National Bank of Canada FI Has $641,000 Position in The Middleby Corporation $MIDD

Key Points

• National Bank of Canada FI significantly reduced its stake in The Middleby Corporation, trimming its holdings by 96.7% in Q1 2023.
• Institutional investors and hedge funds collectively own 98.55% of Middleby’s stock; several have increased their positions recently, including Sterling Capital Management which raised its stake by 56.8%.
• Middleby stock showed a 1.2% decline recently, with a current market cap of $6.72 billion and earnings of $2.35 per share, exceeding analyst expectations.

National Bank of Canada FI cut its position in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 96.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,219 shares of the industrial products company's stock after selling 123,528 shares during the quarter. National Bank of Canada FI's holdings in Middleby were worth $641,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MIDD. Sterling Capital Management LLC boosted its stake in Middleby by 56.8% in the 4th quarter. Sterling Capital Management LLC now owns 3,183 shares of the industrial products company's stock valued at $431,000 after purchasing an additional 1,153 shares during the period. Townsquare Capital LLC boosted its stake in Middleby by 4.7% in the 4th quarter. Townsquare Capital LLC now owns 6,553 shares of the industrial products company's stock valued at $888,000 after purchasing an additional 294 shares during the period. Mariner LLC boosted its stake in Middleby by 7.4% in the 4th quarter. Mariner LLC now owns 7,723 shares of the industrial products company's stock valued at $1,046,000 after purchasing an additional 535 shares during the period. XTX Topco Ltd acquired a new position in Middleby in the 4th quarter valued at $231,000. Finally, Jump Financial LLC acquired a new position in Middleby in the 4th quarter valued at $284,000. 98.55% of the stock is currently owned by institutional investors.

Middleby Price Performance

Shares of Middleby stock traded down $0.27 during trading on Thursday, reaching $130.13. 759,124 shares of the company's stock were exchanged, compared to its average volume of 1,191,440. 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. The company has a market cap of $6.59 billion, a P/E ratio of 16.56 and a beta of 1.58. The firm's 50-day moving average price is $141.43 and its 200 day moving average price is $146.34.

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

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a report on Sunday, July 20th. Canaccord Genuity Group dropped their price objective on Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a report on Thursday, August 7th. Barclays dropped their price objective on Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a report on Monday, July 21st. Robert W. Baird dropped their price objective on Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a report on Thursday, May 8th. Finally, Zacks Research raised Middleby to a "strong sell" rating in a report on Monday, August 11th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Middleby presently has an average rating of "Hold" and an average target price of $159.00.

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.