The Middleby Co. (NASDAQ:MIDD) Shares Bought by Texas Permanent School Fund Corp

Texas Permanent School Fund Corp boosted its position in shares of The Middleby Co. (NASDAQ:MIDD) by 0.6% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 47,191 shares of the industrial products company’s stock after buying an additional 278 shares during the quarter. Texas Permanent School Fund Corp owned approximately 0.09% of Middleby worth $5,786,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. lifted its holdings in Middleby by 533.7% during the fourth quarter. Balyasny Asset Management L.P. now owns 483,214 shares of the industrial products company’s stock valued at $71,115,000 after purchasing an additional 406,958 shares in the last quarter. Principal Financial Group Inc. lifted its stake in shares of Middleby by 177.6% in the first quarter. Principal Financial Group Inc. now owns 546,320 shares of the industrial products company’s stock worth $87,843,000 after buying an additional 349,546 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Middleby by 421.5% in the first quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock worth $57,356,000 after buying an additional 288,314 shares in the last quarter. PineStone Asset Management Inc. lifted its stake in shares of Middleby by 78.6% in the fourth quarter. PineStone Asset Management Inc. now owns 494,461 shares of the industrial products company’s stock worth $72,770,000 after buying an additional 217,618 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Middleby in the fourth quarter worth about $16,199,000. Institutional investors and hedge funds own 98.55% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on MIDD. Raymond James began coverage on shares of Middleby in a research note on Friday, June 28th. They issued a “market perform” rating on the stock. JPMorgan Chase & Co. raised their price target on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. KeyCorp decreased their price target on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price target on shares of Middleby in a research note on Friday, August 30th. Finally, Robert W. Baird raised their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Middleby has an average rating of “Moderate Buy” and an average target price of $155.43.

Middleby Price Performance

Middleby stock opened at $128.04 on Friday. The Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01. The stock has a market cap of $6.88 billion, a P/E ratio of 17.83 and a beta of 1.58. The company has a 50-day moving average price of $133.86 and a 200 day moving average price of $137.74. The company has a current ratio of 2.50, a quick ratio of 1.43 and a debt-to-equity ratio of 0.69.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.31 by $0.08. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The business had revenue of $991.55 million during the quarter, compared to analysts’ expectations of $994.05 million. During the same period last year, the business earned $2.47 earnings per share. The business’s revenue for the quarter was down 4.7% on a year-over-year basis. Sell-side analysts anticipate that The Middleby Co. will post 9.66 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.