Palisade Capital Management LP Buys Shares of 19,171 The Middleby Corporation $MIDD

Key Points

• Palisade Capital Management acquired 19,171 shares of Middleby, valued at approximately $3.3 million, while institutional investors collectively own 98.55% of the company.
• Middleby exceeded quarterly earnings and revenue expectations, reporting $2.35 in EPS and $875.55 million in revenue, though revenue declined 10.5% year over year.
• Shares opened at $113.97, near the company’s 12-month low, while analysts maintain a consensus “Hold” rating with an average price target of $160.38.

Palisade Capital Management LP acquired a new stake in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 19,171 shares of the industrial products company's stock, valued at approximately $3,298,000.

A number of other institutional investors have also recently made changes to their positions in MIDD. The Manufacturers Life Insurance Company grew its position in Middleby by 14.3% during the 1st quarter. The Manufacturers Life Insurance Company now owns 67,926 shares of the industrial products company's stock worth $9,006,000 after purchasing an additional 8,524 shares during the last quarter. Sei Investments Co. raised its holdings in shares of Middleby by 6.5% in the first quarter. Sei Investments Co. now owns 803,383 shares of the industrial products company's stock worth $106,514,000 after buying an additional 49,228 shares during the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Middleby during the fourth quarter worth $2,464,000. Fifth Third Bancorp grew its holdings in shares of Middleby by 272.0% during the first quarter. Fifth Third Bancorp now owns 32,441 shares of the industrial products company's stock valued at $4,301,000 after buying an additional 23,721 shares during the last quarter. Finally, Pictet Asset Management Holding SA increased its position in shares of Middleby by 237.8% in the 4th quarter. Pictet Asset Management Holding SA now owns 24,980 shares of the industrial products company's stock valued at $3,714,000 after acquiring an additional 17,586 shares during the period. Institutional investors and hedge funds own 98.55% of the company's stock.

Middleby Stock Performance

Shares of MIDD stock opened at $113.97 on Wednesday. The company has a market capitalization of $5.15 billion, a P/E ratio of -12.31 and a beta of 1.32. The business's 50 day moving average is $140.47 and its two-hundred day moving average is $146.30. The company has a current ratio of 1.99, a quick ratio of 1.10 and a debt-to-equity ratio of 0.88. The Middleby Corporation has a 12-month low of $110.82 and a 12-month high of $180.13.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings data on Tuesday, August 11th. The industrial products company reported $2.35 earnings per share for the quarter, topping analysts' consensus estimates of $2.09 by $0.26. Middleby had a negative net margin of 13.22% and a positive return on equity of 17.44%. The company had revenue of $875.55 million during the quarter, compared to analysts' expectations of $836.99 million. During the same period in the prior year, the business posted $2.35 earnings per share. The firm's revenue for the quarter was down 10.5% on a year-over-year basis. Middleby has set its Q3 2026 guidance at 1.670-1.830 EPS and its FY 2026 guidance at 6.730-6.890 EPS. Analysts expect that The Middleby Corporation will post 6.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Weiss Ratings downgraded shares of Middleby from a "sell (d+)" rating to a "sell (d)" rating in a report on Tuesday, August 18th. Canaccord Genuity Group set a $157.00 price objective on shares of Middleby and gave the company a "buy" rating in a report on Wednesday, August 12th. KeyCorp set a $152.00 price objective on shares of Middleby in a research note on Tuesday, July 14th. JPMorgan Chase & Co. reduced their target price on shares of Middleby from $151.00 to $141.00 and set a "neutral" rating for the company in a report on Wednesday, August 12th. Finally, Seaport Research Partners set a $145.00 target price on shares of Middleby in a research report on Wednesday, August 12th. Six analysts have rated the stock with a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $160.38.

About Middleby

Middleby Corporation is a global manufacturer and distributor of commercial foodservice and food processing equipment. The company designs, engineers and markets a wide range of cooking, baking, refrigeration, warewashing, holding and dispensing solutions. Middleby's products serve restaurants, hotels, convenience stores, institutional cafeterias, cruise ships and other foodservice operators.

The company's portfolio spans multiple well-known brands, including Blodgett ovens, TurboChef rapid‐cook ovens, Southbend ranges and broilers, Pitco fryers, and Viking residential and commercial kitchen appliances.

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