Cardinal Capital Management Has $911,000 Holdings in The Middleby Co. (NASDAQ:MIDD)

Cardinal Capital Management lifted its holdings in The Middleby Co. (NASDAQ:MIDD) by 5.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,427 shares of the industrial products company’s stock after purchasing an additional 375 shares during the period. Cardinal Capital Management’s holdings in Middleby were worth $911,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Greenleaf Trust increased its holdings in shares of Middleby by 4.3% during the 1st quarter. Greenleaf Trust now owns 1,807 shares of the industrial products company’s stock worth $291,000 after purchasing an additional 75 shares during the period. Mendota Financial Group LLC increased its holdings in shares of Middleby by 10.0% during the 2nd quarter. Mendota Financial Group LLC now owns 1,150 shares of the industrial products company’s stock worth $141,000 after purchasing an additional 105 shares during the period. M&T Bank Corp increased its holdings in shares of Middleby by 4.5% during the 4th quarter. M&T Bank Corp now owns 2,552 shares of the industrial products company’s stock worth $375,000 after purchasing an additional 110 shares during the period. GAMMA Investing LLC increased its holdings in shares of Middleby by 97.7% during the 2nd quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company’s stock worth $31,000 after purchasing an additional 126 shares during the period. Finally, Aurora Investment Counsel increased its holdings in shares of Middleby by 1.3% during the 1st quarter. Aurora Investment Counsel now owns 10,584 shares of the industrial products company’s stock worth $1,702,000 after purchasing an additional 133 shares during the period. Institutional investors and hedge funds own 98.55% of the company’s stock.

Insider Activity at Middleby

In related news, Director John R. Miller III sold 2,000 shares of the stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total value of $252,640.00. Following the transaction, the director now directly owns 10,931 shares in the company, valued at $1,380,803.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Middleby news, Director Chapin Sarah Palisi sold 235 shares of the company’s stock in a transaction that occurred on Wednesday, May 15th. The shares were sold at an average price of $137.18, for a total value of $32,237.30. Following the completion of the sale, the director now owns 7,211 shares of the company’s stock, valued at $989,204.98. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John R. Miller III sold 2,000 shares of the company’s stock in a transaction that occurred on Thursday, June 6th. The shares were sold at an average price of $126.32, for a total transaction of $252,640.00. Following the completion of the sale, the director now directly owns 10,931 shares of the company’s stock, valued at approximately $1,380,803.92. The disclosure for this sale can be found here. Insiders have sold 2,385 shares of company stock worth $304,134 over the last ninety days. Company insiders own 1.16% of the company’s stock.

Middleby Price Performance

Shares of MIDD stock traded down $1.92 during trading hours on Friday, reaching $135.82. 444,658 shares of the company were exchanged, compared to its average volume of 473,758. The Middleby Co. has a fifty-two week low of $109.59 and a fifty-two week high of $161.01. The stock’s fifty day moving average is $128.05 and its two-hundred day moving average is $138.98. The company has a market cap of $7.30 billion, a price-to-earnings ratio of 18.92 and a beta of 1.61. The company has a debt-to-equity ratio of 0.69, a current ratio of 2.50 and a quick ratio of 1.28.

Middleby (NASDAQ:MIDD) last announced its earnings results on Thursday, August 1st. The industrial products company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.31 by $0.08. Middleby had a net margin of 9.90% and a return on equity of 15.25%. The company had revenue of $991.55 million for the quarter, compared to analyst estimates of $994.05 million. During the same period in the prior year, the business earned $2.47 earnings per share. Middleby’s quarterly revenue was down 4.7% on a year-over-year basis. Sell-side analysts forecast that The Middleby Co. will post 9.77 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MIDD shares. Raymond James started coverage on shares of Middleby in a report on Friday, June 28th. They set a “market perform” rating on the stock. JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the company an “underweight” rating in a research note on Friday, August 2nd. William Blair raised shares of Middleby to a “hold” rating in a research note on Wednesday, May 8th. Robert W. Baird upped their price objective 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. Finally, KeyCorp decreased their price objective on shares of Middleby from $175.00 to $160.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $154.71.

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.