TD Private Client Wealth LLC Boosts Position in The Middleby Corporation (NASDAQ:MIDD)

TD Private Client Wealth LLC raised its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 46.4% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 7,709 shares of the industrial products company's stock after purchasing an additional 2,444 shares during the period. TD Private Client Wealth LLC's holdings in Middleby were worth $1,172,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MIDD. Jones Financial Companies Lllp lifted its holdings in Middleby by 286.8% in the 4th quarter. Jones Financial Companies Lllp now owns 762 shares of the industrial products company's stock valued at $103,000 after purchasing an additional 565 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Middleby by 1.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 348,223 shares of the industrial products company's stock worth $47,167,000 after acquiring an additional 3,832 shares during the period. Proficio Capital Partners LLC purchased a new position in shares of Middleby during the 4th quarter worth $2,238,000. Arizona State Retirement System raised its holdings in shares of Middleby by 0.7% during the 4th quarter. Arizona State Retirement System now owns 15,592 shares of the industrial products company's stock worth $2,112,000 after acquiring an additional 110 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Middleby during the 4th quarter worth $11,312,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Analysts Set New Price Targets

MIDD has been the topic of several analyst reports. KeyCorp reduced their price target on Middleby from $185.00 to $175.00 and set an "overweight" rating on the stock in a report on Tuesday, April 8th. Wall Street Zen lowered Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Robert W. Baird reduced their price target on Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a report on Thursday, May 8th. Finally, Canaccord Genuity Group cut their price objective on Middleby from $200.00 to $186.00 and set a "buy" rating for the company in a research report on Thursday, May 8th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Middleby has a consensus rating of "Moderate Buy" and an average target price of $168.14.

Insiders Place Their Bets

In related news, Director Edward P. Garden acquired 249,339 shares of the stock in a transaction dated Tuesday, May 13th. The stock was acquired at an average cost of $149.59 per share, with a total value of $37,298,621.01. Following the completion of the transaction, the director owned 3,088,263 shares in the company, valued at $461,973,262.17. This represents a 8.78% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Over the last three months, insiders bought 640,968 shares of company stock valued at $93,495,270. Insiders own 6.18% of the company's stock.

Middleby Trading Down 0.4%

Shares of NASDAQ:MIDD traded down $0.66 during midday trading on Friday, reaching $149.50. 1,154,189 shares of the company's stock were exchanged, compared to its average volume of 745,165. The stock has a market cap of $8.02 billion, a price-to-earnings ratio of 18.69 and a beta of 1.57. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The firm's 50 day simple moving average is $145.47 and its two-hundred day simple moving average is $147.70. The Middleby Corporation has a fifty-two week low of $121.70 and a fifty-two week high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last released its earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.14. The company had revenue of $906.63 million during the quarter, compared to the consensus estimate of $941.46 million. Middleby had a return on equity of 14.47% and a net margin of 11.26%. Middleby's revenue was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.89 EPS. As a group, sell-side analysts forecast that The Middleby Corporation will post 9.11 EPS 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.