TD Asset Management Inc Boosts Holdings in The Middleby Corporation (NASDAQ:MIDD)

Key Points

• TD Asset Management Inc has increased its holdings in The Middleby Corporation by 33.0%, now owning approximately 257,763 shares worth $39.18 million.
• Multiple hedge funds significantly modified their positions in Middleby, with 98.55% of the stock owned by institutional investors after a series of substantial purchases.
• Recent analyst downgrades have seen companies like Barclays and Robert W. Baird reduce their price targets for Middleby, indicating mixed sentiment in the market.

TD Asset Management Inc grew its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 33.0% in the first quarter, according to its most recent filing with the SEC. The fund owned 257,763 shares of the industrial products company's stock after acquiring an additional 64,028 shares during the period. TD Asset Management Inc owned 0.48% of Middleby worth $39,175,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of MIDD. Versant Capital Management Inc grew its holdings in Middleby by 760.0% during 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 period. Aster Capital Management DIFC Ltd acquired a new stake in shares of Middleby in the 4th quarter valued at about $71,000. Coppell Advisory Solutions LLC grew its stake in shares of Middleby by 220.6% in the 4th quarter. Coppell Advisory Solutions LLC now owns 606 shares of the industrial products company's stock valued at $82,000 after buying an additional 417 shares during the period. UMB Bank n.a. grew its stake in shares of Middleby by 60.3% in the 1st quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock valued at $97,000 after buying an additional 240 shares during the period. Finally, GAMMA Investing LLC boosted its stake in Middleby by 44.9% during the 1st quarter. GAMMA Investing LLC now owns 901 shares of the industrial products company's stock valued at $137,000 after purchasing an additional 279 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. KeyCorp cut their target price on Middleby from $185.00 to $175.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 8th. Barclays lowered their price target 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. Canaccord Genuity Group lowered their price target on shares of Middleby from $200.00 to $186.00 and set a "buy" rating on the stock in a report on Thursday, May 8th. Robert W. Baird lowered 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 lowered shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $166.00.

Insider Buying and Selling at Middleby

In related news, Director Edward P. Garden purchased 249,339 shares of the firm's stock in a transaction on Tuesday, May 13th. The shares were acquired at an average price of $149.59 per share, for a total transaction of $37,298,621.01. Following the purchase, the director directly owned 3,088,263 shares in the company, valued at $461,973,262.17. This trade represents a 8.78% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last 90 days, insiders have acquired 640,968 shares of company stock worth $93,495,270. 6.18% of the stock is currently owned by insiders.

Middleby Stock Down 2.4%

Shares of MIDD stock traded down $3.54 during trading hours on Friday, hitting $141.67. 355,031 shares of the company's stock traded hands, compared to its average volume of 862,693. The stock's fifty day simple moving average is $146.28 and its two-hundred day simple moving average is $148.89. The Middleby Corporation has a 12-month low of $121.70 and a 12-month high of $182.73. The stock has a market cap of $7.60 billion, a price-to-earnings ratio of 17.69 and a beta of 1.57. The company has a quick ratio of 1.73, a current ratio of 2.72 and a debt-to-equity ratio of 0.63.

Middleby (NASDAQ:MIDD - Get Free Report) last issued its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.14. The company had revenue of $906.63 million for the quarter, compared to analysts' expectations of $941.46 million. Middleby had a net margin of 11.26% and a return on equity of 14.47%. The firm's quarterly revenue was down 2.2% on a year-over-year basis. During the same quarter last year, the company posted $1.89 earnings per share. On average, analysts expect that The Middleby Corporation will post 9.11 EPS for the current year.

About Middleby

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.