Charles Schwab Investment Management Inc. Acquires 4,614 Shares of The Middleby Corporation $MIDD

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in The Middleby Corporation by 1.3% in the first quarter, owning 352,837 shares valued at approximately $53.6 million.
• Several institutional investors, including ProShare Advisors LLC and Garden Investment Management L.P., also adjusted their stake in Middleby, with hedge funds owning 98.55% of the company's stock.
• Analyst ratings for Middleby vary, with price targets adjusted downward by firms like JPMorgan Chase and Robert W. Baird, leading to a consensus rating of "Moderate Buy" with a price target of $159.00.

Charles Schwab Investment Management Inc. raised its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 1.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 352,837 shares of the industrial products company's stock after purchasing an additional 4,614 shares during the quarter. Charles Schwab Investment Management Inc. owned 0.66% of Middleby worth $53,624,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of MIDD. TCTC Holdings LLC grew its holdings in shares of Middleby by 116.7% during 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 in the last quarter. Versant Capital Management Inc raised its position in Middleby by 760.0% during 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 period. Coppell Advisory Solutions LLC raised its position in Middleby by 220.6% during the fourth quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company's stock valued at $82,000 after buying an additional 417 shares during the period. UMB Bank n.a. raised its position in Middleby by 60.3% during the first quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock valued at $97,000 after buying an additional 240 shares during the period. Finally, GAMMA Investing LLC raised its position in Middleby by 44.9% during the first quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock valued at $137,000 after buying an additional 279 shares during the period. Institutional investors and hedge funds own 98.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Barclays dropped their price target 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 dropped their price target on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research report on Thursday, May 8th. 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. Zacks Research raised Middleby to a "strong sell" rating in a research report on Monday, August 11th. Finally, Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, Middleby has an average rating of "Hold" and an average price target of $159.00.

Middleby Stock Down 1.7%

NASDAQ:MIDD traded down $2.21 during trading hours on Wednesday, reaching $130.40. The company's stock had a trading volume of 664,797 shares, compared to its average volume of 1,209,795. The company has a market cap of $6.61 billion, a price-to-earnings ratio of 16.59 and a beta of 1.58. The Middleby Corporation has a one year low of $118.09 and a one year high of $182.73. The business's 50-day moving average is $141.70 and its 200-day moving average is $146.61. 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 issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.20 by $0.15. The firm had revenue of $977.86 million during 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%. Middleby's revenue for the quarter was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $2.39 earnings per share. Equities research analysts predict that The Middleby Corporation will post 9.11 EPS for the current 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.