Envestnet Portfolio Solutions Inc. Invests $225,000 in The Middleby Co. (NASDAQ:MIDD)

Envestnet Portfolio Solutions Inc. acquired a new stake in The Middleby Co. (NASDAQ:MIDD) in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,835 shares of the industrial products company’s stock, valued at approximately $225,000.

Other large investors have also recently added to or reduced their stakes in the company. Rise Advisors LLC acquired a new position in shares of Middleby in the first quarter worth $25,000. Allspring Global Investments Holdings LLC boosted its holdings in Middleby by 1,246.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. GAMMA Investing LLC grew its stake in Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares in the last quarter. Signaturefd LLC increased its holdings in Middleby by 230.1% during the 4th quarter. Signaturefd LLC now owns 241 shares of the industrial products company’s stock worth $35,000 after purchasing an additional 168 shares during the period. Finally, Crewe Advisors LLC raised its position in Middleby by 620.0% in the 1st quarter. Crewe Advisors LLC now owns 360 shares of the industrial products company’s stock valued at $58,000 after purchasing an additional 310 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Performance

NASDAQ MIDD opened at $142.05 on Friday. The stock has a market capitalization of $7.64 billion, a price-to-earnings ratio of 19.78 and a beta of 1.61. The business’s 50 day moving average is $130.13 and its two-hundred day moving average is $138.73. The Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01. The company has a current ratio of 2.50, a quick ratio of 1.28 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD) last released its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.31 by $0.08. The firm had revenue of $991.55 million during the quarter, compared to analysts’ expectations of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. Middleby’s revenue was down 4.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.47 earnings per share. Research analysts expect that The Middleby Co. will post 9.77 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on MIDD. KeyCorp reduced their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Raymond James began coverage on shares of Middleby in a report on Friday, June 28th. They issued a “market perform” rating on the stock. Canaccord Genuity Group reaffirmed a “buy” rating and set a $159.00 price objective on shares of Middleby in a research report on Thursday, July 25th. William Blair raised Middleby to a “hold” rating in a report on Wednesday, May 8th. Finally, Robert W. Baird increased their price objective on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $154.71.

Insider Activity at Middleby

In other Middleby news, Director John R. Miller III sold 2,000 shares of the company’s stock in a transaction dated Thursday, June 6th. The shares were sold at an average price of $126.32, for a total transaction of $252,640.00. Following the transaction, the director now directly owns 10,931 shares in the company, valued at $1,380,803.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.16% of the company’s stock.

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.