EdgePoint Investment Group Inc. Sells 48,315 Shares of The Middleby Co. (NASDAQ:MIDD)

EdgePoint Investment Group Inc. lowered its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 2.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 1,950,207 shares of the industrial products company’s stock after selling 48,315 shares during the period. Middleby comprises 2.0% of EdgePoint Investment Group Inc.’s holdings, making the stock its 20th largest holding. EdgePoint Investment Group Inc.’s holdings in Middleby were worth $239,115,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the business. Vanguard Group Inc. raised its stake in Middleby by 0.3% during the first quarter. Vanguard Group Inc. now owns 5,113,286 shares of the industrial products company’s stock worth $822,165,000 after buying an additional 15,798 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Middleby by 0.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,450,221 shares of the industrial products company’s stock worth $233,182,000 after purchasing an additional 11,552 shares during the period. Pacer Advisors Inc. grew its holdings in Middleby by 11,853.1% in 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 during the period. Sarasin & Partners LLP grew its holdings in Middleby by 1.6% in the second 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 during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Middleby by 43.7% in the second quarter. Dimensional Fund Advisors LP now owns 903,346 shares of the industrial products company’s stock worth $110,768,000 after purchasing an additional 274,513 shares during the period. Institutional investors own 98.55% of the company’s stock.

Middleby Stock Performance

Shares of MIDD stock opened at $140.33 on Thursday. The firm has a market cap of $7.55 billion, a price-to-earnings ratio of 19.54 and a beta of 1.58. The company has a debt-to-equity ratio of 0.69, a quick ratio of 1.43 and a current ratio of 2.50. The Middleby Co. has a 52 week low of $109.59 and a 52 week high of $161.01. The firm’s 50-day simple moving average is $136.52 and its two-hundred day simple moving average is $136.79.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.31 by $0.08. The company had revenue of $991.55 million during the quarter, compared to analysts’ expectations of $994.05 million. Middleby had a net margin of 9.90% and a return on equity of 15.25%. Middleby’s revenue for the quarter was down 4.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.47 earnings per share. As a group, equities analysts forecast that The Middleby Co. will post 9.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MIDD. Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Friday, September 13th. JPMorgan Chase & Co. lifted their price objective 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 reiterated a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. KeyCorp reduced their price objective on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Raymond James assumed coverage on shares of Middleby in a report on Friday, June 28th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $156.50.

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.