Alliancebernstein L.P. Decreases Holdings in The Middleby Corporation $MIDD

Key Points

• Alliancebernstein L.P. has reduced its stake in The Middleby Corporation by 47.4%, now owning around 518,554 shares valued at approximately $78.8 million.
• The Middleby Corporation recently reported a quarterly earnings per share (EPS) of $2.35, exceeding analysts' estimates, despite a 1.4% year-over-year decline in revenue.
• Brokerages have mixed ratings on Middleby, with Wolfe Research setting a price target of $163.00, while JPMorgan lowered its target from $145.00 to $125.00.

Alliancebernstein L.P. lessened its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 47.4% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 518,554 shares of the industrial products company's stock after selling 466,536 shares during the quarter. Alliancebernstein L.P. owned approximately 0.97% of Middleby worth $78,810,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MIDD. ProShare Advisors LLC raised its holdings in Middleby by 7.4% in the fourth quarter. ProShare Advisors LLC now owns 2,517 shares of the industrial products company's stock worth $341,000 after purchasing an additional 173 shares in the last quarter. Garden Investment Management L.P. purchased a new stake in shares of Middleby in the 4th quarter worth about $101,958,000. Sarasin & Partners LLP bought a new position in shares of Middleby in the 1st quarter worth about $2,283,000. IMC Chicago LLC purchased a new position in Middleby during the 1st quarter valued at about $4,069,000. Finally, Two Sigma Investments LP bought a new stake in Middleby during the fourth quarter worth about $1,621,000. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Down 3.0%

Shares of MIDD stock traded down $4.19 during mid-day trading on Friday, hitting $134.59. The company's stock had a trading volume of 522,046 shares, compared to its average volume of 759,699. The stock has a market cap of $6.82 billion, a price-to-earnings ratio of 17.12 and a beta of 1.54. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.56 and a current ratio of 2.57. The Middleby Corporation has a 52-week low of $118.09 and a 52-week high of $182.73. The business has a 50-day moving average price of $139.42 and a 200 day moving average price of $143.07.

Middleby (NASDAQ:MIDD - Get Free Report) last released its quarterly earnings data on Wednesday, August 6th. The industrial products company reported $2.35 EPS for the quarter, beating the consensus estimate of $2.20 by $0.15. Middleby had a return on equity of 14.14% and a net margin of 11.06%.The company had revenue of $977.86 million for the quarter, compared to analysts' expectations of $979.59 million. During the same period last year, the firm posted $2.39 earnings per share. Middleby's revenue was down 1.4% compared to the same quarter last year. Research analysts predict that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Wall Street Analyst Weigh In

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

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.