Natixis Advisors LLC Has $15.86 Million Stake in The Middleby Corporation (NASDAQ:MIDD)

Key Points

• Natixis Advisors LLC increased its holdings in The Middleby Corporation (NASDAQ:MIDD) by 17.3% during the first quarter, owning approximately 0.19% of the company valued at $15.86 million at the end of the reporting period.
• The company's quarterly earnings report showed earnings per share of $2.08, beating expectations but with a 2.2% decline in revenue year-over-year.
• Institutional investors own 98.55% of Middleby’s stock, with a significant increase in insider transactions, including a director acquiring 137,000 shares worth over $20 million.

Natixis Advisors LLC raised its holdings in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 17.3% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 104,352 shares of the industrial products company's stock after purchasing an additional 15,411 shares during the period. Natixis Advisors LLC owned about 0.19% of Middleby worth $15,859,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the stock. Bayforest Capital Ltd increased its holdings in Middleby by 183.1% in the first quarter. Bayforest Capital Ltd now owns 1,888 shares of the industrial products company's stock valued at $287,000 after buying an additional 1,221 shares during the last quarter. XTX Topco Ltd grew its holdings in Middleby by 498.1% in the 1st quarter. XTX Topco Ltd now owns 10,197 shares of the industrial products company's stock worth $1,550,000 after buying an additional 8,492 shares in the last quarter. TCTC Holdings LLC lifted its position in Middleby by 116.7% in the first quarter. TCTC Holdings LLC now owns 169 shares of the industrial products company's stock worth $26,000 after purchasing an additional 91 shares during the period. TD Asset Management Inc boosted its position in shares of Middleby by 33.0% during the 1st quarter. TD Asset Management Inc now owns 257,763 shares of the industrial products company's stock valued at $39,175,000 after purchasing an additional 64,028 shares in the last quarter. Finally, Applied Finance Capital Management LLC acquired a new position in Middleby in the first quarter worth approximately $203,000. Institutional investors and hedge funds own 98.55% of the company's stock.

Insider Transactions at Middleby

In other Middleby news, Director Edward P. Garden purchased 249,339 shares of the company's stock in a transaction that occurred on Tuesday, May 13th. The stock was purchased at an average price of $149.59 per share, with a total value of $37,298,621.01. Following the completion of the transaction, the director directly owned 3,088,263 shares of the company's stock, valued at approximately $461,973,262.17. This trade represents a 8.78% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders have bought a total of 640,968 shares of company stock valued at $93,495,270 over the last three months. Corporate insiders own 6.18% of the company's stock.

Middleby Stock Performance

Shares of NASDAQ MIDD traded up $0.08 during mid-day trading on Monday, hitting $141.81. The company had a trading volume of 779,228 shares, compared to its average volume of 865,591. The company has a debt-to-equity ratio of 0.63, a current ratio of 2.72 and a quick ratio of 1.73. The business's 50-day simple moving average is $146.20 and its 200-day simple moving average is $149.02. The Middleby Corporation has a 12 month low of $121.70 and a 12 month high of $182.73. The firm has a market cap of $7.61 billion, a P/E ratio of 17.73 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.14. Middleby had a net margin of 11.26% and a return on equity of 14.47%. The firm had revenue of $906.63 million during the quarter, compared to analyst estimates of $941.46 million. During the same quarter in the prior year, the business posted $1.89 earnings per share. The company's quarterly revenue was down 2.2% compared to the same quarter last year. 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

Several research firms have issued reports on MIDD. Wall Street Zen downgraded Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Canaccord Genuity Group dropped their price target on shares of Middleby from $200.00 to $186.00 and set a "buy" rating on the stock in a research note on Thursday, May 8th. Robert W. Baird decreased their price objective on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. 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 report on Monday, July 21st. Finally, KeyCorp decreased their price target on shares of Middleby from $185.00 to $175.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $166.00.

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.