Brandywine Global Investment Management LLC Increases Holdings in The Middleby Corporation $MIDD

Key Points

• Brandywine Global Investment Management LLC increased its stake in The Middleby Corporation by 22.9%, bringing its ownership to 32,312 shares valued at approximately $4.91 million.
• Various institutional investors are also increasing their stakes, with TCTC Holdings LLC boosting holdings by 116.7%, and Versant Capital Management by 760.0% in the first quarter.
• The Middleby Corporation's stock has seen a 1.4% decline in revenue year-over-year despite reporting earnings per share of $2.35, exceeding analysts' expectations.

Brandywine Global Investment Management LLC grew its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 22.9% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,312 shares of the industrial products company's stock after purchasing an additional 6,019 shares during the quarter. Brandywine Global Investment Management LLC owned approximately 0.06% of Middleby worth $4,911,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. TCTC Holdings LLC grew its stake in Middleby by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock worth $26,000 after buying an additional 91 shares during the last quarter. Versant Capital Management Inc lifted its stake in Middleby by 760.0% in the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock valued at $39,000 after buying an additional 228 shares during the last quarter. Coppell Advisory Solutions LLC boosted its holdings in shares of Middleby by 220.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company's stock valued at $82,000 after acquiring an additional 417 shares during the period. UMB Bank n.a. grew its position in shares of Middleby by 60.3% during the first quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock worth $97,000 after acquiring an additional 240 shares during the last quarter. Finally, GAMMA Investing LLC increased its holdings in shares of Middleby by 44.9% in the 1st quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock valued at $137,000 after acquiring an additional 279 shares during the period. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Performance

Shares of MIDD stock traded up $6.6260 during trading hours on Friday, reaching $136.7560. 510,947 shares of the company's stock were exchanged, compared to its average volume of 912,214. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. 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 $6.93 billion, a P/E ratio of 17.40 and a beta of 1.58. The company's 50 day moving average is $141.43 and its two-hundred day moving average is $146.34.

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

Analyst Upgrades and Downgrades

MIDD has been the subject of a number of recent research reports. Zacks Research upgraded shares of Middleby to a "strong sell" rating in a research note on Monday, August 11th. Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. JPMorgan Chase & Co. dropped their price target on Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Canaccord Genuity Group reduced their price objective on Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Finally, Robert W. Baird lowered their target price on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Middleby has an average rating of "Hold" and a consensus target price of $159.00.

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.