Inspire Investing LLC Buys New Position in The Middleby Corporation $MIDD

Key Points

• Inspire Investing LLC has acquired a new position in The Middleby Corporation, purchasing 1,949 shares valued at approximately $281,000 in Q2.
• JPMorgan Chase & Co. has raised its price target on Middleby from $125.00 to $140.00, maintaining an "underweight" rating, while other analysts have given varied ratings reflecting mixed sentiments.
• The Middleby Corporation reported $2.35 earnings per share for the last quarter, exceeding estimates, but experienced a 1.4% decline in revenue year-over-year.

Inspire Investing LLC purchased a new position in The Middleby Corporation (NASDAQ:MIDD - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,949 shares of the industrial products company's stock, valued at approximately $281,000.

Other large investors also recently bought and sold shares of the company. Burgundy Asset Management Ltd. boosted its stake in shares of Middleby by 5.0% in the first quarter. Burgundy Asset Management Ltd. now owns 1,604 shares of the industrial products company's stock valued at $244,000 after purchasing an additional 77 shares during the period. Signaturefd LLC lifted its holdings in Middleby by 23.7% in the 2nd quarter. Signaturefd LLC now owns 418 shares of the industrial products company's stock worth $60,000 after buying an additional 80 shares in the last quarter. TCTC Holdings LLC boosted its position 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 buying an additional 91 shares during the last quarter. Xponance Inc. grew its stake in shares of Middleby by 1.6% during the first quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock valued at $946,000 after acquiring an additional 99 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund increased its position in shares of Middleby by 0.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock worth $1,675,000 after acquiring an additional 100 shares during the last quarter. Institutional investors and hedge funds own 98.55% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. JPMorgan Chase & Co. increased their price target on Middleby from $125.00 to $140.00 and gave the company an "underweight" rating in a report on Tuesday. Weiss Ratings reiterated a "hold (c)" rating on shares of Middleby in a research note on Wednesday, October 8th. Barclays decreased their price target 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 note on Sunday, July 20th. Finally, Canaccord Genuity Group raised their price objective on shares of Middleby from $162.00 to $175.00 and gave the stock a "buy" rating in a report on Tuesday, September 2nd. Five equities research 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.com, Middleby currently has a consensus rating of "Hold" and a consensus target price of $162.86.

Middleby Stock Performance

Middleby stock opened at $133.39 on Friday. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. The Middleby Corporation has a 12 month low of $118.09 and a 12 month high of $182.73. The company has a fifty day moving average price of $134.93 and a two-hundred day moving average price of $139.24. The company 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 posted its quarterly earnings results 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. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The company had revenue of $977.86 million for the quarter, compared to the consensus estimate of $979.59 million. During the same period last year, the firm posted $2.39 EPS. The company's revenue for the quarter was down 1.4% on a year-over-year basis. Research analysts expect that The Middleby Corporation will post 9.11 earnings per share for the current 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.

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