Northern Trust Corp Buys 10,780 Shares of The Middleby Corporation $MIDD

Key Points

• Northern Trust Corp increased its holdings in The Middleby Corporation by 2.2%, now owning approximately 503,045 shares valued at $76.45 million.
• Multiple institutional investors, including Burgundy Asset Management and TCTC Holdings, have also recently increased their stakes in Middleby, indicating strong institutional interest.
• Several analysts have recently adjusted their ratings on Middleby, with five maintaining a "Buy" rating, while others have moved to "Hold" or "Sell," reflecting a mixed sentiment on the stock's performance.

Northern Trust Corp grew its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 2.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 503,045 shares of the industrial products company's stock after acquiring an additional 10,780 shares during the quarter. Northern Trust Corp owned 0.94% of Middleby worth $76,453,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the stock. Burgundy Asset Management Ltd. increased its stake in shares of Middleby by 5.0% during the first quarter. Burgundy Asset Management Ltd. now owns 1,604 shares of the industrial products company's stock worth $244,000 after purchasing an additional 77 shares during the period. TCTC Holdings LLC raised its position in shares of Middleby by 116.7% in the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock worth $26,000 after acquiring an additional 91 shares in the last quarter. Xponance Inc. increased its position in Middleby by 1.6% in the 1st quarter. Xponance Inc. now owns 6,223 shares of the industrial products company's stock valued at $946,000 after buying an additional 99 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in shares of Middleby by 0.9% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 11,020 shares of the industrial products company's stock worth $1,675,000 after buying an additional 100 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its stake in shares of Middleby by 2.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 3,566 shares of the industrial products company's stock worth $542,000 after buying an additional 101 shares during the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Middleby Price Performance

NASDAQ:MIDD traded down $0.94 during trading hours on Thursday, reaching $136.84. The stock had a trading volume of 896,293 shares, compared to its average volume of 912,959. The stock has a market capitalization of $6.94 billion, a PE ratio of 17.41 and a beta of 1.58. 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 company has a 50 day moving average price of $141.02 and a two-hundred day moving average price of $145.51. The Middleby Corporation has a 52 week low of $118.09 and a 52 week high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last released its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share for the quarter, beating 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 firm had revenue of $977.86 million for the quarter, compared to the consensus estimate of $979.59 million. During the same quarter in the previous year, the company posted $2.39 EPS. The company's revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

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.