Envestnet Asset Management Inc. Purchases 21,786 Shares of The Middleby Corporation (NASDAQ:MIDD)

Envestnet Asset Management Inc. increased its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 21.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 125,752 shares of the industrial products company's stock after purchasing an additional 21,786 shares during the quarter. Envestnet Asset Management Inc. owned 0.23% of Middleby worth $19,112,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in MIDD. Vanguard Group Inc. raised its stake in Middleby by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 5,260,935 shares of the industrial products company's stock worth $712,594,000 after acquiring an additional 21,771 shares during the period. Price T Rowe Associates Inc. MD grew its position in Middleby by 1.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 1,895,553 shares of the industrial products company's stock worth $256,753,000 after purchasing an additional 35,449 shares during the last quarter. Turtle Creek Asset Management Inc. grew its position in Middleby by 2.9% in the 4th quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company's stock valued at $252,798,000 after buying an additional 53,276 shares in the last quarter. Earnest Partners LLC grew its position in Middleby by 3.8% in the 4th quarter. Earnest Partners LLC now owns 1,311,966 shares of the industrial products company's stock valued at $177,706,000 after buying an additional 47,443 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Middleby by 13.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company's stock valued at $169,000,000 after buying an additional 150,709 shares in the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director Edward P. Garden purchased 249,339 shares of Middleby stock in a transaction on Tuesday, May 13th. The stock was purchased at an average price of $149.59 per share, with a total value of $37,298,621.01. Following the transaction, the director directly owned 3,088,263 shares in the company, valued at $461,973,262.17. The trade was a 8.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders purchased 640,968 shares of company stock valued at $93,495,270. 6.18% of the stock is currently owned by insiders.

Middleby Stock Performance

Shares of Middleby stock traded down $0.89 during midday trading on Friday, hitting $146.48. The company had a trading volume of 504,527 shares, compared to its average volume of 749,364. The business's 50 day simple moving average is $146.57 and its two-hundred day simple moving average is $148.19. The stock has a market cap of $7.86 billion, a PE ratio of 18.31 and a beta of 1.57. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The Middleby Corporation has a 1-year low of $121.70 and a 1-year high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share for the quarter, topping analysts' consensus estimates of $1.94 by $0.14. The firm had revenue of $906.63 million for the quarter, compared to the consensus estimate of $941.46 million. Middleby had a net margin of 11.26% and a return on equity of 14.47%. The business's revenue was down 2.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.89 earnings per share. As a group, equities analysts predict that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on MIDD. Canaccord Genuity Group reduced their price objective on shares of Middleby from $200.00 to $186.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. KeyCorp decreased their target price on shares of Middleby from $185.00 to $175.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. Robert W. Baird decreased 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. Finally, Wall Street Zen cut shares of Middleby from a "buy" rating to a "hold" rating in a report on Sunday. One investment analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $168.14.

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.