Fox Run Management L.L.C. Acquires New Position in The Middleby Corporation $MIDD

Key Points

• Fox Run Management L.L.C. has invested approximately $935,000 in The Middleby Corporation by purchasing 6,153 shares in the first quarter.
• Institutional investors and hedge funds hold a substantial 98.55% of Middleby’s stock, indicating strong institutional confidence in the company.
• Wall Street analysts have recently lowered their price targets for Middleby, with an average target of $159.00, reflecting mixed outlooks on the stock.

Fox Run Management L.L.C. bought a new stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm bought 6,153 shares of the industrial products company's stock, valued at approximately $935,000.

Several other hedge funds have also bought and sold shares of MIDD. TCTC Holdings LLC lifted its stake in Middleby by 116.7% in the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after purchasing an additional 91 shares during the last quarter. Versant Capital Management Inc lifted 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 worth $39,000 after acquiring an additional 228 shares during the last quarter. Coppell Advisory Solutions LLC lifted 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 worth $82,000 after acquiring an additional 417 shares during the last quarter. UMB Bank n.a. lifted 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 worth $97,000 after acquiring an additional 240 shares during the last quarter. Finally, GAMMA Investing LLC lifted 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 worth $137,000 after acquiring an additional 279 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities research analysts have issued reports on MIDD shares. Canaccord Genuity Group cut their price objective on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research report on Thursday, August 7th. Barclays cut their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Zacks Research upgraded shares of Middleby to a "strong sell" rating in a research report on Monday, August 11th. Finally, Robert W. Baird cut their price objective on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a research report on Thursday, May 8th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $159.00.

Middleby Price Performance

Shares of NASDAQ MIDD traded down $1.98 during midday trading on Wednesday, reaching $130.63. The company's stock had a trading volume of 319,227 shares, compared to its average volume of 913,666. 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 fifty-two week low of $118.09 and a fifty-two week high of $182.73. The business's 50 day moving average price is $142.03 and its two-hundred day moving average price is $146.72. The company has a market cap of $6.62 billion, a P/E ratio of 16.62 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.20 by $0.15. The business had revenue of $977.86 million for 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%. The firm's quarterly revenue was down 1.4% compared to the same quarter last year. During the same period last year, the firm posted $2.39 earnings per share. On average, analysts forecast that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

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.