Freestone Grove Partners LP Makes New $6.36 Million Investment in The Middleby Co. (NASDAQ:MIDD)

Freestone Grove Partners LP purchased a new position in shares of The Middleby Co. (NASDAQ:MIDD - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 46,944 shares of the industrial products company's stock, valued at approximately $6,359,000. Freestone Grove Partners LP owned about 0.09% of Middleby as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Lorne Steinberg Wealth Management Inc. grew its position in Middleby by 0.3% during the 4th quarter. Lorne Steinberg Wealth Management Inc. now owns 24,535 shares of the industrial products company's stock worth $3,323,000 after acquiring an additional 70 shares during the last quarter. Principal Securities Inc. increased its position in shares of Middleby by 16.0% in the fourth quarter. Principal Securities Inc. now owns 566 shares of the industrial products company's stock valued at $77,000 after acquiring an additional 78 shares during the period. CIBC Asset Management Inc raised its stake in shares of Middleby by 5.2% during the fourth quarter. CIBC Asset Management Inc now owns 1,651 shares of the industrial products company's stock valued at $224,000 after acquiring an additional 81 shares during the last quarter. Pictet Asset Management Holding SA boosted its holdings in shares of Middleby by 1.1% during the fourth quarter. Pictet Asset Management Holding SA now owns 7,167 shares of the industrial products company's stock worth $971,000 after purchasing an additional 81 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Middleby by 2.8% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 3,472 shares of the industrial products company's stock valued at $470,000 after purchasing an additional 95 shares during the period. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Middleby

In related news, Director Chapin Sarah Palisi sold 500 shares of the business'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 transaction, the director now directly owns 6,111 shares of the company's stock, valued at approximately $999,209.61. The trade was a 7.56 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 6.18% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

MIDD has been the subject of several research analyst reports. StockNews.com cut Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Canaccord Genuity Group decreased their price objective on shares of Middleby from $200.00 to $186.00 and set a "buy" rating for the company in a report on Thursday. Barclays boosted their price target on shares of Middleby from $160.00 to $180.00 and gave the company an "overweight" rating in a research report on Wednesday, February 26th. Robert W. Baird decreased their target price on Middleby from $188.00 to $162.00 and set an "outperform" rating for the company in a research report on Thursday. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Middleby from $145.00 to $150.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 26th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Middleby currently has an average rating of "Hold" and a consensus target price of $168.14.

Middleby Stock Performance

Shares of NASDAQ MIDD traded up $4.54 during midday trading on Thursday, hitting $136.17. 386,697 shares of the company's stock traded hands, compared to its average volume of 698,418. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The stock has a market capitalization of $7.31 billion, a price-to-earnings ratio of 18.80 and a beta of 1.65. The firm has a fifty day moving average of $142.83 and a 200 day moving average of $145.32. The Middleby Co. has a 1 year low of $118.41 and a 1 year high of $182.73.

Middleby (NASDAQ:MIDD - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The industrial products company reported $2.08 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.14. The business had revenue of $906.63 million for the quarter, compared to analysts' expectations of $941.46 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. The company's revenue was down 2.2% compared to the same quarter last year. During the same quarter last year, the company posted $1.89 EPS. On average, analysts forecast that The Middleby Co. will post 9.11 earnings per share 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.