Roubaix Capital LLC Invests $4.69 Million in The Middleby Corporation $MIDD

Key Points

• Roubaix Capital LLC acquired 30,827 shares of The Middleby Corporation, representing approximately $4.7 million and making it the firm's 15th largest position.
• During the past quarters, several institutional investors increased their stakes in Middleby, with 98.55% of the stock now owned by these entities.
• The Middleby Corporation's recent earnings report showed $2.35 EPS, exceeding analysts' expectations while revenue fell 1.4% year-over-year.

Roubaix Capital LLC acquired a new position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 30,827 shares of the industrial products company's stock, valued at approximately $4,685,000. Middleby makes up approximately 2.4% of Roubaix Capital LLC's holdings, making the stock its 15th largest position. Roubaix Capital LLC owned approximately 0.06% of Middleby at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MIDD. Garden Investment Management L.P. acquired a new stake in Middleby during the 4th quarter worth approximately $101,958,000. Ameriprise Financial Inc. boosted its position in Middleby by 237.2% during the 4th quarter. Ameriprise Financial Inc. now owns 366,293 shares of the industrial products company's stock worth $49,614,000 after buying an additional 257,669 shares during the period. Nuveen LLC acquired a new stake in Middleby during the 1st quarter worth approximately $29,733,000. Dimensional Fund Advisors LP boosted its position in Middleby by 13.7% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,247,671 shares of the industrial products company's stock worth $169,000,000 after buying an additional 150,709 shares during the period. Finally, Wolf Hill Capital Management LP boosted its position in Middleby by 79.8% during the 4th quarter. Wolf Hill Capital Management LP now owns 331,132 shares of the industrial products company's stock worth $44,852,000 after buying an additional 146,945 shares during the period. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Middleby Stock Down 0.2%

MIDD stock traded down $0.27 during midday trading on Thursday, reaching $130.13. 759,124 shares of the company's stock traded hands, compared to its average volume of 915,039. The company has a market cap of $6.60 billion, a price-to-earnings ratio of 16.56 and a beta of 1.58. The firm's fifty day moving average price is $141.70 and its 200-day moving average price is $146.61. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64. 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 announced its quarterly earnings results 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 business had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. Middleby had a net margin of 11.06% and a return on equity of 14.14%. Middleby's quarterly revenue was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.39 EPS. As a group, sell-side analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

MIDD has been the subject of several analyst reports. Wall Street Zen lowered shares of Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Canaccord Genuity Group lowered their price target on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays lowered their price target on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a report on Monday, July 21st. JPMorgan Chase & Co. lowered their price target on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a report on Thursday, August 7th. Finally, Zacks Research upgraded shares of Middleby to a "strong sell" rating in a report on Monday, August 11th. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $159.00.

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.