Trexquant Investment LP Has $11.54 Million Holdings in The Middleby Corporation $MIDD

Key Points

• Trexquant Investment LP increased its stake in The Middleby Corporation by 176.4%, owning approximately 0.14% of the company worth $11.5 million after adding 48,439 shares in the first quarter.
• Hedge funds collectively own 98.55% of Middleby, with several firms, including ProShare Advisors and Garden Investment Management, also acquiring shares during recent quarters.
• Middleby reported quarterly earnings of $2.35 per share, beating expectations, but its revenue decreased by 1.4% year-over-year to $977.86 million.

Trexquant Investment LP raised its stake in The Middleby Corporation (NASDAQ:MIDD - Free Report) by 176.4% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 75,896 shares of the industrial products company's stock after purchasing an additional 48,439 shares during the period. Trexquant Investment LP owned 0.14% of Middleby worth $11,535,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. TCTC Holdings LLC increased its position in shares of Middleby by 116.7% in the 1st 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 last quarter. Versant Capital Management Inc increased its position in shares of Middleby by 760.0% in the 1st quarter. Versant Capital Management Inc now owns 258 shares of the industrial products company's stock worth $39,000 after purchasing an additional 228 shares during the last quarter. UMB Bank n.a. increased its position in shares of Middleby by 60.3% in the 1st quarter. UMB Bank n.a. now owns 638 shares of the industrial products company's stock worth $97,000 after purchasing an additional 240 shares during the last quarter. GAMMA Investing LLC grew its position in shares of Middleby by 44.9% during 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 last quarter. Finally, Caitong International Asset Management Co. Ltd acquired a new stake in shares of Middleby in the 1st quarter worth approximately $158,000. Institutional investors own 98.55% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MIDD. Barclays reduced their price target on shares of Middleby from $180.00 to $165.00 and set an "overweight" rating for the company in a research note on Monday, July 21st. Canaccord Genuity Group cut their target price on shares of Middleby from $186.00 to $162.00 and set a "buy" rating for the company in a research note on Thursday, August 7th. Robert W. Baird cut their target price on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a research note on Thursday, May 8th. JPMorgan Chase & Co. reduced their price target 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, Zacks Research upgraded shares of Middleby to a "strong sell" rating in a research report on Monday, August 11th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $159.00.

Middleby Stock Performance

NASDAQ:MIDD traded up $0.01 during midday trading on Friday, reaching $136.85. The stock had a trading volume of 799,994 shares, compared to its average volume of 1,246,474. The Middleby Corporation has a 1-year low of $118.09 and a 1-year high of $182.73. The firm's fifty day simple moving average is $140.83 and its 200-day simple moving average is $144.83. 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 stock has a market capitalization of $6.94 billion, a P/E ratio of 17.41 and a beta of 1.54.

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 (EPS) for the quarter, topping the consensus estimate of $2.20 by $0.15. The company had revenue of $977.86 million for the quarter, compared to analyst estimates of $979.59 million. Middleby had a net margin of 11.06% and a return on equity of 14.14%. The business's quarterly revenue was down 1.4% on a year-over-year basis. During the same period last year, the business posted $2.39 EPS. On average, equities research analysts forecast that The Middleby Corporation will post 9.11 EPS for the current fiscal year.

Middleby 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.