Lombard Odier Asset Management USA Corp Makes New $442,000 Investment in The Middleby Co. (NASDAQ:MIDD)

Lombard Odier Asset Management USA Corp purchased a new stake in The Middleby Co. (NASDAQ:MIDD) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 3,603 shares of the industrial products company’s stock, valued at approximately $442,000.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC acquired a new position in Middleby in the first quarter valued at about $25,000. Allspring Global Investments Holdings LLC lifted its holdings in shares of Middleby by 1,246.2% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock worth $28,000 after acquiring an additional 162 shares during the last quarter. GAMMA Investing LLC boosted its position in shares of 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 during the period. Strategic Financial Concepts LLC acquired a new stake in Middleby in the 2nd quarter valued at approximately $45,000. Finally, Crewe Advisors LLC raised its position in Middleby by 620.0% in the first 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 during the period. 98.55% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MIDD has been the topic of several research analyst reports. KeyCorp cut their price objective on Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Robert W. Baird increased their price target 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. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 target price on shares of Middleby in a research note on Friday, September 13th. Finally, Raymond James started coverage on shares of Middleby in a research report on Friday, June 28th. They issued a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $156.50.

Middleby Stock Performance

Shares of MIDD stock opened at $141.31 on Monday. 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 1.43 and a debt-to-equity ratio of 0.69. The company has a market cap of $7.60 billion, a P/E ratio of 19.68 and a beta of 1.58. The firm has a fifty day moving average price of $135.88 and a 200 day moving average price of $136.92.

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