The Middleby Corporation $MIDD Shares Sold by Federation des caisses Desjardins du Quebec

Key Points

• Federation des caisses Desjardins du Quebec reduced its holdings in The Middleby Corporation by 39.9% in Q1, owning 8,437 shares valued at approximately $1.28 million after selling 5,590 shares.
• Several institutional investors significantly increased their stakes in Middleby during the same period, with Versant Capital Management increasing its position by 760% to 258 shares valued at $39,000.
• Analyst opinions on Middleby's stock vary, with recent upgrades setting price targets between $125 and $175, resulting in a consensus target price of $161.13 and an average rating of "Hold."

Federation des caisses Desjardins du Quebec lessened its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 39.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 8,437 shares of the industrial products company's stock after selling 5,590 shares during the period. Federation des caisses Desjardins du Quebec's holdings in Middleby were worth $1,282,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TCTC Holdings LLC boosted its position in Middleby by 116.7% in the 1st quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock valued at $26,000 after buying an additional 91 shares during the period. Versant Capital Management Inc boosted its position in Middleby by 760.0% in the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock valued at $39,000 after buying an additional 228 shares during the period. UMB Bank n.a. boosted its position in Middleby by 60.3% in the 1st quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock valued at $97,000 after buying an additional 240 shares during the period. GAMMA Investing LLC boosted its position in 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 buying an additional 279 shares during the period. Finally, Caitong International Asset Management Co. Ltd purchased a new position in Middleby in the 1st quarter valued at approximately $158,000. Hedge funds and other institutional investors own 98.55% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Canaccord Genuity Group raised their price target on shares of Middleby from $162.00 to $175.00 and gave the company a "buy" rating in a research report on Tuesday, September 2nd. Zacks Research raised shares of Middleby to a "strong sell" rating in a research report on Monday, August 11th. Wolfe Research set a $163.00 price objective on shares of Middleby and gave the stock an "outperform" rating in a research report on Thursday. JPMorgan Chase & Co. decreased 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. Finally, Barclays decreased 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. Six research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $161.13.

Middleby Price Performance

Shares of MIDD opened at $144.43 on Monday. The Middleby Corporation has a 1-year low of $118.09 and a 1-year high of $182.73. The stock has a market cap of $7.32 billion, a PE ratio of 18.38 and a beta of 1.54. The company has a debt-to-equity ratio of 0.64, a current ratio of 2.57 and a quick ratio of 1.56. The firm has a fifty day moving average price of $140.34 and a 200 day moving average price of $143.76.

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

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.

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