Renaissance Technologies LLC Has $27.21 Million Position in The Middleby Corporation $MIDD

Key Points

• Renaissance Technologies increased its Middleby stake by 1,572.9% in the first quarter, bringing its holdings to 205,270 shares valued at approximately $27.2 million. Institutional investors collectively own 98.55% of the company.
• Analyst sentiment is broadly positive, with six Buy, three Hold, and one Sell rating, producing a “Moderate Buy” consensus and an average price target of $173.88. However, JPMorgan and Robert W. Baird recently lowered their views.
• Middleby reported quarterly earnings of $2.16 per share, beating estimates of $1.94, while revenue rose 15% year over year to $839.91 million. The stock opened at $133.02, well below its 52-week high of $180.13.

Renaissance Technologies LLC grew its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 1,572.9% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 205,270 shares of the industrial products company's stock after purchasing an additional 193,000 shares during the period. Renaissance Technologies LLC owned approximately 0.44% of Middleby worth $27,215,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its stake in Middleby by 14.7% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 563,554 shares of the industrial products company's stock worth $74,716,000 after acquiring an additional 72,086 shares in the last quarter. Bank of Nova Scotia purchased a new position in Middleby during the 1st quarter valued at about $397,000. Sei Investments Co. increased its holdings in shares of Middleby by 6.5% in the 1st quarter. Sei Investments Co. now owns 803,383 shares of the industrial products company's stock valued at $106,514,000 after purchasing an additional 49,228 shares during the period. Cetera Investment Advisers lifted its position in shares of Middleby by 15.1% in the first quarter. Cetera Investment Advisers now owns 4,923 shares of the industrial products company's stock worth $653,000 after purchasing an additional 646 shares in the last quarter. Finally, Cassaday & Co Wealth Management LLC purchased a new position in Middleby during the first quarter valued at approximately $67,000. Institutional investors and hedge funds own 98.55% of the company's stock.

Analyst Ratings Changes

MIDD has been the subject of a number of research analyst reports. Oppenheimer initiated coverage on shares of Middleby in a research report on Wednesday, June 17th. They issued an "outperform" rating and a $205.00 target price for the company. Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Middleby in a research note on Friday, May 1st. JPMorgan Chase & Co. cut their price objective on Middleby from $185.00 to $151.00 and set a "neutral" rating for the company in a report on Monday, July 13th. Canaccord Genuity Group set a $200.00 target price on Middleby in a research note on Friday, May 8th. Finally, Robert W. Baird lowered Middleby from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, July 8th. Six analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $173.88.

Middleby Stock Down 1.5%

Middleby stock opened at $133.02 on Thursday. The company has a current ratio of 1.96, a quick ratio of 1.10 and a debt-to-equity ratio of 0.77. The Middleby Corporation has a 1-year low of $110.82 and a 1-year high of $180.13. The firm's fifty day simple moving average is $152.57 and its 200-day simple moving average is $149.93. The company has a market capitalization of $6.01 billion, a P/E ratio of -15.69 and a beta of 1.33.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its earnings results on Thursday, May 7th. The industrial products company reported $2.16 EPS for the quarter, topping the consensus estimate of $1.94 by $0.22. Middleby had a negative net margin of 11.46% and a positive return on equity of 15.94%. The firm had revenue of $839.91 million for the quarter, compared to the consensus estimate of $777.19 million. During the same period in the prior year, the business posted $2.08 earnings per share. The business's quarterly revenue was up 15.0% on a year-over-year basis. Middleby has set its FY 2026 guidance at 9.540-9.700 EPS and its Q2 2026 guidance at 2.270-2.390 EPS. Sell-side analysts forecast that The Middleby Corporation will post 9.54 earnings per share for the current fiscal year.

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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