Tidal Investments LLC Lowers Stake in The Middleby Co. (NASDAQ:MIDD)

Tidal Investments LLC cut its holdings in shares of The Middleby Co. (NASDAQ:MIDD) by 1.3% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 6,209 shares of the industrial products company’s stock after selling 79 shares during the period. Tidal Investments LLC’s holdings in Middleby were worth $864,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of Middleby in the third quarter valued at approximately $891,000. Virtu Financial LLC acquired a new stake in Middleby in the 3rd quarter valued at $639,000. Neo Ivy Capital Management purchased a new stake in Middleby in the 3rd quarter worth $88,000. Geode Capital Management LLC raised its position in Middleby by 1.0% during the third quarter. Geode Capital Management LLC now owns 936,596 shares of the industrial products company’s stock worth $130,341,000 after acquiring an additional 8,926 shares during the period. Finally, MidWestOne Financial Group Inc. purchased a new position in Middleby during the third quarter valued at $200,000. Hedge funds and other institutional investors own 98.55% of the company’s stock.

Middleby Trading Up 1.5 %

Shares of MIDD opened at $134.72 on Friday. The Middleby Co. has a 12-month low of $118.41 and a 12-month high of $161.01. The firm has a market capitalization of $7.25 billion, a P/E ratio of 18.58 and a beta of 1.60. The firm has a 50-day moving average price of $138.85 and a 200 day moving average price of $134.64. The company has a current ratio of 2.81, a quick ratio of 1.70 and a debt-to-equity ratio of 0.66.

Middleby (NASDAQ:MIDD) last announced 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). The firm had revenue of $942.81 million for the quarter, compared to analyst estimates of $996.60 million. Middleby had a return on equity of 14.66% and a net margin of 10.14%. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.35 EPS. Sell-side analysts forecast that The Middleby Co. will post 9.12 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on MIDD. StockNews.com upgraded shares of Middleby from a “hold” rating to a “buy” rating in a research report on Monday, November 4th. Jefferies Financial Group reissued a “hold” rating and set a $160.00 target price (down previously from $170.00) on shares of Middleby in a report on Thursday, December 12th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $155.00 price target on shares of Middleby in a research note on Friday. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $164.00 price objective on shares of Middleby in a research note on Saturday, September 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $154.67.

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.