Ritholtz Wealth Management Grows Holdings in The Middleby Corporation $MIDD

Key Points

• Ritholtz Wealth Management increased its holdings in The Middleby Corporation by 249.1% during the second quarter, now owning 12,716 shares valued at approximately $1,831,000.
• Multiple institutional investors raised their positions in Middleby, with Envestnet Portfolio Solutions increasing by 237.4% and Leith Wheeler Investment Counsel raising by 200%.
• Equities analysts have mixed views on the stock, with price targets ranging from $125.00 to $180.00, and a consensus rating of "Hold" based on varying buy, hold, and sell ratings.

Ritholtz Wealth Management boosted its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 249.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,716 shares of the industrial products company's stock after purchasing an additional 9,073 shares during the quarter. Ritholtz Wealth Management's holdings in Middleby were worth $1,831,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. raised its position in Middleby by 237.4% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 7,112 shares of the industrial products company's stock valued at $1,024,000 after purchasing an additional 5,004 shares during the last quarter. Sequoia Financial Advisors LLC purchased a new stake in Middleby in the 2nd quarter valued at $254,000. Leith Wheeler Investment Counsel Ltd. raised its position in Middleby by 200.0% during the 2nd quarter. Leith Wheeler Investment Counsel Ltd. now owns 200,409 shares of the industrial products company's stock worth $28,859,000 after buying an additional 133,608 shares during the last quarter. Trust Co. of Toledo NA OH purchased a new position in Middleby during the 2nd quarter worth $47,000. Finally, Inspire Investing LLC purchased a new position in Middleby during the 2nd quarter worth $281,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on MIDD shares. Canaccord Genuity Group upped their price objective on shares of Middleby from $162.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. JPMorgan Chase & Co. upped their price objective on shares of Middleby from $125.00 to $140.00 and gave the stock an "underweight" rating in a research report on Tuesday. Barclays cut their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Zacks Research raised shares of Middleby to a "strong sell" rating in a research note on Monday, August 11th. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Middleby in a research note on Wednesday, October 8th. 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's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $162.86.

Middleby Price Performance

Shares of NASDAQ MIDD opened at $134.03 on Friday. The stock has a market cap of $6.79 billion, a price-to-earnings ratio of 17.05 and a beta of 1.52. The Middleby Corporation has a 52 week low of $118.09 and a 52 week high of $182.73. The company's 50-day moving average price is $134.66 and its 200 day moving average price is $139.37. The company has a current ratio of 2.57, a quick ratio of 1.56 and a debt-to-equity ratio of 0.64.

Middleby (NASDAQ:MIDD - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, beating analysts' consensus estimates of $2.20 by $0.15. The firm had revenue of $977.86 million for the quarter, compared to analysts' expectations of $979.59 million. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The firm's revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company earned $2.39 EPS. As a group, research analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

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.

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