Southeast Asset Advisors LLC Has $4.69 Million Stock Position in The Middleby Corporation $MIDD

Key Points

• Southeast Asset Advisors LLC reduced its stake in The Middleby Corporation by 19.4%, now holding approximately $4.69 million worth of stock, representing about 0.6% of its total portfolio.
• Several hedge funds have increased their positions in Middleby, with TCTC Holdings LLC raising its shares by 116.7% and Versant Capital Management by 760.0% in the same quarter.
• Middleby reported $2.35 earnings per share for the last quarter, surpassing analysts' expectations, although revenue declined by 1.4% year-over-year.

Southeast Asset Advisors LLC decreased its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 19.4% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 30,824 shares of the industrial products company's stock after selling 7,407 shares during the quarter. Middleby makes up about 0.6% of Southeast Asset Advisors LLC's investment portfolio, making the stock its 23rd largest position. Southeast Asset Advisors LLC owned approximately 0.06% of Middleby worth $4,685,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. TCTC Holdings LLC lifted its position in Middleby by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock worth $26,000 after buying an additional 91 shares in the last quarter. Versant Capital Management Inc grew its stake in shares of Middleby by 760.0% during the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 228 shares during the last quarter. Coppell Advisory Solutions LLC increased its holdings in shares of Middleby by 220.6% in the fourth quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company's stock valued at $82,000 after purchasing an additional 417 shares in the last quarter. UMB Bank n.a. raised its position 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 purchasing an additional 240 shares during the last quarter. Finally, GAMMA Investing LLC increased its stake in shares of Middleby by 44.9% in the 1st quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock valued at $137,000 after buying an additional 279 shares during the period. Institutional investors and hedge funds own 98.55% of the company's stock.

Middleby Price Performance

Middleby stock traded down $0.94 during trading hours on Thursday, reaching $136.84. 896,246 shares of the stock were exchanged, compared to its average volume of 912,959. The Middleby Corporation has a twelve month low of $118.09 and a twelve month high of $182.73. The company has a market cap of $6.94 billion, a P/E ratio of 17.41 and a beta of 1.58. 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 stock has a 50 day moving average of $141.02 and a two-hundred day moving average of $145.51.

Middleby (NASDAQ:MIDD - Get Free Report) last released its earnings results on Wednesday, August 6th. The industrial products company reported $2.35 earnings per share (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 return on equity of 14.14% and a net margin of 11.06%.The business's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.39 earnings per share. Equities analysts expect that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Analysts Set New Price Targets

MIDD has been the subject of several recent research reports. Zacks Research raised Middleby to a "strong sell" rating in a report on Monday, August 11th. Barclays decreased their price objective 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. Canaccord Genuity Group dropped their price objective on Middleby from $186.00 to $162.00 and set a "buy" rating on the stock in a research note on Thursday, August 7th. Robert W. Baird dropped their target price on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Finally, Wall Street Zen downgraded Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Five equities research 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. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $159.00.

Middleby Company 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.