Alliancebernstein L.P. Sells 466,536 Shares of 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. trimmed its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 47.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 518,554 shares of the industrial products company's stock after selling 466,536 shares during the period. Alliancebernstein L.P. owned approximately 0.97% of Middleby worth $78,810,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. TCTC Holdings LLC boosted its stake in shares of Middleby by 116.7% during the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock worth $26,000 after buying an additional 91 shares during the period. Versant Capital Management Inc grew its stake 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 period. UMB Bank n.a. grew its stake 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 period. GAMMA Investing LLC boosted its holdings 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 purchasing an additional 279 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new position in shares of Middleby during the 1st quarter valued at $158,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Middleby Price Performance

MIDD traded down $0.76 during midday trading on Wednesday, hitting $137.92. The stock had a trading volume of 491,496 shares, compared to its average volume of 906,178. The company has a market cap of $6.99 billion, a P/E ratio of 17.55 and a beta of 1.54. The business has a fifty day moving average of $140.12 and a 200 day moving average of $143.55. 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 1 year low of $118.09 and a 1 year 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 (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.15. The business had revenue of $977.86 million during the quarter, compared to analyst estimates of $979.59 million. Middleby had a return on equity of 14.14% and a net margin of 11.06%.Middleby's revenue for the quarter was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.39 earnings per share. As a group, equities analysts forecast that The Middleby Corporation will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

MIDD has been the subject of several research analyst reports. Wolfe Research set a $163.00 target price on shares of Middleby and gave the stock an "outperform" rating in a research report on Thursday, September 4th. Zacks Research upgraded shares of Middleby to a "strong sell" rating in a research report on Monday, August 11th. Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. 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. Finally, Canaccord Genuity Group raised their price target on shares of Middleby from $162.00 to $175.00 and gave the stock a "buy" rating in a research report on Tuesday, September 2nd. Six analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Middleby has a consensus rating of "Hold" and a consensus 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.