Xponance Inc. Trims Position in The Middleby Co. (NASDAQ:MIDD)

Xponance Inc. lowered its position in The Middleby Co. (NASDAQ:MIDD) by 9.8% in the second quarter, HoldingsChannel reports. The firm owned 5,757 shares of the industrial products company’s stock after selling 625 shares during the period. Xponance Inc.’s holdings in Middleby were worth $706,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of MIDD. Norges Bank acquired a new stake in shares of Middleby during the 4th quarter worth approximately $16,199,000. Corient Private Wealth LLC raised its position in Middleby by 4.8% in the fourth quarter. Corient Private Wealth LLC now owns 7,824 shares of the industrial products company’s stock valued at $1,151,000 after purchasing an additional 361 shares during the period. Treasurer of the State of North Carolina lifted its stake in shares of Middleby by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 23,592 shares of the industrial products company’s stock valued at $3,472,000 after purchasing an additional 230 shares during the last quarter. TFO Wealth Partners LLC grew its holdings in shares of Middleby by 64,950.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,301 shares of the industrial products company’s stock worth $191,000 after purchasing an additional 1,299 shares during the period. Finally, The Manufacturers Life Insurance Company increased its position in shares of Middleby by 6.6% during the 4th quarter. The Manufacturers Life Insurance Company now owns 234,727 shares of the industrial products company’s stock worth $34,545,000 after purchasing an additional 14,495 shares during the last quarter. 98.55% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MIDD shares. KeyCorp lowered their target price on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Friday, September 13th. Robert W. Baird boosted their target price on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a research report on Friday, August 2nd. Canaccord Genuity Group restated a “buy” rating and set a $164.00 price target on shares of Middleby in a research report on Saturday, September 14th. Finally, Raymond James assumed coverage on Middleby in a report on Friday, June 28th. They issued a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $156.50.

Middleby Trading Up 0.3 %

NASDAQ:MIDD opened at $141.71 on Monday. The stock has a fifty day moving average price of $137.08 and a 200 day moving average price of $136.47. 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 Middleby Co. has a 12-month low of $109.59 and a 12-month high of $161.01. The firm has a market cap of $7.62 billion, a PE ratio of 19.74 and a beta of 1.58.

Middleby (NASDAQ:MIDD) last announced its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. The business had revenue of $991.55 million during 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 period in the previous year, the company posted $2.47 earnings per share. Sell-side analysts anticipate that The Middleby Co. will post 9.63 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.