The Middleby Corporation $MIDD Shares Bought by Ameriprise Financial Inc.

Key Points

• Ameriprise Financial Inc. increased its stake in The Middleby Corporation by 33.3%, acquiring a total of 488,238 shares valued at approximately $74.2 million.
• Several large investors, including Price T Rowe Associates, have also substantially increased their positions in Middleby, with institutional ownership comprising 98.55% of the company's stock.
• The Middleby Corporation reported earnings of $2.35 per share for the last quarter, exceeding analyst expectations, even as revenues slightly dipped by 1.4% year-over-year.

Ameriprise Financial Inc. lifted its position in shares of The Middleby Corporation (NASDAQ:MIDD - Free Report) by 33.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 488,238 shares of the industrial products company's stock after purchasing an additional 121,945 shares during the period. Ameriprise Financial Inc. owned about 0.91% of Middleby worth $74,202,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD grew its stake in Middleby by 59.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,029,484 shares of the industrial products company's stock worth $460,422,000 after buying an additional 1,133,931 shares during the last quarter. Turtle Creek Asset Management Inc. boosted its holdings in shares of Middleby by 2.9% in the fourth quarter. Turtle Creek Asset Management Inc. now owns 1,866,359 shares of the industrial products company's stock valued at $252,798,000 after acquiring an additional 53,276 shares during the period. Ariel Investments LLC grew its position in shares of Middleby by 6.4% during the fourth quarter. Ariel Investments LLC now owns 1,198,179 shares of the industrial products company's stock worth $162,293,000 after acquiring an additional 72,031 shares during the last quarter. Garden Investment Management L.P. acquired a new position in shares of Middleby in the 4th quarter valued at $101,958,000. Finally, Clarkston Capital Partners LLC raised its position in Middleby by 1.5% in the 1st quarter. Clarkston Capital Partners LLC now owns 688,560 shares of the industrial products company's stock valued at $104,647,000 after purchasing an additional 10,310 shares during the last quarter. 98.55% of the stock is owned by institutional investors and hedge funds.

Middleby Price Performance

Middleby stock opened at $136.26 on Wednesday. The company has a market cap of $6.91 billion, a P/E ratio of 17.34 and a beta of 1.58. The Middleby Corporation has a one year low of $118.09 and a one year high of $182.73. The business has a fifty day moving average of $141.10 and a two-hundred day moving average of $145.56. The company has a debt-to-equity ratio of 0.64, a quick ratio of 1.56 and a current ratio of 2.57.

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

Analyst Upgrades and Downgrades

MIDD has been the topic of several research reports. JPMorgan Chase & Co. lowered their price objective on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating on the stock in a research report on Thursday, August 7th. Zacks Research raised Middleby to a "strong sell" rating in a report on Monday, August 11th. Canaccord Genuity Group lowered their price target on Middleby from $186.00 to $162.00 and set a "buy" rating on the stock in a report on Thursday, August 7th. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a research report on Sunday, July 20th. Finally, Barclays decreased their price objective on Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Five research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Middleby has an average rating of "Hold" and a consensus price target of $159.00.

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.

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