Glenmede Trust Co. NA Lowers Holdings in The Middleby Co. (NASDAQ:MIDD)

Glenmede Trust Co. NA lowered its position in shares of The Middleby Co. (NASDAQ:MIDD) by 4.0% in the third quarter, Holdings Channel reports. The institutional investor owned 7,685 shares of the industrial products company’s stock after selling 324 shares during the period. Glenmede Trust Co. NA’s holdings in Middleby were worth $1,069,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in MIDD. Pacer Advisors Inc. raised its holdings in Middleby by 11,853.1% during the second quarter. Pacer Advisors Inc. now owns 967,365 shares of the industrial products company’s stock worth $118,609,000 after purchasing an additional 959,272 shares in the last quarter. Select Equity Group L.P. lifted its holdings in shares of Middleby by 15.4% in the 2nd quarter. Select Equity Group L.P. now owns 6,360,288 shares of the industrial products company’s stock valued at $779,835,000 after buying an additional 846,884 shares during the period. Dimensional Fund Advisors LP boosted its stake in shares of Middleby by 43.7% in the second quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company’s stock valued at $110,768,000 after buying an additional 274,513 shares in the last quarter. Ariel Investments LLC grew its holdings in Middleby by 58.0% during the second quarter. Ariel Investments LLC now owns 510,127 shares of the industrial products company’s stock worth $62,547,000 after acquiring an additional 187,304 shares during the period. Finally, Principal Financial Group Inc. raised its position in Middleby by 30.6% in the second quarter. Principal Financial Group Inc. now owns 713,618 shares of the industrial products company’s stock worth $87,497,000 after acquiring an additional 167,298 shares in the last quarter. Institutional investors and hedge funds own 98.55% of the company’s stock.

Middleby Stock Performance

Shares of MIDD opened at $142.06 on Tuesday. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $161.01. The stock has a market cap of $7.64 billion, a P/E ratio of 19.59 and a beta of 1.58. 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 of $138.04 and a two-hundred day moving average of $133.54.

Middleby (NASDAQ:MIDD) last posted its earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). The company had revenue of $942.81 million during the quarter, compared to analysts’ expectations of $996.60 million. Middleby had a net margin of 10.14% and a return on equity of 14.66%. Middleby’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the company posted $2.35 EPS. As a group, research analysts predict that The Middleby Co. will post 9.12 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Canaccord Genuity Group restated a “buy” rating and set a $164.00 target price on shares of Middleby in a research report on Saturday, September 14th. Finally, Canaccord Genuity Group reduced their price target on shares of Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a research report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Middleby currently has a consensus rating of “Moderate Buy” and an average target price of $154.67.

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.