FORA Capital LLC Invests $476,000 in The Middleby Corporation $MIDD

Key Points

• FORA Capital LLC invested approximately $476,000 in The Middleby Corporation by purchasing 3,131 shares in the 1st quarter.
• Several hedge funds increased their positions in Middleby, with notable increases from AlphaQuest LLC (114.9%) and Price T Rowe Associates Inc. (59.8%).
• The Middleby Corporation reported earnings of $2.35 per share, exceeding expectations, but with a 1.4% year-over-year decline in revenue for the quarter.

FORA Capital LLC bought a new stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 3,131 shares of the industrial products company's stock, valued at approximately $476,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MIDD. AlphaQuest LLC lifted its holdings in shares of Middleby by 114.9% in the first quarter. AlphaQuest LLC now owns 1,414 shares of the industrial products company's stock valued at $215,000 after buying an additional 756 shares during the period. Ameriprise Financial Inc. grew its position in Middleby by 33.3% in the first quarter. Ameriprise Financial Inc. now owns 488,238 shares of the industrial products company's stock worth $74,202,000 after buying an additional 121,945 shares during the last quarter. Clarkston Capital Partners LLC grew its position in Middleby by 1.5% in the first quarter. Clarkston Capital Partners LLC now owns 688,560 shares of the industrial products company's stock worth $104,647,000 after buying an additional 10,310 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Middleby by 59.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company's stock worth $460,422,000 after buying an additional 1,133,931 shares during the last quarter. Finally, Quantbot Technologies LP grew its position in Middleby by 374.5% in the first quarter. Quantbot Technologies LP now owns 30,598 shares of the industrial products company's stock worth $4,650,000 after buying an additional 24,149 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors.

Middleby Trading Down 0.4%

MIDD traded down $0.60 during trading on Tuesday, reaching $136.25. 308,129 shares of the stock traded hands, compared to its average volume of 908,568. The stock has a market capitalization of $6.91 billion, a PE ratio of 17.29 and a beta of 1.54. The Middleby Corporation has a 12 month low of $118.09 and a 12 month high of $182.73. The stock's 50-day moving average is $140.69 and its 200 day moving average is $144.61. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64.

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, beating analysts' consensus estimates of $2.20 by $0.15. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The business had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. During the same quarter in the previous year, the business posted $2.39 EPS. Middleby's quarterly revenue was down 1.4% on a year-over-year basis. Equities analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MIDD shares. Robert W. Baird reduced their target price on Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Canaccord Genuity Group upped their target price on Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday. JPMorgan Chase & Co. lowered their price target on Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a report on Thursday, August 7th. Barclays lowered 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. Finally, Zacks Research upgraded Middleby to a "strong sell" rating in a report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $160.86.

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.