Select Equity Group L.P. Has $838.03 Million Holdings in The Middleby Corporation $MIDD

Key Points

• Select Equity Group L.P. reduced its stake in The Middleby Corporation (MIDD) by 12.3%, now holding 5.5 million shares, which represent about 3.6% of its total portfolio.
• Middleby reported an earnings per share (EPS) of $2.35 for the last quarter, outperforming analysts' expectations of $2.20, despite a 1.4% decline in revenue year-over-year.
• The company's stock has received mixed ratings from analysts, with an average rating of "Hold" and a target price of $161.13 following upgrades and downgrades from several firms.

Select Equity Group L.P. reduced its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 12.3% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,514,063 shares of the industrial products company's stock after selling 775,405 shares during the period. Middleby comprises approximately 3.6% of Select Equity Group L.P.'s holdings, making the stock its 4th largest position. Select Equity Group L.P. owned approximately 10.28% of Middleby worth $838,027,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. TCTC Holdings LLC raised its holdings in 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 during the last quarter. Versant Capital Management Inc raised its holdings in Middleby by 760.0% in the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock worth $39,000 after acquiring an additional 228 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Middleby by 90.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 432 shares of the industrial products company's stock worth $66,000 after acquiring an additional 205 shares during the last quarter. UMB Bank n.a. raised its holdings in Middleby by 60.3% in the 1st quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock worth $97,000 after acquiring an additional 240 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Middleby by 44.9% in the 1st quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock worth $137,000 after acquiring an additional 279 shares during the last quarter. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Canaccord Genuity Group increased their target price on Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, September 2nd. Zacks Research upgraded Middleby to a "strong sell" rating in a research note on Monday, August 11th. JPMorgan Chase & Co. reduced their price target on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Finally, Barclays dropped their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat, Middleby has a consensus rating of "Hold" and an average price target of $161.13.

Middleby Stock Performance

NASDAQ MIDD traded down $0.76 on Wednesday, hitting $137.92. 491,496 shares of the company traded hands, compared to its average volume of 906,178. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 17.55 and a beta of 1.54. The company has a current ratio of 2.57, a quick ratio of 1.56 and a debt-to-equity ratio of 0.64. The business's 50 day moving average price is $140.12 and its 200-day moving average price is $143.55. 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 issued its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $2.20 by $0.15. The company had revenue of $977.86 million during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.39 EPS. Equities analysts expect that The Middleby Corporation will post 9.11 earnings per share for the current 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.