Brandywine Global Investment Management LLC Increases Stock Position 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 holdings in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 22.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,312 shares of the industrial products company's stock after acquiring an additional 6,019 shares during the period. Brandywine Global Investment Management LLC owned about 0.06% of Middleby worth $4,911,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MIDD. Mariner LLC grew its position in shares of Middleby by 7.4% during the 4th quarter. Mariner LLC now owns 7,723 shares of the industrial products company's stock valued at $1,046,000 after acquiring an additional 535 shares during the period. XTX Topco Ltd bought a new stake in shares of Middleby during the 4th quarter valued at $231,000. Jump Financial LLC bought a new stake in shares of Middleby during the 4th quarter valued at $284,000. Canada Pension Plan Investment Board bought a new stake in shares of Middleby during the 4th quarter valued at $420,000. Finally, Forum Financial Management LP bought a new stake in shares of Middleby during the 4th quarter valued at $348,000. Institutional investors own 98.55% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on MIDD. Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Barclays dropped their target price on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a report on Monday, July 21st. Canaccord Genuity Group dropped their target price on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Zacks Research raised shares of Middleby to a "strong sell" rating in a report on Monday, August 11th. Finally, Robert W. Baird dropped their target price on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Middleby has an average rating of "Hold" and an average price target of $159.00.

Middleby Price Performance

Middleby stock traded up $7.18 during mid-day trading on Friday, hitting $137.31. The stock had a trading volume of 792,081 shares, compared to its average volume of 1,201,905. The firm has a market capitalization of $6.96 billion, a P/E ratio of 17.47 and a beta of 1.58. The company has a current ratio of 2.57, a quick ratio of 1.56 and a debt-to-equity ratio of 0.64. The firm's 50 day moving average is $141.35 and its 200 day moving average is $145.97. The Middleby Corporation has a one year low of $118.09 and a one year high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, topping the consensus estimate of $2.20 by $0.15. The business had revenue of $977.86 million for the quarter, compared to analysts' expectations of $979.59 million. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The business's quarterly revenue was down 1.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.39 EPS. On average, sell-side analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

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.