The Middleby Corporation $MIDD Shares Sold by Ariel Investments LLC

Key Points

• Ariel Investments LLC reduced its stake in The Middleby Corporation by 17.3%, owning 990,523 shares valued at approximately $150.5 million after selling 207,656 shares in the first quarter.
• The Middleby Corporation reported $2.35 EPS for the last quarter, surpassing analysts' estimates of $2.20, although its revenue decreased by 1.4% year-over-year.
• Recent analyst ratings for Middleby have varied, with five analyststwo issuing Sell ratings, leading to a consensus rating of "Hold" and a target price of $160.86.

Ariel Investments LLC lessened its stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 17.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 990,523 shares of the industrial products company's stock after selling 207,656 shares during the quarter. Ariel Investments LLC owned approximately 1.85% of Middleby worth $150,540,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. TCTC Holdings LLC boosted its position in shares of Middleby by 116.7% during the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after acquiring an additional 91 shares during the last quarter. Versant Capital Management Inc lifted its position in Middleby by 760.0% during the first quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock valued at $39,000 after purchasing an additional 228 shares during the last quarter. UMB Bank n.a. lifted its position in Middleby by 60.3% during the first quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock valued at $97,000 after purchasing an additional 240 shares during the last quarter. GAMMA Investing LLC lifted its position in Middleby by 44.9% during the first 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 bought a new position in Middleby during the first quarter valued at $158,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Middleby Trading Up 1.8%

MIDD stock traded up $2.62 during trading on Friday, hitting $144.43. The company had a trading volume of 951,812 shares, compared to its average volume of 929,089. The firm has a market capitalization of $7.32 billion, a P/E ratio of 18.38 and a beta of 1.54. The Middleby Corporation has a 52-week low of $118.09 and a 52-week high of $182.73. The company has a 50 day simple moving average of $140.34 and a 200-day simple moving average of $144.12. The company has a quick ratio of 1.56, a current ratio of 2.57 and a debt-to-equity ratio of 0.64.

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

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. JPMorgan Chase & Co. lowered their price objective on shares of Middleby from $145.00 to $125.00 and set an "underweight" rating for the company in a research report on Thursday, August 7th. Wolfe Research set a $163.00 price objective on shares of Middleby and gave the company an "outperform" rating in a research report on Thursday. Canaccord Genuity Group increased their price objective on shares of Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday. Barclays lowered their price objective on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Finally, Wall Street Zen downgraded shares of Middleby from a "buy" rating to a "hold" rating in a research note on Sunday, July 20th. Six analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $161.13.

Middleby Company 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.