CIBC Asset Management Inc Takes $218,000 Position in The Middleby Co. (NASDAQ:MIDD)

CIBC Asset Management Inc purchased a new stake in The Middleby Co. (NASDAQ:MIDD) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 1,570 shares of the industrial products company’s stock, valued at approximately $218,000.

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

Middleby Stock Up 2.5 %

Shares of MIDD opened at $142.16 on Friday. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66. The firm has a market cap of $7.65 billion, a P/E ratio of 19.61 and a beta of 1.58. The company’s 50-day moving average price is $137.72 and its 200 day moving average price is $133.41. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $161.01.

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

Wall Street Analyst Weigh In

MIDD has been the topic of a number of research reports. StockNews.com raised shares of Middleby from a “hold” rating to a “buy” rating in a research note on Monday, November 4th. Canaccord Genuity Group lowered their price objective on Middleby from $164.00 to $155.00 and set a “buy” rating on the stock in a research note on Friday, November 1st. Canaccord Genuity Group reiterated a “buy” rating and set a $164.00 price target on shares of Middleby in a report on Saturday, September 14th. Robert W. Baird upped their price objective on shares of Middleby from $155.00 to $169.00 and gave the company an “outperform” rating in a report on Friday, August 2nd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an “underweight” rating in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $154.67.

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.