Public Employees Retirement Fund boosted its position in Middleby by 0.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock worth $1,675,000 after purchasing an additional 100 shares in the last quarter. Janney Montgomery Scott LLC boosted its position in Middleby by 2.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock worth $542,000 after purchasing an additional 101 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its position in Middleby by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 23,409 shares of the industrial products company's stock worth $3,171,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on the company. Zacks Research upgraded Middleby to a "strong sell" rating in a research report on Monday, August 11th. Canaccord Genuity Group lowered 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. Barclays lowered their price objective on Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Robert W. Baird lowered their price objective on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Finally, Wall Street Zen lowered Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $159.00.

Middleby Price Performance

Shares of NASDAQ:MIDD traded down $2.21 during midday trading on Wednesday, reaching $130.40. 664,797 shares of the company's stock traded hands, compared to its average volume of 1,209,795. The Middleby Corporation has a 1 year low of $118.09 and a 1 year high of $182.73. The company has a market cap of $6.61 billion, a P/E ratio of 16.59 and a beta of 1.58. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.56 and a current ratio of 2.57. The company has a fifty day simple moving average of $141.70 and a two-hundred day simple moving average of $146.61.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $977.86 million for the quarter, compared to analyst estimates of $979.59 million. During the same quarter last year, the firm posted $2.39 EPS. The business's revenue was down 1.4% on a year-over-year basis. Equities analysts predict that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Middleby 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.