Turtle Creek Asset Management Inc. Acquires 53,276 Shares of The Middleby Co. (NASDAQ:MIDD)

Turtle Creek Asset Management Inc. boosted its stake in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) by 2.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,866,359 shares of the industrial products company's stock after buying an additional 53,276 shares during the period. Middleby makes up about 6.6% of Turtle Creek Asset Management Inc.'s investment portfolio, making the stock its 2nd largest holding. Turtle Creek Asset Management Inc. owned 3.47% of Middleby worth $252,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MIDD. Seven Six Capital Management LLC purchased a new stake in shares of Middleby in the 4th quarter worth $3,751,000. ProShare Advisors LLC increased its holdings in shares of Middleby by 7.4% in the 4th quarter. ProShare Advisors LLC now owns 2,517 shares of the industrial products company's stock worth $341,000 after buying an additional 173 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Middleby by 74.7% during the 4th quarter. Quantinno Capital Management LP now owns 8,923 shares of the industrial products company's stock valued at $1,209,000 after buying an additional 3,816 shares during the period. Occudo Quantitative Strategies LP bought a new stake in shares of Middleby during the 4th quarter worth approximately $470,000. Finally, Garden Investment Management L.P. purchased a new position in shares of Middleby during the fourth quarter worth approximately $101,958,000. 98.55% of the stock is currently owned by institutional investors.

Middleby Stock Down 0.7%

MIDD traded down $1.03 during trading hours on Friday, hitting $146.11. 195,867 shares of the company's stock were exchanged, compared to its average volume of 714,174. The firm has a 50 day moving average of $140.91 and a 200 day moving average of $146.16. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The firm has a market cap of $7.84 billion, a P/E ratio of 20.13 and a beta of 1.65. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $2.08 EPS for the quarter, beating the consensus estimate of $1.94 by $0.14. The company had revenue of $906.63 million for the quarter, compared to analyst estimates of $941.46 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The firm's revenue was down 2.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.89 earnings per share. Analysts predict that The Middleby Co. will post 9.11 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

MIDD has been the topic of several research analyst reports. Canaccord Genuity Group dropped their target price on shares of Middleby from $200.00 to $186.00 and set a "buy" rating on the stock in a research report on Thursday, May 8th. Wall Street Zen cut Middleby from a "buy" rating to a "hold" rating in a research report on Thursday, April 10th. Robert W. Baird decreased their price target on shares of Middleby from $188.00 to $162.00 and set an "outperform" rating on the stock in a research note on Thursday, May 8th. KeyCorp dropped their target price 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. Finally, JPMorgan Chase & Co. lifted their price objective on Middleby from $145.00 to $150.00 and gave the stock an "underweight" rating in a research report on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $168.14.

Insider Activity

In other news, Director Chapin Sarah Palisi sold 500 shares of the firm's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $163.51, for a total value of $81,755.00. Following the completion of the sale, the director now directly owns 6,111 shares of the company's stock, valued at $999,209.61. This trade represents a 7.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Edward P. Garden purchased 37,473 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was bought at an average price of $148.40 per share, with a total value of $5,560,993.20. Following the acquisition, the director now directly owns 3,125,736 shares in the company, valued at approximately $463,859,222.40. This represents a 1.21% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders acquired 503,968 shares of company stock valued at $73,215,160. Insiders own 6.18% of the company's stock.

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.