PNC Financial Services Group Inc. Acquires 171 Shares of The Middleby Co. (NASDAQ:MIDD)

PNC Financial Services Group Inc. increased its stake in The Middleby Co. (NASDAQ:MIDD) by 0.2% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 70,925 shares of the industrial products company’s stock after purchasing an additional 171 shares during the period. PNC Financial Services Group Inc.’s holdings in Middleby were worth $9,868,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Epoch Investment Partners Inc. increased its holdings in shares of Middleby by 421.5% in the 1st 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 during the last quarter. Tidal Investments LLC increased its stake in Middleby by 278.9% in the first quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock valued at $1,457,000 after acquiring an additional 6,669 shares during the last quarter. Cornercap Investment Counsel Inc. purchased a new stake in Middleby during the second quarter valued at about $500,000. Addenda Capital Inc. lifted its stake in Middleby by 8.5% during the second quarter. Addenda Capital Inc. now owns 57,645 shares of the industrial products company’s stock worth $7,068,000 after purchasing an additional 4,512 shares during the last quarter. Finally, Sarasin & Partners LLP boosted its holdings in shares of Middleby by 1.6% in the 2nd quarter. Sarasin & Partners LLP now owns 925,915 shares of the industrial products company’s stock worth $113,526,000 after purchasing an additional 14,413 shares in the last quarter. 98.55% of the stock is owned by hedge funds and other institutional investors.

Middleby Stock Performance

Shares of NASDAQ:MIDD opened at $142.16 on Friday. 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 company has a 50-day moving average price of $137.72 and a 200-day moving average price of $133.41. The company has a market cap of $7.65 billion, a price-to-earnings ratio of 19.61 and a beta of 1.58. The Middleby Co. has a 12 month low of $118.41 and a 12 month high of $161.01.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, October 31st. The industrial products company reported $2.33 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The business had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby’s revenue was down 3.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.35 EPS. As a group, equities analysts anticipate that The Middleby Co. will post 9.2 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on MIDD shares. StockNews.com raised Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Robert W. Baird boosted their price objective on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. JPMorgan Chase & Co. increased their target price on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price target on shares of Middleby in a research note on Saturday, September 14th. Finally, Canaccord Genuity Group reduced their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $154.67.

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.