Integrity Alliance LLC. Makes New $365,000 Investment in The Middleby Corporation $MIDD

Key Points

• Integrity Alliance LLC has acquired a new position in The Middleby Corporation, purchasing 2,400 shares valued at approximately $365,000.
• Over 98% of Middleby's stock is now owned by institutional investors, with several hedge funds increasing their stakes in the company during the first quarter.
• The Middleby Corporation reported $2.35 earnings per share for the last quarter, surpassing analyst expectations, although their revenue was down 1.4% compared to the same quarter last year.

Integrity Alliance LLC. bought a new position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 2,400 shares of the industrial products company's stock, valued at approximately $365,000.

A number of other large investors have also recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD increased its holdings in Middleby by 59.8% during the 1st 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 purchasing an additional 1,133,931 shares in the last quarter. Turtle Creek Asset Management Inc. increased its holdings in Middleby by 2.9% during the 4th quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company's stock worth $252,798,000 after purchasing an additional 53,276 shares in the last quarter. Earnest Partners LLC increased its holdings in Middleby by 0.6% during the 1st quarter. Earnest Partners LLC now owns 1,319,757 shares of the industrial products company's stock worth $200,577,000 after purchasing an additional 7,791 shares in the last quarter. Clarkston Capital Partners LLC increased its holdings in Middleby by 1.5% during the 1st quarter. Clarkston Capital Partners LLC now owns 688,560 shares of the industrial products company's stock worth $104,647,000 after purchasing an additional 10,310 shares in the last quarter. Finally, Epoch Investment Partners Inc. grew its holdings in shares of Middleby by 32.5% in the 1st quarter. Epoch Investment Partners Inc. now owns 578,496 shares of the industrial products company's stock valued at $87,920,000 after acquiring an additional 141,769 shares in the last quarter. Institutional investors own 98.55% of the company's stock.

Middleby Stock Performance

Middleby stock traded down $0.40 during midday trading on Monday, reaching $134.19. 704,450 shares of the company's stock were exchanged, compared to its average volume of 748,789. The Middleby Corporation has a 52 week low of $118.09 and a 52 week high of $182.73. 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 firm has a market cap of $6.80 billion, a price-to-earnings ratio of 17.07 and a beta of 1.54. The stock's 50-day simple moving average is $139.19 and its 200 day simple moving average is $142.56.

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

Analysts Set New Price Targets

Several equities analysts have recently weighed in on MIDD shares. JPMorgan Chase & Co. decreased their price objective on Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a report on Thursday, August 7th. Wolfe Research set a $163.00 price objective on Middleby and gave the company an "outperform" rating in a report on Thursday, September 4th. Canaccord Genuity Group raised their price objective on Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. 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 company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $160.71.

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.