Envestnet Portfolio Solutions Inc. Acquires 5,004 Shares of The Middleby Corporation $MIDD

Key Points

• Envestnet Portfolio Solutions Inc. increased its stake in The Middleby Corporation by 237.4%, acquiring an additional 5,004 shares, bringing their total holdings to 7,112 shares worth approximately $1,024,000.
• The Middleby Corporation reported a Q2 EPS of $2.35, surpassing analysts’ expectations, despite a 1.4% decrease in revenue year-over-year.
• Institutional investors own 98.55% of Middleby's stock, indicating strong interest and confidence in the company within the financial community.

Envestnet Portfolio Solutions Inc. raised its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 237.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,112 shares of the industrial products company's stock after acquiring an additional 5,004 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Middleby were worth $1,024,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently bought and sold shares of MIDD. GAMMA Investing LLC grew its position in 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 last quarter. SG Americas Securities LLC lifted its holdings in shares of Middleby by 209.6% in the 1st quarter. SG Americas Securities LLC now owns 4,458 shares of the industrial products company's stock worth $678,000 after buying an additional 3,018 shares during the period. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Middleby by 10.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 4,564 shares of the industrial products company's stock worth $694,000 after buying an additional 415 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Middleby by 2.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock worth $542,000 after buying an additional 101 shares during the period. Finally, State of Alaska Department of Revenue lifted its holdings in shares of Middleby by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 6,302 shares of the industrial products company's stock worth $957,000 after buying an additional 165 shares during the period. Institutional investors own 98.55% of the company's stock.

Middleby Trading Down 0.5%

Middleby stock opened at $133.39 on Friday. The stock has a 50-day moving average of $134.93 and a two-hundred day moving average of $139.13. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.56 and a current ratio of 2.57. The Middleby Corporation has a one year low of $118.09 and a one year high of $182.73. The stock has a market cap of $6.76 billion, a PE ratio of 16.97 and a beta of 1.52.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, beating 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 company had revenue of $977.86 million during the quarter, compared to analysts' expectations of $979.59 million. During the same period last year, the business posted $2.39 earnings per share. The firm's revenue was down 1.4% compared to the same quarter last year. On average, research analysts anticipate that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have weighed in on MIDD. Weiss Ratings reiterated a "hold (c)" rating on shares of Middleby in a report on Wednesday, October 8th. Canaccord Genuity Group upped their target price on Middleby from $162.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Wolfe Research set a $163.00 price objective on Middleby and gave the stock an "outperform" rating in a research note on Thursday, September 4th. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Zacks Research upgraded Middleby to a "strong sell" rating in a research note on Monday, August 11th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $162.86.

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.

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