Millrace Asset Group Inc. Takes $1.37 Million Position in The Middleby Co. (NASDAQ:MIDD)

Millrace Asset Group Inc. acquired a new position in The Middleby Co. (NASDAQ:MIDD - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 9,831 shares of the industrial products company's stock, valued at approximately $1,368,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Verdence Capital Advisors LLC grew its position in Middleby by 4.0% in the 3rd quarter. Verdence Capital Advisors LLC now owns 2,278 shares of the industrial products company's stock worth $317,000 after purchasing an additional 88 shares during the last quarter. Blue Trust Inc. raised its holdings in Middleby by 4.8% in the 2nd quarter. Blue Trust Inc. now owns 2,022 shares of the industrial products company's stock valued at $248,000 after acquiring an additional 93 shares in the last quarter. Assetmark Inc. lifted its position in shares of Middleby by 5.2% in the 3rd quarter. Assetmark Inc. now owns 1,868 shares of the industrial products company's stock worth $260,000 after acquiring an additional 93 shares during the period. Mendota Financial Group LLC grew 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 in the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Middleby by 97.7% during the second quarter. GAMMA Investing LLC now owns 255 shares of the industrial products company's stock valued at $31,000 after purchasing an additional 126 shares during the period. Institutional investors own 98.55% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently commented on the stock. Canaccord Genuity Group reduced their price objective on shares of Middleby from $164.00 to $155.00 and set a "buy" rating for the company in a report on Friday, November 1st. Robert W. Baird lifted their price objective on Middleby from $155.00 to $169.00 and gave the company an "outperform" rating in a report on Friday, August 2nd. StockNews.com upgraded Middleby from a "hold" rating to a "buy" rating in a research report on Monday, November 4th. Canaccord Genuity Group reissued a "buy" rating and set a $164.00 price objective on shares of Middleby in a report on Saturday, September 14th. Finally, JPMorgan Chase & Co. upped their target price on shares of Middleby from $118.00 to $120.00 and gave the stock an "underweight" rating in a report on Friday, August 2nd. One analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Middleby presently has an average rating of "Moderate Buy" and a consensus price target of $154.67.

Middleby Price Performance

Shares of Middleby stock traded down $4.79 during midday trading on Tuesday, reaching $142.18. The company had a trading volume of 539,608 shares, compared to its average volume of 508,689. 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 stock has a fifty day simple moving average of $137.94 and a 200 day simple moving average of $133.39. The Middleby Co. has a 1-year low of $118.41 and a 1-year high of $161.01. The company has a market capitalization of $7.65 billion, a price-to-earnings ratio of 19.61 and a beta of 1.58.

Middleby (NASDAQ:MIDD - Get Free Report) 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 the consensus estimate 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 net margin of 10.14% and a return on equity of 14.66%. The company's revenue was down 3.9% compared to the same quarter last year. During the same period last year, the company earned $2.35 EPS. As a group, equities research analysts forecast that The Middleby Co. will post 9.12 earnings per share for the current year.

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.