Cetera Investment Advisers Increases Position in The Middleby Corporation (NASDAQ:MIDD)

Cetera Investment Advisers lifted its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 100.8% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,127 shares of the industrial products company's stock after acquiring an additional 3,075 shares during the period. Cetera Investment Advisers' holdings in Middleby were worth $931,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Xponance Inc. raised its position in Middleby by 1.6% during the first quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock valued at $946,000 after purchasing an additional 99 shares during the period. Oregon Public Employees Retirement Fund raised its position in Middleby by 0.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock valued at $1,675,000 after purchasing an additional 100 shares during the period. Janney Montgomery Scott LLC raised its position in Middleby by 2.9% during the first quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock valued at $542,000 after purchasing an additional 101 shares during the period. Treasurer of the State of North Carolina raised its position in Middleby by 0.6% during the fourth quarter. Treasurer of the State of North Carolina now owns 23,409 shares of the industrial products company's stock valued at $3,171,000 after purchasing an additional 140 shares during the period. Finally, State of Alaska Department of Revenue raised its position in Middleby by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 6,302 shares of the industrial products company's stock valued at $957,000 after purchasing an additional 165 shares during the period. Institutional investors own 98.55% of the company's stock.

Middleby Stock Performance

MIDD traded down $1.62 on Friday, reaching $132.61. 740,245 shares of the stock were exchanged, compared to its average volume of 1,222,244. The company's 50-day moving average price is $142.74 and its 200 day moving average price is $147.43. The firm has a market capitalization of $6.72 billion, a PE ratio of 16.87 and a beta of 1.58. The Middleby Corporation has a fifty-two week low of $118.09 and a fifty-two week high of $182.73. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share for the quarter, beating analysts' consensus estimates of $2.20 by $0.15. The business had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%. The company's revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the business posted $2.39 EPS. As a group, sell-side analysts forecast that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling at Middleby

In related news, Director Edward P. Garden acquired 137,000 shares of Middleby stock in a transaction on Wednesday, May 21st. The stock was acquired at an average price of $148.03 per share, for a total transaction of $20,280,110.00. Following the purchase, the director owned 3,276,834 shares of the company's stock, valued at approximately $485,069,737.02. This represents a 4.36% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 6.18% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on MIDD. Barclays reduced their price target on Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Robert W. Baird dropped their target price on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. Canaccord Genuity Group lowered their price objective on Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. JPMorgan Chase & Co. lowered their price objective on Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Finally, Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Middleby has a consensus rating of "Hold" and a consensus price target of $159.00.

About Middleby

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.