GAMMA Investing LLC Grows Position in The Middleby Co. (NASDAQ:MIDD)

GAMMA Investing LLC boosted its stake in shares of The Middleby Co. (NASDAQ:MIDD) by 91.8% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 489 shares of the industrial products company’s stock after buying an additional 234 shares during the period. GAMMA Investing LLC’s holdings in Middleby were worth $68,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Rise Advisors LLC purchased a new position in shares of Middleby during the first quarter valued at about $25,000. Allspring Global Investments Holdings LLC raised its position in Middleby by 1,246.2% during the first quarter. Allspring Global Investments Holdings LLC now owns 175 shares of the industrial products company’s stock valued at $28,000 after purchasing an additional 162 shares during the period. Quarry LP raised its holdings in Middleby by 133.3% during the 2nd quarter. Quarry LP now owns 231 shares of the industrial products company’s stock valued at $28,000 after buying an additional 132 shares during the period. Crewe Advisors LLC lifted 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 worth $58,000 after buying an additional 310 shares during the last quarter. Finally, Fidelis Capital Partners LLC purchased a new position in Middleby during the first quarter worth $63,000. 98.55% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

MIDD has been the topic of several analyst reports. KeyCorp cut their price target 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. Canaccord Genuity Group restated a “buy” rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. 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 research note on Friday, August 2nd. Raymond James initiated coverage on Middleby in a research report on Friday, June 28th. They set a “market perform” rating for the company. Finally, JPMorgan Chase & Co. increased their price target on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Middleby has an average rating of “Moderate Buy” and a consensus target price of $156.71.

Middleby Price Performance

Shares of NASDAQ MIDD opened at $137.83 on Wednesday. The Middleby Co. has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. 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 company has a market cap of $7.41 billion, a PE ratio of 19.20 and a beta of 1.58. The business has a 50-day simple moving average of $137.24 and a two-hundred day simple moving average of $134.75.

Middleby (NASDAQ:MIDD) last posted its quarterly earnings data on Thursday, August 1st. The industrial products company reported $2.39 EPS for the quarter, topping the consensus estimate 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 net margin of 9.90% and a return on equity of 15.25%. The business’s revenue for the quarter was down 4.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.47 earnings per share. As a group, equities analysts expect that The Middleby Co. will post 9.63 EPS for the current fiscal year.

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.