Leith Wheeler Investment Counsel Ltd. Has $28.86 Million Stock Holdings in The Middleby Corporation $MIDD

Key Points

• Leith Wheeler Investment Counsel Ltd. significantly increased its stake in The Middleby Corporation by 200%, holding 200,409 shares valued at approximately $28.86 million.
• The Middleby Corporation reported earnings of $2.35 per share for the last quarter, exceeding estimates, but revenues were down 1.4% year-over-year.
• Analysts have varied opinions on Middleby, with the overall consensus rating classified as "Hold" and a new average price target of $160.71.

Leith Wheeler Investment Counsel Ltd. lifted its stake in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 200.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 200,409 shares of the industrial products company's stock after purchasing an additional 133,608 shares during the period. Middleby makes up about 1.7% of Leith Wheeler Investment Counsel Ltd.'s holdings, making the stock its 19th biggest position. Leith Wheeler Investment Counsel Ltd. owned 0.37% of Middleby worth $28,859,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of MIDD. GAMMA Investing LLC raised 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 valued at $137,000 after buying an additional 279 shares during the period. SG Americas Securities LLC raised its position in Middleby by 209.6% during the first quarter. SG Americas Securities LLC now owns 4,458 shares of the industrial products company's stock valued at $678,000 after buying an additional 3,018 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in Middleby by 10.0% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 4,564 shares of the industrial products company's stock valued at $694,000 after buying an additional 415 shares during the period. Ritholtz Wealth Management acquired a new position in Middleby during the first quarter valued at $554,000. Finally, Janney Montgomery Scott LLC raised its position in Middleby by 2.9% during the first quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock valued at $542,000 after buying an additional 101 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Stock Performance

MIDD opened at $129.12 on Monday. The company has a market cap of $6.54 billion, a PE ratio of 16.43 and a beta of 1.52. The stock has a 50-day moving average of $134.49 and a 200-day moving average of $139.72. 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.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $979.59 million. During the same quarter in the prior year, the company posted $2.39 EPS. The firm's revenue was down 1.4% on a year-over-year basis. As a group, equities research analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

MIDD has been the topic of several recent analyst reports. Wall Street Zen lowered Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. JPMorgan Chase & Co. lowered their target price on Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research note on Thursday, August 7th. Barclays lowered their target price on Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Weiss Ratings restated a "hold (c)" rating on shares of Middleby in a research note on Wednesday, October 8th. Finally, Wolfe Research set a $163.00 target price on Middleby and gave the company an "outperform" rating in a research note on Thursday, September 4th. Five equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $160.71.

Middleby 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.

Want to see what other hedge funds are holding MIDD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Middleby Corporation (NASDAQ:MIDD - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.