Swiss National Bank Sells 400 Shares of The Middleby Co. (NASDAQ:MIDD)

Swiss National Bank lessened its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 105,000 shares of the industrial products company’s stock after selling 400 shares during the quarter. Swiss National Bank’s holdings in Middleby were worth $14,609,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Epoch Investment Partners Inc. grew its holdings in Middleby by 421.5% during the 1st quarter. Epoch Investment Partners Inc. now owns 356,714 shares of the industrial products company’s stock valued at $57,356,000 after buying an additional 288,314 shares in the last quarter. Tidal Investments LLC grew its holdings in Middleby by 278.9% during the 1st quarter. Tidal Investments LLC now owns 9,060 shares of the industrial products company’s stock valued at $1,457,000 after buying an additional 6,669 shares in the last quarter. Cornercap Investment Counsel Inc. purchased a new position in Middleby during the 2nd quarter valued at approximately $500,000. Addenda Capital Inc. grew its holdings in Middleby by 8.5% during the 2nd quarter. Addenda Capital Inc. now owns 57,645 shares of the industrial products company’s stock valued at $7,068,000 after buying an additional 4,512 shares in the last quarter. Finally, Sarasin & Partners LLP grew its holdings in Middleby by 1.6% during the 2nd quarter. Sarasin & Partners LLP now owns 925,915 shares of the industrial products company’s stock valued at $113,526,000 after buying an additional 14,413 shares in the last quarter. Institutional investors own 98.55% of the company’s stock.

Middleby Price Performance

Shares of MIDD stock opened at $142.16 on Friday. The Middleby Co. has a 52-week low of $118.41 and a 52-week high of $161.01. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.70 and a current ratio of 2.81. The firm has a market capitalization of $7.65 billion, a P/E ratio of 19.61 and a beta of 1.58. The stock has a 50 day moving average price of $137.72 and a 200 day moving average price of $133.41.

Middleby (NASDAQ:MIDD) last issued its quarterly earnings results on Thursday, October 31st. The industrial products company reported $2.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.15). Middleby had a return on equity of 14.66% and a net margin of 10.14%. The business had revenue of $942.81 million for the quarter, compared to the consensus estimate of $996.60 million. During the same period in the prior year, the business posted $2.35 earnings per share. Middleby’s revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts predict that The Middleby Co. will post 9.2 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on MIDD. StockNews.com upgraded Middleby from a “hold” rating to a “buy” rating in a report on Monday, November 4th. Robert W. Baird raised their price target on Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Canaccord Genuity Group reiterated a “buy” rating and issued a $164.00 target price on shares of Middleby in a report on Saturday, September 14th. Canaccord Genuity Group dropped their target price on Middleby from $164.00 to $155.00 and set a “buy” rating for the company in a report on Friday, November 1st. Finally, JPMorgan Chase & Co. lifted their target price on Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $154.67.

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.