Wolf Hill Capital Management LP Boosts Holdings in The Middleby Co. (NASDAQ:MIDD)

Wolf Hill Capital Management LP grew its position in The Middleby Co. (NASDAQ:MIDD - Free Report) by 79.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 331,132 shares of the industrial products company's stock after acquiring an additional 146,945 shares during the quarter. Middleby comprises approximately 3.2% of Wolf Hill Capital Management LP's portfolio, making the stock its 11th biggest position. Wolf Hill Capital Management LP owned approximately 0.62% of Middleby worth $44,852,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Blue Trust Inc. boosted its holdings in shares of Middleby by 121.4% in the fourth quarter. Blue Trust Inc. now owns 4,423 shares of the industrial products company's stock valued at $615,000 after acquiring an additional 2,425 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Middleby during the fourth quarter worth $469,000. GHP Investment Advisors Inc. lifted its holdings in shares of Middleby by 13.7% during the fourth quarter. GHP Investment Advisors Inc. now owns 22,929 shares of the industrial products company's stock worth $3,106,000 after purchasing an additional 2,763 shares during the period. First Citizens Bank & Trust Co. acquired a new stake in shares of Middleby during the fourth quarter worth $219,000. Finally, Olstein Capital Management L.P. lifted its holdings in shares of Middleby by 3.6% during the fourth quarter. Olstein Capital Management L.P. now owns 71,000 shares of the industrial products company's stock worth $9,617,000 after purchasing an additional 2,500 shares during the period. 98.55% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MIDD. Canaccord Genuity Group increased their price target on Middleby from $192.00 to $200.00 and gave the stock a "buy" rating in a report on Wednesday, February 26th. KeyCorp decreased their price target on Middleby from $185.00 to $175.00 and set an "overweight" rating for the company in a report on Tuesday, April 8th. JPMorgan Chase & Co. increased their price target on Middleby from $145.00 to $150.00 and gave the stock an "underweight" rating in a report on Wednesday, February 26th. StockNews.com downgraded Middleby from a "buy" rating to a "hold" rating in a report on Thursday, April 10th. Finally, Barclays raised their target price on Middleby from $160.00 to $180.00 and gave the company an "overweight" rating in a report on Wednesday, February 26th. One 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 stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $179.43.

Insider Activity

In related news, Director Chapin Sarah Palisi sold 500 shares of Middleby stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $163.51, for a total transaction of $81,755.00. Following the completion of the sale, the director now owns 6,111 shares in the company, valued at approximately $999,209.61. This trade represents a 7.56 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 6.18% of the company's stock.

Middleby Price Performance

Shares of MIDD stock traded down $1.60 during mid-day trading on Friday, reaching $130.82. The stock had a trading volume of 481,339 shares, compared to its average volume of 686,033. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $182.73. The company has a market cap of $7.02 billion, a P/E ratio of 18.04 and a beta of 1.44. The business has a 50-day simple moving average of $148.14 and a 200 day simple moving average of $145.63. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD - Get Free Report) last announced its quarterly earnings results on Tuesday, February 25th. The industrial products company reported $2.88 earnings per share for the quarter, beating analysts' consensus estimates of $2.50 by $0.38. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $1.01 billion during the quarter, compared to analysts' expectations of $996.69 million. During the same quarter last year, the business posted $2.65 earnings per share. The business's revenue for the quarter was up .4% on a year-over-year basis. On average, sell-side analysts anticipate that The Middleby Co. will post 9.11 earnings per share for the current year.

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.