Envestnet Asset Management Inc. Decreases Holdings in The Middleby Co. (NASDAQ:MIDD)

Envestnet Asset Management Inc. trimmed its holdings in The Middleby Co. (NASDAQ:MIDD) by 1.0% in the second quarter, HoldingsChannel reports. The fund owned 85,905 shares of the industrial products company’s stock after selling 911 shares during the period. Envestnet Asset Management Inc.’s holdings in Middleby were worth $10,533,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Federated Hermes Inc. lifted its stake in Middleby by 18.1% in the second quarter. Federated Hermes Inc. now owns 5,883 shares of the industrial products company’s stock worth $721,000 after purchasing an additional 900 shares during the last quarter. GHP Investment Advisors Inc. boosted its holdings in Middleby by 4,691.4% during the 2nd quarter. GHP Investment Advisors Inc. now owns 16,099 shares of the industrial products company’s stock valued at $1,974,000 after acquiring an additional 15,763 shares during the period. Cornercap Investment Counsel Inc. bought a new position in Middleby during the 2nd quarter worth approximately $500,000. Qsemble Capital Management LP purchased a new position in Middleby in the 2nd quarter worth approximately $256,000. Finally, Studio Investment Management LLC lifted its position in Middleby by 4.5% in the second quarter. Studio Investment Management LLC now owns 3,356 shares of the industrial products company’s stock valued at $411,000 after purchasing an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Stock Performance

Middleby stock opened at $141.26 on Friday. The stock’s 50 day simple moving average is $136.78 and its two-hundred day simple moving average is $136.82. 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 stock has a market cap of $7.60 billion, a price-to-earnings ratio of 19.67 and a beta of 1.58. The Middleby Co. has a fifty-two week low of $109.59 and a fifty-two week high of $161.01.

Middleby (NASDAQ:MIDD) last released its earnings results 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 company had revenue of $991.55 million during the quarter, compared to analysts’ expectations of $994.05 million. Middleby had a return on equity of 15.25% and a net margin of 9.90%. The firm’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.47 EPS. As a group, analysts expect that The Middleby Co. will post 9.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

MIDD has been the topic of several recent analyst reports. KeyCorp cut their target price on shares of 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 raised their price target on shares of Middleby from $155.00 to $169.00 and gave the stock an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group reaffirmed a “buy” rating and set a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 target price on shares of Middleby in a research note on Friday, September 13th. Finally, Raymond James assumed coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $156.50.

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.